So, what do you need to know?
Hi, Michael Allen here for the whole team. This blog is about helping you buy your next home and save thousands when doing it! First home, fifth home, investment home, vacation home, whatever. To accomplish that we need to hear what your questions are about buying your next home. This site is under continuous development, adding information to help you in your quest for home ownership, so the more questions you ask, the more helpful information we can provide.
Buying a home is the largest purchase most of us will make in our lifetimes. Besides being a complex process, it is one most of us don’t do very often. So even people who have been through it several times can still be overwhelmed by all the details and how to get the best outcome at every step of the way.
Our goal is to provide information that will help you understand the process and be comfortable with the details, but also to give you the ability to negotiate the best terms and the best deal. There will also be information to help you know how to select the best professionals to assist you in the whole experience. As we write more articles to post here we need your feedback so we will address the topics of interest to you.
So, let us hear from you!
Happy Homebuying from Mike and the whole team at Easy Homebuyer’s Toolkit.com
February 5th, 2008 at 2:51 pm
Michael,
I have a mortgage of $50,000.00 at 6.625%, with interest rates falling should I refinace and get a 5 year note? If so what company should I contact.
Mleese
February 6th, 2008 at 7:04 pm
Great question Mleese! in order to answer it for you specifically however, there are several things to consider: First would be how many years you have left on the current loan. One difficulty is that many of the closing costs are fixed items and so on a relatively small amount (as mortgages go) the typical costs would normally not make it feasable to refinance to a lower rate. Since you asked about a 5 year note, I assume there are not many years left on your current loan. If so, there are two ways to go: 1. Keep your current loan and pay some extra principal payments to pay it off sooner. That will automatically save you quite a bit of money at the end. OR 2. Find a company that will refinance with no or very low closing costs.
We will have links to several lenders here on the blog shortly so we can provide direct connections to lenders we would be comfortable recommending. Until then, you can email me at:
moderator@easyhomebuyerstoolkit.com
And I can provide further information for you.
Thanks,
Michael Allen