Boca Raton Real Estate CommunitiesLooking for luxury home communities in Boca Raton? Use our site to view all the best Boca Raton communities. |
| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Refinance Today! Act Now!
I'm always pleased when people want to help me, when they want me to get ahead. Surely such motivations describe the many folks who write with ideas that will allow me to make smaller mortgage payments and thereby save money, cut costs and better my life. Because such suggestions are made with only my best interests in mind, I like to review these offers if only to see what I'm missing. For instance, a recent correspondent said I could refinance my home and not make mortgage payments for three entire months. Now I ask, what could be fairer than that? Suppose I have a $250,000 loan which is in need of refinancing. The first benefit found in the offer is that I would make no payments for three months. If the loan has an 8.222 annual percentage rate (APR) I would save $1,873 a month or $5,594 in cash during the start period. Okay, that sure looks good. What else should I know? A look at the fine print says the loan has a 0 percent rate and a zero payment for the first three months. Yippee! But, somehow, the APR is 8.222 percent. It turns out that this is a "variable rate loan" and after the start period low payments might produce negative amortization. In other words, if I chose the lowest monthly payment option I might be paying a lot less than the actual monthly interest cost for the loan. Looking for a home in Gleneagles Country Club? Realtor® Caesar Parisi is ready to help you buy your dream property. click here for article |
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