10 YEAR MORTGAGE RATES
Many homeowners are not aware that banks offer 10 year mortgage rates. You are not to blame, many banks don’t tell or skip this information from their clients!
Even though the 10 year mortgage rates are not the most popular – depending on your situation – it can be a smart and clever financial decision. By locking in your mortgage rate you aren’t as vulnerable to fluctuations in the market’s interest rates.
This means that you can ensure the security of your family by insulating yourself against substantial increases in your monthly mortgage payments. We have had historically low interest rates for a number of years now, and some believe that this is the new “norm”. However there is always the chance that interest rates will go back to levels that we have seen in the past, and the 10 year mortgage means that you will know what your payments are going to be for an entire decade!
Your mortgage rate is an important part of your contract that you sign, though it is not the only thing that you should focus on. Doing so, can expose you to hidden costs that can end up fetching you thousands of dollars down the line.
Most of the time, those clients that are interested in the 10 year mortgage option, are not focused on the lowest mortgage rates. A low mortgage rate is only part of the equation for them. They are also focused on payment assurance, and the 10 year mortgage accomplishes this for them.
One of the little known facts about the 10 year mortgage option is that after 5 years, if you decide that this may not be the right option for you, the exit costs out of a 10 year mortgage option is going to be 3 months interest, as your penalty.
Of course, there are other ways that we can minimize your penalties in the event that you need to conclude your contract early. Feel free to call us for more details.
Have you ever Considered the Following about 10 Year Mortgage Rates…
- What percentage of your income do you spend on housing/your mortgage?
- What if your mortgage payment went up $300 or $400 per month? What if it went up a $1,000 per month?
- Would you survive if the housing market crashed, you didn’t have low 10 year mortgage rates, and you were unable to sell your home?
Now consider the following facts…
- Interest rates historically averaged between 5.5%-6%
- Today many people have 3, 4 or 5-year mortgages around the 3% to 4% mark.
- What is likely to happen to your mortgage payment should interest rates go back to more “normal levels”?
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For more information on the benefits of 10 year mortgage rates, and how we can get you more lower interest rates give us a call at 778-233-2377 or click the button below.
We will review your current mortgage situation and make suggestions on the smartest mortgage decision(s) you can make. At No Cost to You!
Call us today…because what you don’t know can hurt you—and we may just have information that your bank doesn’t want you to know.