Kansas City Real Estate Thoughts... The Federal Home Loan Mortgage Corporation (Freddie Mac) recently announced that interest rates have hit their lowest point in two years. If you have been sitting the fence, now is the time to check with a local Kansas City mortgage lender and see if you can improve your current situation. This really is amazing news because we just experienced the biggest two-week decline in interest rates in more than 12 years - interest rates have fallen more than a half percent since Christmas alone. So the time could be right to either refinance your current mortgage, purchase your first home or make that move up or down you've been considering. Historically interest rates have been around the nine percent range on a 30 year fixed rate mortgage but it's possible right now for many borrowers to get an interest rate well below 6%. Each borrower's situation will of course vary, but for many this should mean savings of hundreds of dollars a month. For example, a loan taken out just this summer on a $250,000 loan is costing borrowers nearly $150 month more than if the same $250,000 loan were taken out today. Whatever your plans are for the future, now is the time to check with a local mortgage lender to discuss your loan options. Today's low rates could mean a much, much lower mortgage payment than loans taken out in the past two years or so. If the option you are considering is a home purchase, sit down with your local real estate expert (that's us) to discuss your options. If you are considering a move up but wanting to keep your payment similar to where it's at right now, keep in mind that it's possible you could purchase a larger home for the same payment you are currently making. Again, the first step is checking with a local mortgage lender to compare your current mortgage loan situation against a loan with today's great interest rates. I recommend contacting Alan Scarpa with National Bank of Kansas City. Alan's contact information is 913-253-0189. If you prefer email, Alan is an online mortgage specialist and you can email him at AScarpa@nbofkc.com.
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