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Saturday, February 9, 2008

Do You Know Your Homes Value?

Because of the recent hit on our economy and the decline in real estate, I wanted to find out, for curiosity sake, what my house is worth these days.
I had a free market analysis done today and much to my surprise, the value of my house didn't fall as much as I originally thought. Good news I guess. You also can get a free market value evaluation if you are curious, by asking a realtor in your area if they provide this free service.

I've been watching the interest rates fall and I want to take advantage if the rates fall below what I am currently paying. If the rates do drop lower, I want to Remortgage or refinance, as we're used to calling it. Over the course of 20-30 years, you can save a lot of money by doing so.

Over in the UK, the Bank of England passed a law which will cut all the interest rates down to 5.25% to help alleviate the credit crunch they are experiencing. Because this law has passed, the mortgage lenders have agreed to pass on savings to their customers by cutting their home loan rates, which lowers their monthly payment. Wow...we should be so lucky here in the States.

If a homeowner there receives a reduction of $30 each month on their current mortgage, but continues to pay the same amount, they could actually payoff their mortgage 2 years early.

This is a tip we should be using for ourselves. By paying just a bit more each month, you can pay the mortgage off earlier and save yourself a lot of money on the interest.

This is a good idea no matter how old a homeowner is. I know for myself, I don't want to be in my 60's -70's and still have a mortgage to pay off. The way things are going in this world, how would I even afford it?

Something to think about


Robin Lee Sardini said...

Even paying a few extra dollars a month, say $10 or $20, can make a difference over the long haul.
Thanks for sharing!

AC Associates said...

Hi Robin,
Yes, very true. People don't realize the amount they will save over the term of their loan even with paying a few extra dollars each month.
Nice of you to share.

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