Here’s the scenario. Recent customers of mine were pre-approved at
their branch of their local financial institution. They were approved
for a $350,000 Mortgage at a 5 year fixed rate of 3.79% with a 25 year
amortization. My Customers had a $50,000 down payment and were looking
around the $400,000 price range. After being outbid a few times (7 to be
exact), their Realtor referred them to me. The monthy payment in this
scenario was $1803 per month.
I was able to get them a rate of 3.29% for a 5 year fixed with a 30 year amortization.
Can you guess how much there were pre-approved for with the new lower rate and extended amortization?
$413,000 Yup, with their $50,000 down payment they were able to get
the exact house they were looking for just about $450,000 and a lower
monthly payment by approximately $50.00.
Check out the link below for more information
Let Realtor Rosalie Rattai make your next purchase
" The Key to Your Success"