Chitika

Thursday, August 18, 2011

2011 Intrest rates are looking good!

It maybe time to refinance your mortgage!

Friday, June 10, 2011

Mortgage 101

Our first video in the Real Estate series, Mortgage 101! Sorry for the wait, things have been crazy this week, we've been having some technical problems, and we're trying to fix them today.

This video is pretty much a visualization of our last blog post, where we compared mortgages. Thanks for your patience, feel free to leave all your feed back and constructive criticism below!

Monday, June 6, 2011

How much is a $200,000 home?

So you are buying a $200,000 house, how much is it really going to cost? In our example we will look at two common mortgage loans and compare which is the better deal! You have to choose between a 30 year mortgage and a 15 year.

The 30-year mortgage has a fixed rate with a monthly payment of $1,074.
The 15-year mortgage has a fixed rate with a monthly payment of $1,505.

For the 30-year mortgage, the total cost of interest is $186,343.
For 15-year mortgage, the total cost of interest is $70,789.

Therefore, you would save $115,554 in interest cost by taking the 15-year mortgage!

 So what would you do with $115,554?