What would it take for you to save $47,000 over the next 20 years or even as much as $72,000 over the next 15 years? Many people think that’s an impossible task. It is very possible and quite simple actually – the answer is in your mortgage.
Consider this scenario:
You have paid 4 years on a 30-year mortgage. Your original loan amount was
$150,000and the interest rate 5.0%. To date, you have paid $9,555 in principle and $29,096 in interest – the remaining principle balance is $140,445. If you continue to pay your current mortgage for the remaining 26 years, you will pay an additional $110,787 in interest.
Now, let’s say you refinance the current balance of $140,445 to a 20 year term mortgage at today’s record low rates. Over the life of your new mortgage, total interest savings would be around $47,000. A 15-year mortgage at today’s interest rates would save about $72,000 over the life of the new mortgage.
Today’s record low rates offer an incredible opportunity to save on interest and reduce terms. If you are a numbers person, check out our website and click on the mortgage calculator otherwise, call your favorite mortgage banker to run some numbers and review your situation.
St. Louis MORTGAGE INTEREST RATES for March 7, 2012:
- Conventional 30-Year Fixed 4.125%/ 4.320% APR
- Conventional 15-Year Fixed 3.1.25%/ 3.365% APR
- Conventional 5/1 ARM 2.375%/ 3.082% APR
- FHA/VA 30 Year Fixed 3.750%/ 3.991% APR
- Jumbo 5/1 ARM 2.75%/ 3.01% APR
- Jumbo 15 yr Fixed 3.375%/ 3.630% APR
- Jumbo 30 yr Fixed 4.750%/ 5.010% APR
*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.
Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com
For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
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