Boston condo owner and buyers, do you know your mortgage rate?
According to Bankrate, nearly a third of all homeowners in the U.S. have no idea what their mortgage interest rate is. Why is that important? Understanding your interest rate is a crucial part of Boston condo for sale ownership because even the smallest rate difference can end up costing tens if not hundreds of thousands of dollars over the life of the loan.
A Boston condo example
For example, with a $200,000 home, a 20 percent down payment and a 30-year mortgage – an interest rate of 3% translates to $82,843 in interest over the term of the loan. A rate just 1% higher would cost $114,991 in interest — an increase of over $32,000. Working through an exercise like this is even more critical for homeowners thinking about an adjustable-rate mortgage!
Knowing how interest rate changes affect different loan products is also important. On a $250,000 loan, paying 4.3% for 30 years amounts to $195,000 in interest, while the same amount financed for 15 years at 3.5% equals $72,000 – more than $100,000 in savings over the life of the loan
Bottom line, if you don’t know your mortgage interest rate – find out! If you have questions about this, or any other home ownership issues, please contact us – we’re here to help
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114