Expert Advice from Amy & Kyle Bergquist at Keller Williams Legacy Partners
Today’s front page Courant article gives another view of the refinancing opportunity. They highlight a homeowner who is moving from a 30 year to 15 year mortgage, illustrating the significant amount of interest they can save by knocking 8 years off the total term of the loan. The story provides another great example of the line of thinking and analysis we did when working through our refinancing process. And kudos to the homeowner for aspiring
Like clockwork, about 45 days after our refinancing journey started, this morning it ended. We’ve officially and successfully purchased our house for the third time. You see, we bought it in 2004, refinanced in 2005 to a lower rate and refinanced again to an even lower rate and a 15-year mortgage today. The message? We must REALLY like this place. All in all, the process was pretty painless and easy. First, we had plenty of
That is the question. Whether ’tis nobler to suffer the slings and arrows of higher monthly interest payments, or to take arms against the current mortgage, and by refinancing, to end it. Interest rates are back down to historic low levels. The chart at left is from Bankrate.com and shows the average interest rate for 30-year fixed mortgages in Connecticut over the past 5 years. Large mortgage rate drops historically lead to a boom in