Life is full of surprises. There are so many possible surprises involved in Real Estate it would be easy to write a book on them all and NOT cover everything.
What I thought about with Timmothy's cartoon was how most of us were lulled to sleep over interest rates when they were super low. I think we were all surprised at the speed of and the high rate they jumped up to.
A word to the wise. If you are looking to purchase a home at the ideal interest rate, it is always the right interest rate to purchase. What most first time home owners don't know is that you can refi over and over.
When I started in this business the rate was around 8%. Wise home owners would refi as often as there was a 1/2 of a percent drop in rates. Banking is a competitive market. Just because your loan today is with XYZ bank doesn't mean you need to refi with them. Shop around, see who has the lowest fees as well as the lowest interest rate. A 1/2% drop in your mortgages interest rate can save you tens of thousands of dollars.
Don't throw money, refi as often as it saves you money.
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