Homebuying Guide – 8: The Question To Ask That Could Save Thousands!
TheFloridaMortgageCenter.com
Steve Verrier – (904) 514-8884
NMLS# 228111
What Question To Ask Your Loan Officer That Could Save You Thousands!
The Term (or length) Of Your Mortgage Loan
When you apply for a loan one of the things you need to consider is the term of the loan. Most lenders will offer you a 30 year or 15-year term. The *Insider Tip* here is that you have other choices that most lenders will not mention to you.
You just need to make sure you ASK about them!
There are also standard 25, 20, and 10-year terms and there could be a huge difference in the total cost of your loan depending on your choice. Some lenders even offer custom or FLEX terms also. For instance, if you had 22 years left on your existing loan and were looking to refinance but did not want to go out to 30 or 25 years, we can get a flex term of 22 years or any number actually.
But for now, let’s look at the example of a $200,000 loan at a sample rate of 6% annually:
30-Year Fixed Loan at 6% – Principal and Interest Monthly Payment – $1,200
Total of 360 (30 Years) Payments – $432,000
25-year Fixed at 6% – Principal and Interest Monthly Payment – $1,290
Total of 300 Payments (25 Years) – $387,000
So, for $90.00 per month, you pay off 5 years earlier and can save a minimum of $25,000 over the life of
the loan.
This is a significant difference and savings!
When you call me or submit your pre-application this is one of the many important topics we will cover
in your No-Obligation No-Cost Consultation. To arrange an appointment now call me at 904-514-8884 or:
I hope you have enjoyed this step of our guide.
Until our next lesson,
Steve
P.S. We have more valuable information and resources at:
