SEPTEMBER 2, 2010: Article submitted by David Wright, Sanibel Captiva Community Bank
30 Year Fixed Rate Mortgage – 4.125% Not only a catchy headline 30 year fixed rate mortgages really are priced that low for qualified borrowers. Everyone who has a home mortgage should at least meet with their mortgage lender to discuss refinancing opportunities. Consider the numbers: If you have a 30 year fixed rate mortgage of $225,000 priced at 5.375% (a fine rate) your monthly principle + interest payment is $1,259.94. Refinance at today’s 4.125% and your payment falls to $1,090.46. You enjoy a savings of $169.48 per month, over $2,000 per year.