HOME APPRAISAL CHECKLIST FOR HELOC LOAN HOW TO
So pay close attention, and learn how to potentially save yourself THOUSANDS….
Imagine what you could do with an extra $160,000 in cash for yourself or loved ones. And for a $750,000 mortgage over a 30 year amortization period, a 1.0% increase (4% to 5.0%) can cost you a whopping $160,000 more in interest payments. Unlock Rates The Cost of Rising Interest Rates on Your MortgageĪ rising interest rate means a higher cost of borrowing. Today, you’re going to quickly learn how to prepare for the coming rate hikes, while steering clear of potential headaches, worrying, and restless nights. You’ll soon know exactly what lenders want and how to leverage that information to your advantage before, during, and after your appraisal refinancing. If this feels overwhelming, relax and rest assured, we’re going to clear away all the smoke and mirrors for you, and make it very clear. And only after year 23 does this lopsided ratio of interest to principal begin to switch in your favor. Now, you may be wondering how this rate increase significantly impacts your monthly mortgage payments.Īnd if your mortgage term is coming up for renewal-yes, it can actually make a big difference to your bank account.Ĭonsidering the simple fact that your first year of monthly payments for a 30 year term equates to a whopping 70% in interest-it can feel like you’re going nowhere. The Bank of Canada raised the overnight rate to 2.5% in the biggest increase since 1998 and the highest level since 2008.”- CNBC, July 13th, 2022
“ Canada’s central bank said Wednesday it is raising its target interest rate by a full percentage point in an effort to fight inflation - and warned more rate hikes are likely to follow. Here’s the recent news from the Bank of Canada to combat rising inflation: If you’re wondering whether you should get your home appraised for the purpose of a refinance appraisal-we’ll deliver that answer, plus much more.
0 kommentar(er)
