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Mortgage interest rates at all-time low: Does this mean savings now or later?

Savings now or later

I recently re-fixed an interest rate for some clients who had come off a rate of 6.40%.

They were delighted to find that they could fix for 2 years and a rate of 4.20%, saving them nearly $500 per month.

However, when we talked things through they decided to keep their payments at the same level.

The result?

They could pay their home off 7 years earlier at an interest cost saving of over $71,000.

Thinking of having no mortgage for over 7 years and all the difference that would make for lifestyle and retirement made these clients very excited.

To find out how you could take advantage of low interest rates and or develop a strategy for early mortgage repayment, contact me today by email at frank@capitalconcepts.co.nz.