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How to Knock 8 Years off of Your Mortgage

Ryan - Hi guys this is Ryan Peterson
Brian - And Brian Reed of The Ryan & Brian Real Estate Team and today we are going to be discussing a couple simple tactics on how you can pay that 30-year mortgage in just 22 years. 

Ryan -  So today we are going to discuss 2 strategies on how to knock 8 years off of that 30-year mortgage.  So maybe it is tax time or maybe it is Christmas time and you ran into a little extra money.  Did you know that if you make 13 mortgage payments in a year, you will actually knock off 8 years off of the life of the mortgage?  
Brian - One other strategy that we recommend is that some people get paid bi-monthly.  So instead of making monthly mortgage payments, it may make sense to talk to your mortgage company and sign up for a bi-weekly payment method.  This will allow you to make 26 half payments (equivalent to 13 whole payments) over the course of a year which will also allow you to pay off your mortgage in just 22 years.
Ryan - It’s that easy, simply apply that extra cash towards your mortgage principal and you will have your home paid off much sooner.  If you are looking to buy a home in the future click on the search all homes for sale tab and have the opportunity to search every home listed in the Greater McAllen area.
Brian – If you are looking to know what your home is currently worth click on the Get a Free Home Value Report link and get an instant home value of what your home can sell for in today’s current market.  If you want immediate assistance and want to talk to a home buying or selling expert today you can call us at 956-203-0044.  Thanks for listening and we look forward to hearing from you.

What is the Cost of Waiting to Buy?

Ryan - Hi this is Ryan Peterson

Brian - And Brian Reed of The Ryan & Brian Real Estate Team and today we are going to discuss how waiting to buy at the end of 2018 rather than now can cost you thousands.

Ryan - First, let’s not forget that if you are looking to buy a home, click on the search all properties link. Or, if you are looking sell your home click on the value link and we will send you a free home valuation. Now on to our topic.

Brian –  Over the course of the last 12 months, home prices have appreciated by 7.0% around the nation.  In the McAllen-Edinburg-Mission MSA the median price has gone up about 5.9% over the last year and even higher in neighboring towns.  During that same period, interest rates have remained historically low which has allowed many buyers to enter the market.

Ryan –  As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost of the home.

Brian – The Mortgage Bankers Association (MBA), Freddie Mac, and Fannie Mae all project that mortgage interest rates will increase by this time next year. According to CoreLogic’s most recent Home Price Index Report, home prices will appreciate by 4.7% over the next 12 months.

Ryan –  What Does This Mean as a Buyer?  If home prices appreciate by 4.7% over the next twelve months, here is a simple demonstration of the impact that an increase in interest rate would have on the mortgage payment of a home selling for approximately $250,000 today:

Brian –  By waiting, someone at this price point would be paying an roughly an additional $162 per month, $1,952 per year and $58,564 over 30 years.  So bottom line, if you buying a home is in your plan for 2018, doing it sooner rather than later could save you thousands over the term of the loan.

Ryan –  If you are ready to take the next step and want help finding your dream home call us today at 956-203-0044.  We have an expert advisor ready to assist you with your home buying needs.  We look forward to hearing from you.