Are you ready to save hundreds every month on your mortgage? Imagine having an extra $170 in your pocket monthly and slashing your expenses by $3,000. Sound too good to be true? Let me show you how it's possible.
Let's paint a scenario: You're in the market for a home with a purchase price of $325,000. Now, you're faced with a decision: Should you make an extra $10,000 down payment or invest in reducing your interest rate with a $7,000 expenditure? The difference in savings between the two options might surprise you.
Many assume that a larger down payment leads to the most significant monthly savings. However, in this scenario, that's not necessarily the case.
Scenario 1: Making an Extra $10,000 Down Payment
By simply adding an extra $10,000 to your down payment, you could lower your monthly payment by approximately $73.
Scenario 2: Investing in a Lower Interest Rate
Alternatively, if you choose to allocate $7,000 towards reducing your interest rate, you could lower your monthly payment by a whopping $243.
Here's the kicker:
By spending $2,800 less on the down payment and redirecting that money towards securing a lower interest rate, you end up saving $170 more every month. That's a significant difference!
Now, imagine having an additional $170 in your pocket each month. It adds up quickly, resulting in substantial long-term savings.
As interest rates and home prices continue to rise, this strategy becomes even more compelling. It's essential to explore all your options with your loan officer to determine the best course of action tailored to your unique circumstances.
If you'd like a personalized scenario with detailed numbers, don't hesitate to reach out at TerryRoberts.com. I'm here to help you navigate the complexities of mortgage decisions and ensure you make the most financially savvy choices. It only takes a couple of minutes to potentially save hundreds every month. Let's get started on maximizing your mortgage savings today!
Terry Roberts, USMC Veteran | Sr. Mortgage Broker NMLS 397987 | E Mortgage Capital
With a rich background spanning over a decade in the mortgage and real estate sectors, Terry Roberts has become a cornerstone in guiding over 10,000 clients through the complexities of the home purchasing journey in the United States. His expertise covers a broad spectrum of housing loans including conventional, FHA, VA, and cutting-edge new construction financing options.
Emerging from challenging early life circumstances, including teenage parenthood, dropping out of high school, and facing homelessness, Terry's determination led him to serve in the US Marine Corps. This decision was driven by a commitment to safeguarding freedom and securing a better future for his family. His active duty service in the US Marine Corps, marked by nearly a decade of dedication, instilled in him a profound desire to assist fellow Americans in achieving homeownership, a cornerstone of the American dream that he fiercely believes in.
Terry leverages his profound understanding of the real estate market to empower individuals in their pursuit of property ownership as a strategic investment for wealth generation. His journey from adversity to becoming a beacon of hope and guidance in the real estate domain is not just inspiring but a testament to his commitment to his clients' success.
Connect with Terry Roberts, a proud USMC Veteran and Senior Mortgage Broker (NMLS 397987), for expert guidance on your path to homeownership. Visit www.TerryRoberts.com at E Mortgage Capital, where every client's dream is approached with the respect and dedication it deserves.
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