NEW Update – This lender just launched a 1.99% 30 year mortgage – Housing Market 2020

A major lender just announced a 1.99% interest rate on a 30 year fixed mortgage. Is this a real interest rate? How much will this type of loan cost you today? In this video, I discuss two different scenarios where I calculate monthly payment, savings, costs as well as how long it will take you to actually save money if you are buying down an interest rate on this 1.99% mortgage

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Examples used in the video:

$500,000 Loan Amount
1.99% Interest Rate
Monthly Payment – $1846/month
Costs – $18,155

$500,000 Loan Amount
2.875% Interest Rate
Monthly Payment – $2074/month
Costs – no costs

The savings with the 1.99% are $228/month but would take you 79 months to recoup your costs.

$200,000 Loan Amount
1.99% Interest Rate
Monthly Payment – $738/month
Costs – $7262

$200,000 Loan Amount
2.875% Interest Rate
Monthly Payment – $830/month
Costs – no costs

The savings with the 1.99% are $92/month but would take you 78 months to recoup your costs.

Does this make sense to you to refinance and buy down points when interest rates could trend lower?

Have you refinanced already? What interest rate did you get? Do you think you’ll be able to refinance again in the future and get a lower interest rate? Please let me know your thoughts below.

What are your thoughts on the housing market 2020 california, do you think we are in a housing bubble? Do you expect a market crash? What are your predictions for the real estate market 2020? Are you buying a home this year?

Do you believe there is a foreclosure wave coming after the foreclosure and eviction moratorium ends? After watching this video, do you believe there is a real estate bubble or a housing market crash 2020 coming?

Connect with me 👇🏻 :

Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
I N S T A G R A M ➳ https://www.instagram.com/jebsmith

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Other videos you might find helpful:

Interest Rates and Housing Market 2020 Forecast – Mortgage Update – https://youtu.be/u1vbtpwUXxc

NEW Real Estate Market Update: Housing Market 2020 – August 2020 Update – https://youtu.be/cfQPbFaIPL0

FHA Loan 2020 – FHA Loan Requirements – First Time Home Buyer – https://youtu.be/wp-2c_EdcrU

Financial Crisis 2008 vs Housing Market 2020 – https://youtu.be/4D7nsswC-mw

How to increase your credit score fast in 2020 –

Why I decided to refinance RIGHT NOW- New Mortgage Update – https://youtu.be/rbS2we4AO08

#Mortgage #RealEstate #InterestRates