Rapper and comedian Timothy DeLaGhetto has been in the media for his $210,000 gift to his parents to cover the balance on their mortgage.
Most people will not have children in a position to give such a gift, but Timothy’s generosity brought other points to mind that are worthy of consideration.
Low Mortgage Rates Have Saved Americans Thousands
Low mortgage rates have given Americans the opportunity to buy homes with lower monthly payments than previous years, and helped Americans refinance existing mortgages saving hundreds of dollars every month.
Many Americans are also building equity in their homes more quickly, often as a result of refinancing. We recently reviewed 4 Ways to Save Money and Build Home Equity at a Faster Pace:
- Refinance From a 30-Year Mortgage to a Shorter Term.
- Get a Lower Interest Rate.
- Pay Your Mortgage More Quickly Without Refinancing.
- Stop Paying Mortgage Insurance.
If you are interested in seeing whether you could save money by refinancing, check out this Refinance Calculator.
And if you are thinking about buying a home, these Mortgage Calculators will help you estimate the monthly payment.
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