My mortgage has a current rate of 4.95% How can I shave off 2% ?

Asked by Stephen

2 Answers

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Answered by Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO
A 2% reduction in interest rates from 4.95% would be just under 3%. Your options to obtain that rate would be an adjustable rate loan, or a fixed rate loan with a term of either 10 or 15 years. The questions that you need to consider are whether a rate that can/probably will go up after 5 years suits your needs, and whether you'd be comfortable with the considerably higher payments required for a shorter term loan. Hope that helps, if you have more questions, I'd be glad to answer them. Ted | 08.18.15 @ 03:41
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 06:25
As per the answer above, yes, the 2.95% rate is feasible. But why do you have it in mind that a 2% reduction is the goal? What is your goal? If you stick to "2.95 or bust" you could miss out on more sensible options. | 04.22.16 @ 18:34
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$commenter.renderDisplayableName() — {comment} | 12.08.16 @ 06:25
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Answered by

Ted Rood
Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO

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