NewMortgageLimits.com gives people the information they need to make the best decisions on purchasing or refinancing their homes in today’s turbulent mortgage environment. Because the industry changes so rapidly, and daily, you need a source you can trust for up-to-date facts and figures, so that you can properly structure your home loans, as part of your long-term plan for financial stability and success.
Browse the links at the left, and access calculators that will show you what you can save by refinancing your Jumbo Mortgage when the government raises Conforming Loan amounts. Or read below for examples of how to use the calculators, it’s so simple and easy!
This calculator will show you how much money you’ll save with a new conforming rate, simply by entering your current and proposed loan information. Jumbo 30-year-fixed mortgage rates are currently between 6.5 and 7.5%. Since conforming rates are usually 1-1.5% points lower, you’ll save hundreds of dollars per month, thousands a year.
For example, a current jumbo mortgage of $650,000 might carry a 30-year fixed rate of 7%, with a monthly payment of $4,324. If the government changes the conforming loan limits to $725,000, this $650,000 loan becomes a conforming loan. Refinancing would lower the rate 1-1.5%. A new conforming loan at 5.75% would result in a monthly payment of $3,792. Monthly savings would be $595 a month, or $7,140 a year.
To use your own numbers and see how much you can save! Click here
This powerful calculator can also show you how much money you can save by consolidating other monthly obligations such as credit card and other consumer non-proffered debt. Remember, a refinance alone could save $400-800 a month. How about consolidating some of your high interest rate credit card payments as well? Let’s look at our example.
A jumbo mortgage of $650,000 at 7% becomes a conforming 30-year fixed loan at 5.75%, saving $595 a month or $7,140 a year. Let’s say you have $40,000 in credit card debt at 25% interest, meaning a monthly minimum payment of $833. What if you added the credit card debt to the mortgage amount at the lower rate? The new mortgage becomes $690,000 and the new payment, at the new interest rate of 5.75% becomes $4,026, saving $1,131 a month (the original monthly payment of $4,324 plus the credit card payment of $833, for a total of $5,157, minus the new payment of $4,026). That’s $13,572 a year, which frankly, speaks for itself.
To use your own numbers and see how much you can save! Click here |
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Shane Backer, recently issued a Press Release to the local media. A copy of this Press Release is now available to the public. Here is what it covers:
- What is this "Meltdown" that we are hearing about in the media
- Why should home SELLERS be concerned about the "Meltdown"
- Why should home BUYERS be concerned about the "Meltdown"
- What types of loans have been impacted by "Credit Tightening"
To receive a copy of the "Mortgage Meltdown" Press Release - click here
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