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Hey there! Let’s talk about stretching your mortgage payments (and no, this isn’t a new yoga pose). With inflation finally showing signs of cooling down but grocery prices still making us all wince, there’s a financial move that might help you breathe easier – extending your mortgage amortization.
Think of your mortgage amortization like a really, really long marathon. It’s the total time you’ll spend paying off your mortgage. An amortization extension is basically adding a few more miles to that marathon, but with smaller steps (payments) along the way.
Thanks to recent rule changes, ALL first-time homebuyers can now access 30-year amortizations, regardless of down payment size. Plus, if you’re buying a newly built home, you’re also eligible for that 30-year stretch. Think of it as the government’s way of saying “we get it – homes are expensive!”
Picture this: A couple bought their dream home 5 years ago with a $750,000 mortgage at 3.5%. Fast forward to today, with rates at 5.39% and $635,000 left to pay. Here’s how different amortizations affect their monthly budget:
Extending your amortization could be your financial superhero, swooping in to save your monthly budget. But like any superhero story, there’s more to the plot than meets the eye.
Think this mortgage-stretching strategy might be your ticket to better cash flow? Let’s chat about your options. I promise to make it less painful than a HIIT workout session!
P.S. Numbers are cool, but your situation is unique. Let’s find the perfect fit for YOUR financial fitness level!
Need personalized advice? Drop me a line – I speak both human and mortgage!
Note: Interest rates used in examples are for illustration purposes only. Like my gym membership, results may vary!
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After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
After you submit the form, we’ll reach out to discuss your goals, address any questions, and provide customized, no-obligation quotes. Feel free to let us know if there’s anything else you need!
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