Mortgage
Should we pay off our $450,000 mortgage on our $1.2 million house with a 3.5% interest rate, or should we invest in stocks given that our payments will soon increase?
In the article, a couple in their late 60s with good health and two homes, one worth $900,000 fully paid for and the other with a mortgage of $450,000 on a home worth $1.2 million, seek advice on whether to sell their second home to pay off the mortgage. They have $2 million in savings and are considering whether to invest in the stock market or pay off their mortgage before the interest rate increases in 2025. The advice given includes waiting to see how mortgage rates change in 2025, considering the potential gains from investing in the stock market, and weighing the benefits of being debt-free with the potential growth of invested funds.
– Couple in their late 60s with good health and $2 million in savings
– Own two homes, one worth $900,000 fully paid for and the other with a mortgage of $450,000 on a home worth $1.2 million
– Considering whether to sell second home to pay off mortgage before interest rate increase in 2025
– Advised to wait and see how mortgage rates change in 2025
– Advantages of investing in stock market versus paying off mortgage discussed
– Considerations include potential gains from investments, being debt-free, and risk tolerance
Source link
Mortgage
CENTUM Canada has revolutionized client engagement with the introduction of Mortgage Monitor™.
Centum Financial Group has launched Mortgage Monitor™, a platform designed to empower homeowners and prospective buyers to make informed financial decisions and build wealth. This platform automatically enrolls clients into a communication system, providing monthly home value updates, personalized product and rate analysis, and mortgage protection support. It also serves as a lead generation tool for brokers. Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide. Mortgage Monitor™ is currently in pilot with a full release planned for later in Q2 2024.
– Centum Financial Group launches Mortgage Monitor™ to empower homeowners and prospective buyers
– Platform provides monthly home value updates, personalized product and rate analysis, and mortgage protection support
– Serves as a lead generation tool for brokers
– Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide
– Mortgage Monitor™ currently in pilot with full release planned for later in Q2 2024
Source link
Mortgage
Mortgage applications experienced a slight decline last week, even with a decrease in rates.
In the week ending March 29, mortgage application volume decreased by 0.6%, with the average rate for a 30-year fixed-rate mortgage dropping to 6.91%. Refinance applications decreased by 2% compared to the previous week and were down 5% from the same week last year. Purchase applications also decreased by 0.1% compared to the previous week and were down 13% from the same week last year. The refinance share of mortgage activity decreased to 30.3% of total applications, while the adjustable-rate mortgage share remained unchanged at 7.0%. Overall, mortgage rates decreased slightly, but did not significantly impact overall application activity.
– Mortgage application volume decreased by 0.6%
– Average rate for a 30-year fixed-rate mortgage was 6.91%
– Refinance applications decreased by 2%
– Purchase applications decreased by 0.1%
– Refinance share of mortgage activity decreased to 30.3%
– Adjustable-rate mortgage share remained unchanged at 7.0%
– Mortgage rates decreased slightly but did not significantly impact application activity.
Source link
– Mortgage rates declined slightly last week, with the 30-year fixed rate at 6.91% and the 15-year fixed rate at 6.35%
– Refinance share of total applications decreased to 30.3%
– ARM share remained steady at 7% of total applications
– FHA share of total applications decreased to 11.7%
– VA share increased to 12.1%
– USDA share remained unchanged at 0.5%
– Purchase applications were unchanged overall, with FHA purchases increasing slightly
– Refinance applications fell 5% below last year’s pace
Source link
-
Donald Trump8 months agoDon Hankey is a billionaire who supported President Trump’s bond in New York. Here are some key facts to know about him.
-
Technology8 months agoPixel Watch introduces a unique way to display the time with the new ‘Vibration watch’ feature.
-
Donald Trump8 months agoJoin us: Trump campaign urges Haley supporters to stay loyal and support President Trump instead | Donald Trump
-
Celebrities8 months ago
Check out the amazing photos from Taylor Swift’s Eras Tour
-
Mortgage8 months ago
Key points to consider before purchasing a new home
-
Sports8 months agoWhat is happening with Dean Wade and when can we expect him to rejoin the Cavs’ lineup?
-
Headlines8 months agoRuby Garcia’s family were taken aback by Trump’s remarks regarding her death.
-
Mortgage8 months agoOver half of mortgages in Russia have terms exceeding 25 years.
