Recent News and Articles on the Keywords: low rates + mortgage rates + mortgage  Related to the article below (Last Update: 8/4/2008)

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Should A Low Mortgage Rate Be Paid Off Quickly?

Q We recently refinanced our home mortgage with an adjustable loan at 4.75 percent interest. My wife thinks we should make extra monthly payments of $200 to get our loan paid off in 20 years. What do you think of this idea?

A: Not much. Your interest rate is so low it is practically "free money." After computing your income tax savings for the interest deduction, you are paying only about 3.42 percent interest. It is foolish to rush to pay back that cheap money. Instead, set aside the $200 per month in a mutual fund or other investment which offers profit potential.

Q: Almost two years ago we lost our home by foreclosure due to unemployment and illness. The lender took back the house and eventually sold it at a profit of about $7,000. Since we had PMI insurance, shouldn't that $7,000 profit go to us?

A: No. PMI is private mortgage insurance which protects the foreclosing lender in the event of a foreclosure loss. Since you probably made a low 5 percent or 10 percent cash down payment, the lender required you to buy PMI to protect the lender against a foreclosure loss. Although the lender made a profit, you are not entitled to receive any of that profit. For further details, please consult your attorney.

Q: We are almost ready to put our home on the market. for sale. Do you think we should hire a professional appraiser to set the sale price?

A: A professional appraisal can be an impressive sales tool to show to prospective buyers, especially if you are attempting to sell your home without a professional real estate agent.

However, an equally good method to determine your home's market value is to interview at least three local real estate agents who actively sell homes in your vicinity. Each agent, as part of their listing presentation to you, should prepare a written competitive market analysis.

This form shows recent sales prices of comparable nearby homes, asking prices of similar nearby homes (your competition) and each agent's suggested asking price and probable sales price for your home. In my opinion, this valuable information from three realty agents is far more reliable than a professional appraisal of your home.

Of course, before selecting a realty agent to list your home, for sale, be sure to ask for the names of their last three home sellers. Then phone those sellers to ask: "Were you in any way unhappy with your agent and would you list your home again with the same agent?" You will soon know which agent should get your listing.

(Copyright 1993, Tribune Media Services Inc.) Bob Bruss' column appears Sundays in the Home/Real Estate section of The Times. Letters and comments should be sent to Bob Bruss, Seattle Times Newsroom, P.O. Box 70, Seattle, WA 98111.