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