A drop in interest rates often spurs on-the-fence buyers to finally make their move. If you’ve been thinking of moving up or downsizing, you may want to put your home on the market soon so you can start your search for a new one and take advantage of low interest rates.
Depending on the type of mortgage you take out, you could lock in a very low interest rate. That could mean paying less than 5% interest on your new mortgage over the term of your loan. That is excellent news considering that the interest paid on a 30-year mortgage is only second to the principal on your mortgage in terms of cost. Wouldn’t it be great if you could knock off several thousand dollars in interest over the life of your loan? Check with agent to see just how much you could save with a low interest rate.