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What's your mortgage rate? Not knowing could cost you thousands of dollars!

by Jane Fischer and Associates

What is your mortgage rate?  It may seem like a simple question, but often times individuals cannot readily give an answer!  Almost 3 out of every 10 mortgage holders don't know this answer, and that could spell trouble for you!

Interest Rates are continuing to climb, so lock in now!

Do you have an adjustable rate mortgage (ARM)? If so, you need to contact your lender immediately and lock in your interest rates.

Interest rates will continue to rise, so this could be your last chance to lock in a low rate for years to come. The average 30-year fixed rate is now 4.70%, up from 4.13% one year ago. This is a $119 increase monthly from the 4.13% rate and a $1,428 increase annually!

Have you been considering a refinance?

Did you know that when you refinance you actually pay-off your initial mortgage and get a new one?  That means you are starting from the beginning and can get a new rate and new terms.  You can also get a 'cash-out' refinance where you are getting cash for equity in your home or you could pay money in and get a lower mortgage.  Here are some examples of individuals who opt for the 'refinancing option:  They currently have an adjustable rate mortgage (ARM), the current interest rate is higher than the standard 30, 15 or 10-year rate.  Should you refinance?  Here are things you need to consider;  how much do you owe? What is the appraised value of your home? Do you have a good credit score?  Debt to income ratio at this time?  

Who takes the cash-out option in refinancing?  Most people opting for the cash-out option are using it for the following;  pay-off high-interest credit cards, higher rate consumer debt overall, sending a child to college and get a new mortgage with a lower interest rate.

What costs would you incur if you were to refinance your North Iowa home?  It's important to note that refinancing fees vary by state and lender, so it's important to work with a mortgage lender directly in determining your actual costs.  For example purposes, here are possible items that would incur costs with a home refinance:

 

  • Application Fee
  • Loan Origination Fee
  • Points on the Loan
  • Appraisal Fee
  • Title/Insurance Search
  • Homeowners Insurance
  • Home Inspection
  • Surveys
  • Attorney costs
Some of the time these fees can be rolled into your new mortgage. So check with your agent on what would apply to you and if it can be rolled into your new mortgage.

Have more questions on home buying or refinancing?  Contact us at 641-424-4663 today.

 

Clear Lake Iowa Housing Market Update: 09/27/17

by Jane Fischer and Associates

Great news for home sellers as the Clear Lake home prices continue to rise while average days on the market have stabilized.  Fall is an excellent time to consider putting your home on the market!

Current Real Estate Stats for Clear Lake IA:

Market Index: 26.38 (great for Home Sellers & Buyers)

Median Home Price: $254,023.

Average Square Footage- 2,144

Average Number of Bedrooms- 3

Average Number of Bathrooms- 2

Total Properties on the Market- 54

Average Days on the Market- 128

Average Price per Square Foot- $108

Clear Lake 7 and 90 Real Estate Market Trends to Watch:

If you are currently searching for a Clear Lake Iowa Home, sign-up for our Preferred Email Listing Alerts and receive new homes to the market that only meet your personal preferences.  Sign-up here.

 

Considering selling your Clear Lake Home?  Get a free Home Analysis here.

 

Brought to you by:  

Altos Research and Jane Fischer Associates Team of Century 21 Preferred

www.janefischer.com

2800 4th Street SW #3

Mason City, IA  50401

Cell- 641-425-4900

Office- 641-424-9400

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Jane Fischer
Real Estate Consultants
641-424-HOME (4663)

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