Sanibel Finance Tips
David Wright is the Sr. Vice President, Residential Mortgage Lending Group at the Sanibel Captiva Community Bank
Time to Refinance?
It seems like I just posted on this topic, “Is it time to refinance?” Well in fact I did in 2011 but rates have fallen so far clients who financed in 2011 are refinancing again in 2012! So how low are these rates that have people refinancing twice in 12 months? Really Low, 30 year fixed rate with -0- points, 3.875%. After income tax considerations one’s effective rates can approach 3%.
Rates are neat but turning them into payments is often a more helpful exercise so consider:
• $100,000 loan amount
• 30 year fixed @ 3.875%
• Monthly principle and interest payment is $470.24
If you are currently paying anything above 5% you should certainly confer with a mortgage lender about refinancing your home in early 2012.
David A. Wright
Sr. Vice President, Residential Mortgage Lending Group
Sanibel Captiva Community Bank
2475 Library Way
Sanibel, FL 33957
Phone (239) 472-6100
Fax (239) 333-2957
Cell (239) 209-1059