Record Low Interest Rates Have Many Rethinking Their Mortgage

Mortgage rates remain at record lows, and many are thinking about how they can take advantage heading into the New Year.

Low interest rates have would-be homebuyers thinking about applying for a mortgage for the first time. In the Houston-area, mortgages range between 1,500 to 1,700 dollars a month. Homeowners who have a mortgage may consider refinancing.

“If they plan on staying in a house at least five to ten years, there would be a benefit and an overall interest reduction over the life of the loan,” Chris Nooney, a certified mortgage planner with Goldwater Bank, told KTRH. “And that savings could be anywhere from 50 up to 250 thousand dollars.”

Nooney advises you to check with an expert if you're pondering a big financial move, and consider the long term consequences.

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