Big changes in the mortgage industry… watch the last few minutes to see the highlights.
Reducing a 30-year mortgage to a 25-year mortgage basically means this: If you borrowed $100,000 at 3.5% right now, your payment on a 30-year is about $450/month, and with a 25-year, it’s about $500/month. So it has an effect pretty close to raising the interest rates by 1%. Overall, I think it’s a smart move… because if they changed interest rates, it would cause chaos right now. What do you think?
Oh, and today’s list of homes is probably the first time I EVER remember doing an episode of MDH where everything is move-in ready. Lots of choices in the $400-500k range today, and we’ll talk about which types of homes increase in value faster than others. Don’t miss this one boys and girls!