If you are planning on refinancing your horse property, consider not taking money out of it. I know that might sound ludicrous at first, but there are advantages to this strategy. You could more than likely come out of the deal with a lower rate, allowing you to build equity faster so that you can pay off your home sooner. Also, if you are looking for a horse property for sale in Colorado, contact Colorado Horse Property today and speak with one of our horse-person realtors.
Refinancing Horse Property
Paying off your home sooner than later can be the smartest decision you’ve ever made, especially when it comes to being a homeowner in today’s economic climate. So, if you have the extra cash sitting around, opt into lower rates and avoid the low savings rates being paid by banks these days.
Here’s how it works—Consider the following scenario. You, the homeowner, have made nearly fifty payments of over thirteen hundred dollars, making the current mortgage a five percent for a thirty year loan. Now, consider that you decide to refinance for a rate of fifteen years at a little over three percent. If the homeowner puts in $36,000, their payments will be slightly more but the mortgage will be paid off in fifteen years. At that same point, if they keep the current mortgage, their unpaid balance will be well over one hundred thousand dollars. Talk to your financial adviser to see if a cash-in refinance is the right thing for you.
