Refinancing to a Shorter Loan Time Frame

Refinancing to a Shorter Loan Time Frame

Changing the length of your mortgage time frame can save you big money. Interests rates are still very low and if you haven't reaped the benefits of Refinancing your home to a 3.5-4.5% interest rate, Do it! Many people refinance their home with another 30 year loan. But while you are talking to your lender, see if choosing a shorter time frame on your loan may save you money and possibly keep your payments close to where they are now.

 
I know you like examples like I do and I think this paints a vivid picture:
A current loan on your home of:
$400K at 5.75% interest for 30 years is $2,334.29 monthly

Refinancing the same amount for a lower interest rate and shorter terms looks like this:
$400K at 3.75% interest for 20 years is $2,371.55 monthly.

By adjusting the interest rate and the length of your mortgage you are paying almost exactly the same amount monthly, but the 10 years you took off the loan time frame has saved you over $271,172.13 in interest payments. $ 97,713.67 was saved in interest by doing a 20 year loan and $173,458.46 was saved by refinancing to a lower interest rate.  Isn't that Incredible!

Use my mortgage calculator to see what your monthly payment could be with a shorter time frame. Talk to your lender today to see if you qualify to do a refinance and if you can lower your length of the loan. Contact me if you need a lender referral. You will save yourself Mucho Dinero!

Remember, I'm always available for any of your referrals. Contact me today!

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

Refinancing Your San Luis Obispo Home Today Could Mean BIG Savings

Refinancing Your San Luis Obispo Home Today Could Mean BIG Savings

I'm sure you've heard interest rates are low and dropping. But what does that mean to you? Why should you care? By doing a quick mortgage calculation to see what your savings could be, it could mean extra money monthly for you and your family. I recently had my home refinanced (a Refi) and I'd like to to fill you in on the financial benefits.

We live in San Luis and our mortgage loan wasn't bad, 5.375%, but the interest rates that are currently available are like borrowing free money. There are rates in the low 3%'s that could save us hundreds of dollars a month. Here's a simple example to show you how a small drop in two percent of our mortgage interest saved us a ton of money.

On our mortgage loan of $400,000 for 30 years at 5.375% our monthly mortgage, not including our Property taxes, was $2,239.88. The loan for the same amount at an interest rate of 3.375% our monthly mortgage is now $1,768.38. The 2% difference in the interest rate is saving us monthly $471.50.  That is a large amount of savings a month!

A good rule of thumb is if your current interest rate on your home is more than 1% higher than the current rates, it's financially worth it to Refi your home. You have a loan for 4.25% and rates are currently at 3.25%, call your broker. Many brokers can also give you estimates on what your monthly savings would be and what the cost is to Refi. On our Refi the cost to do it was added into the mortgage loan so we had no out of pocket expenses. A huge plus. Call your mortgage broker today to see if you can save money on your interest rate. You will be so glad you did.

If you are looking for a great Mortgage Broker to help you with your Refi, please email me for a referral in your area. I'm here to help!

Click here to access a link to a Mortgage Loan Calculator to see how much you can save! You're Welcome...

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

Sell Your San Luis Obispo Home in Today's Market!

Sell Your San Luis Obispo Home in Today's Market!

Well, I am truly asking EVERYONE if they know of anyone looking to sell because we are literally running out of available homes to show buyers in the San Luis Obispo area.

Buyers, more than ever are clamoring and making multiple offers on great San Luis Obispo County homes. If you have been thinking about selling your home, now is a great time to sell and possibly upgrade into that home of your dreams. Here's a list of the Top-5 Reasons to put your home on the market.

1.  Be a Move up Seller...
If you want a larger or smaller home, you can sell and purchase the home of your dreams at a discount. If you move into a more desirable home now at the beginning of the upswing of the housing market, you will be in a position to gain larger equity as prices eventually appreciate.

2.  Inventory is at a 20 year LOW & demand is HIGH. It’s a sellers market... 
We have over 30% LESS homes available for purchase from this time last year. Buyer interest is high for any home put on the market. Just over 40% of listings in the MLS are currently UNDER CONTRACT and in escrow. Sell your home quickly and potentially receive multiple offers. Potentially putting more cash in your pocket.

3.  Interest Rates are still under 4% - Buyers are out shopping...
With low inventory and many buyers wanting to purchase, renters are even looking to purchase their first home with rents being comparable to monthly mortgages. This creates a larger pool of buyers available to buy. This is also what is creating multiple offer situations fro most homes on the market today.

4.  Distressed Property competition is lower than ever...
Bank owned property and Short Sale homes aren't a thing of the past yet, but their numbers have diminished significantly. Regular sale properties can now sell in a market where the crappiest bank owned home is not a comparable price point for their beautiful home. The diminishing distressed properties also allow home prices to rise with buyer demand, giving way to higher purchase prices.

5.  Selling your home in this market is perfect timing...
If you are considering selling, do not allow naysayers or negative media opinion shape your view of the housing market. As a realtor in the daily housing trenches, I see San Luis Obispo moving into a strong recovery and with a great future ahead. Take this opportunity while everyone else is listening to the negativity to be ahead of the pack. Timing couldn't be more perfect to pull the trigger.

I hope knowing this has been helpful. If you are want to sell your home, an opportunity is knocking to get top dollar for your property. Call me today to learn more.

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082

San Luis Obispo Home Market Analysis... What's my home worth?

San Luis Obispo Home Market Analysis... What's my home worth?

The housing prices have begun to eek up as low inventory and eager buyers flood the market looking to buy in these times of low interest rates. With this great opportunity to get top dollar for your home, how do you really know what your home is worth?

The easiest way to get a price range is to call your local San Luis Obsipo realtor (Traci Ferguson) and ask for a Comparable Market Analysis (CMA). Many people don't know that I have had education in doing market analysis for homes, much like an appraiser would do, for homes in the San Luis area. You could get a formal appraisal done for $400-600 dollars, but your results will be very close to what I can get for you in my research, for free.

What I do is search for sold homes that are similar to your home that have sold in and around your area with similar amenities, condition and qualities. These comparable homes are analyzed and only the homes that fit as a close match will be used to help me give you a range of where to price your home to get the best possible sales price.

With that information you can decide if now is the best time to put your home on the market. It's a wonderful tool to keep you informed and educated on the biggest investment you make in your life... your home!

Get educated with me and I will get you top dollar!

"A Realtor that knows homes." Traci Ferguson 805-235-6396 traci@traciferguson.com http://www.traciferguson.com License #01875751, ecoBroker #16082