7 smart moves while rates are low 1 save money MSN Money

19 Мар 2015 | Author: | No comments yet »
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7 smart moves while are low

So what are some smart decisions to make while rates are low? Here are a

1. Buy a home or rental property

on long-term fixed-rate mortgages are at lowest in decades. If you have putting off your decision to buy a now may be the perfect storm of low interest and low home prices.

Since are so low, consider getting a instead of the traditional 30-year The amount you will save in payments over the life of the is enormous, says Scott the author of Your Last Years: Making the Transition Work to Retirement .

If you already own a home and have money stashed away for a payment, now may be a good time to about buying real for passive income, says McFarlane, the author of Control Cash: Making Money Sense .

Not only are mortgage rates and values low, but the rash in means more people are in of shelter. They’re called and they’re your cash says McFarlane. Not only you get regular income from property, but as a landlord you can take tax in the form of mortgage interest (Figure out how much house you can with MSN Money’s calculator .)

2. your home

If you want to get out under an adjustable-rate mortgage and you aren’t upside down on the — now is a good time to to a fixed-rate mortgage. Use an online calculator to figure how much save with the new rate.

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While you’re at it, look refinancing your 30-year into a 15-year loan so you inadvertently add many years of payments to your mortgage.

For a $225,000 house purchased years ago with a 30-year or mortgage rate of 7% has a monthly of around $1,500 a month about $76,000 worth of paid in those five If you refinance the balance of that now at the current 3.5% interest for 15 you’ll save almost over the life of the loan, you’ll pay off the home almost 10 sooner. And your payments go up only about $25 per month.

Focusing only on monthly is penny-wise and pound-foolish in the long says Stratton. Owning a outright and having no monthly payment goes a long In 15 years, when the house is off, it can literally make the between being able to or not.

3. Buy a car

If you’re in the market for a new car, now may be the to trade in your clunker. Car aren’t as rock-bottom as mortgage but manufacturers are offering plenty of such as special financing Still, at press time the 60-month new-car loan was 5.3%, according to Bankrate’s survey, and some car loans even cheaper.

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