If the uncertain economy has you worried, today's low interest rates may be one thing that puts your mind at ease. Now is a great time to apply for a mortgage, or to refinance the one you have, because Coosa Pines FCU mortgage rates have dropped again!
$$ It Still Makes Sense to Buy a House $$
The economy understandably leaves some prospective homeowners reluctant to make such a big financial commitment. But the housing market's finally improving. With many houses for sale, and some at rock-bottom prices, we can help make you comfortable in a new home -- with a comfortable interest rate and term.
There are many very sound reasons to buy a house:
♦ Homes are affordable. Prices have come down about 30% from their peak, according to Standard & Poor's Case-Shiller Index, which tracks home prices in 20 big cities. More homes on the market mean lower prices for buyers.
♦ Home inventory is high. This means you can buy more house now than you could have at the peak of the housing market a few years ago. You have considerable leverage to negotiate the price of a house for sale.
♦ Home loan rates are at historic lows. Buy more house for the same affordable payment, or for a shorter term that could save you thousands -- or even tens of thousands -- of dollars in interest payments.
♦ You may still qualify for a tax break* on interest payments. While this benefit alone is not a good reason to buy a house, it does sweeten the arrangement if you itemize deductions. *Please consult a tax professional for advice.
♦ You’ll own it. You can design it, remodel it, and paint it any color you choose. You never have that freedom in a rental!
♦ It’s forced savings. You’ll build equity, even if more slowly than in the past, in a house you own; rent money is just… well… gone.
$$ Refinancing Your Mortgage to Save Big Bucks $$
Refinance your home loan to a shorter term and see big benefits! If you have 25 years left on a 30-year fixed-rate mortgage at 6.5% APR (Annual Percentage Rate)
, and you refinance to a 15-Year Fixed-Rate Mortgage
at 4.75% APR:
► You could save more than $75,000 in interest,
► And knock 120 payments -- 10 years! -- off the term.
Or you might choose another option -- like the 5/30 Adjustable Rate Mortgage
starting at just 3.75% APR fixed for the first five years -- that reduces your monthly payment even more, as low as approximately $556
on a $120,000 mortgage, freeing up cash for daily needs.
APR = Annual Percentage Rate. Savings and payment estimates are based on current lowest rates available. Rates vary and may change without notice. Some restrictions apply. Adjustable rate mortgages offer a low initial rate fixed for the first five years. After the initial 5-year period, the rate can adjust on an annual basis no more than 2% in any one year, and no more than 6% over the life of the loan. Contact a Loan Officer for current rates and complete details. We do business in accordance with the Federal Fair Housing Law (the Fair Housing Amendments Act of 1988).