They were moving into their new home. It was the perfect location, price, and condition. They were so excited! This was going to be the home they would retire in.
I advised them to look at different loan options. So many people get caught up in one or two items (interest rate and/or loan amount) and forget about the rest. For these buyers I advised them to consider paying a LOT of points. 11 points! Are you insane! When I finally calmed her down to look at the entire picture, she realized that what I was asking her to consider was actually the best for her. Her loan balance was higher, but her monthly payments were MUCH lower, and her initial expense was the same. Some of the money she was going to use for down payment went to points instead. She saved thousands of dollars every year.
Contact Joan Lord with Horizon Realty to star in your "Episode."
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