Highlands real estate, 15 year rates are low. It’s hard to believe that we can continue to hit historic lows with mortgage rates but the word on the street is that we have. This time the rate that is making headlines is that of the 15 year term. The past couple of weeks have shown a drop, leaving 15 year loans at historic lows. Currently the 15 year rate is hovering at 2.61%, an absurdly low rate. This news is great for buyers of Highlands homes, as well as those wishing to refinance.
The question facing many buyers today is whether a 15 year loan makes sense. While the monthly payments can be significantly higher, the end result is a drastic reduction in interest paid over the lifetime of a loan. In fact up to 75% can be saved on interest payments alone, not to mention the added bonus of having your home paid of in half of the time of a 30 year loan.
Choosing a loan is an important part of buying Highlands real estate. Contact us today to learn more about current market conditions and let us refer reputable local lenders who can answer your questions and get the ball rolling on a home loan. There has rarely been a better time to buy a home and our goal is to help clients find a home that suits both their needs and their budgets.
Click here to read “Refinance now for big savings” from Yahoo Homes.