Mortgage rates in Texas have been hot (much like the scorching 100°+ days), bouncing around record levels for a couple of weeks now. While a week ago mortgage rates were the best we’ve seen since last Oct 6th, they have wilted a bit and have given up about 100 basis points (no correlation to the daily temp)…but they are still great! Many consumers are looking to seize the opportunity and lock in on a great, historic low mortgage rate.
Since current market rates are significantly lower than in recent past, it might be well worth your time to review your mortgage to be sure it is still working for you as well as it did when you first took it out. This doesn’t mean checking it out just to see if you can save some green each month… it means examining the total cost over time of both your existing mortgage and options available today in consideration of your longer term objectives. It is important to make sure every dollar you spend on financing your home is maximized and working to build your wealth.
You see, a great mortgage rate on the wrong loan product isn’t such a great deal. Just like incurring a lot of costs or lengthening of your term may not be wise to your plan. The important thing to know is why you are spending what you are spending, and is it getting you where you want to go via the best possible route. And if not, perhaps it is time to tweak your course.
The key to growing wealth in America starts with a plan. Saving and investing wisely will help get you there. Borrow smart and maximize your mortgage as part of your financial strategy – this will help keep you on target.
So don’t sit there like a potted plant…get off the patio and get your mortgage reviewed today. After all, what can it hurt?
Borrow Smart!
