George Tillerson III Discusses How You Can Take Advantage of Low Mortgage Rates Right Now
Newport News, VA - ( NewMediaWire ) - December 18, 2020 - Interest rates are currently at record lows. The COVID-19 pandemic has had a major impact on the economy, bringing entire industries to a standstill. The economic impacts of the pandemic have led to record low mortgage rates, and policymakers believe these rates will remain at record lows for the foreseeable future. George Tillerson III recently discussed how you can take advantage of these low mortgage rates right now.
“It’s pretty simple. Low interest rates mean lower borrowing cost,” George Tillerson III said. “If you were considering making a major purchase that requires financing, now may be the time to do it.”
George Tillerson III added that it’s understood many Americans are not currently in a place to make major purchases financially. However, he explained that those who do have the financial freedom to make such purchases can greatly benefit from making those purchases now. George Tillerson III added that now is also an ideal time to refinance your debt.
“Refinancing a long-term loan right now could drastically reduce the amount you pay in the long run,” George Tillerson III said. “The larger your loan, the more savings you can enjoy from refinancing your mortgage.”
George Tillerson III explained that refinancing may not be for everyone. However, he suggested that if you have more than five years remaining on your loan, and your current mortgage rate is more than two percent higher than the refinance rate, refinancing may be right for you. He added that refinancing isn’t only possible for home mortgage loans. Now may be an ideal time to refinance your car loan or student loans as well.
“Now is an ideal time to buy a home if you’ve been in the market,” George Tillerson III said. “We’re in a major economic crisis, and if you’re confident that you can proceed with this major purchase, you’ll likely benefit in the long run.”
George Tillerson III explained that record low mortgage rates make this the time to buy a home. However, he added that with rates this low, it’s essential not to bother with adjustable-rate loan options. Lock in an extremely low rate for several years, and you’ll benefit greatly from your new home purchase. George Tillerson III added that this same concept can be applied to smaller purchases as well, such as buying a new car or taking out other personal loans.
“A down economy can be a time to thrive for many buyers,” George Tillerson III said. “Consult your financial advisor or loan officer and consider investing during this time of extremely low mortgage rates, as we do not know how long this period will last.”