Grow Your Money

Grow Your Money

Use Mortgage For Loan & Grow Your Business

Mortgage is largest sitie to given to loan and. high 

rate.Based on recent comments by chair Janet Yellen, 

the Federal Reserve Board could raise short-term 

interest rates as soon as a year from now. Consider 

this a last call for grabbing cheap home financing.

15-year loans

Typically the difference between 15-year and 30-year 

rates is in the 0.5 to 0.75 percentage-point range. In 

the spring, 15-year fixed-rate mortgages were charging 

a full point less.

Your monthly nut would rise, but if you can swing it 

you’d save about $160,000 over the life of a $300,000 

loan.

30-year loans

This spring’s 4.4% rate on a 30-year fixed mortgage 

pales by comparison to 2012’s 3.3% low, but it’s still 

a good deal by historical standards.

Refinance a $300,000 loan you took out in 2008 at 6%, 

and you’ll save about $16,000 in total costs over the 

life of the loan.

With rates rising, fixed home-equity loans are a safer 

bet over variable-rate home-equity lines of credit. 

Credit unions offer lower rates (5.7%) than banks 

Join the Pentagon Federal Credit Union with a one-time 

donation to a nonprofit; a 5- to 10-year Pen Fed HEL 

has a fixed rate of 3.99%.

Home buyers: Buy the smallest house in the best 

neighborhood you can afford. 

Home sellers: Make your move now 

If your strategy is to wait longer to sell, be 

careful. The pool of potential buyers may not be as 

robust as you think. 

With home prices up 21% over the past two years, more 

buyers are feeling an affordability squeeze that will  

only get worse when loan rates rise. 

And nearly two in five home 

buyers say they’d  

“reconsider” purchasing a home if the 30-year rate  

climbs to 5% or higher.