This week the rate for 30 year fixed mortgage hit an all time record low since data for this rate began being tracked in 1971. According to Forbes, the 30 year fixed rate reached a low of 3.07% and the 15 year 2.56%. This represents a great opportunity to either purchase a home to get locked in to these never before seen low rates, or to refinance your existing home mortgage. In either case we can put you in touch with a great local lender and if you are looking to refinance we can provide you with comparable sales to insure that you are able to appraise for the highest value. If you purchased a home with less than 20% down you likely have mortgage insurance however you may have 20% equity in the home at this point. You could refinance your mortgage, remove your PMI and have a lower interest rate. What could you do with a couple hundred extra dollars in your pocket each month, or the thousands of dollars you will save over the life of your loan? As always, we are here, contact us and let us know how we can help you.
Here are a few quick finance facts about the average financial situation of Americans nationwide:
- 33% of Americans have $0 saved for retirement. – CNBC
- 69% of Americans have less than $1000 in their bank account. – The Motley Fool
- 78% of American workers live paycheck to paycheck. – Forbes
- On average a smoker will spend $1-2 Million on cigarettes in a lifetime. – Money
- The average American household has $137,063 worth of debt. – Debt
- Home ownership in the U.S. is at a 50 year low to 63.1%. – Forbes
- 87% of surveyed Americans say that home ownership is still part of the American Dream. – Benchmark
- In 2013 the average homeowners net worth is $195,400, while the average renters was $5,400. – Forbes
- The median sales price of a home in Fort Collins in May was 3.3% higher than it was during the same time last year. – IRES MLS Market Data
When you consider all of this, it makes sense that buying a home is one of the best financial decisions that you can make. Every mortgage payment you make is like paying into your own personal savings account and at the end of 15-30 years you will have paid off your largest asset. Just think what you are contributing to rent each month. If one continues to rent by the end of that same 15-30 years this amount will have increased exponentially, but as a homeowner you will be free of monthly payments to a landlord and will instead be paying yourself. Contact us today and let’s work together to start the process and find you the home of your dreams.