Tori Tuttle - Realtor

Asking your lender this ONE question could save you big.

Does my loan have a pre-payment penalty?

Making just ONE extra payment each year can shave years off your mortgage term and save you thousands in interest.

Let’s look at a client with a 30-year mortgage of $400,000 at a 6% interest rate. Without extra payments, the total interest paid over the loan term is approximately $463,353

With ONE extra payment of $2,400 each year ($200/mo) the interest drops to $368,734, and the loan would be paid off 5 years earlier than the original term.

And the savings hitting their pocket? $94,619 over the life of the loan

BUT Make sure to ask your lender about pre-payment penalties (penalties can be steep - often 2% of the loan balance).

Check with your lender so you can save on your timeline.
And if you need a lender recommendation, send me a message!

How do you know it’s the right time?

The right time to move on?

Spending many hours with sellers over the years, l’ve learned the telltale signs that it’s time for a change.

Here are a few questions to help you determine where you stand...

1. Has my home started to feel either too spacious or too snug? It’s like a little kid outgrowing their favorite outfit - your needs might have outgrown your home.

2. How is my home equity? If it’s standing strong, selling now could open the doors to a handsome profit, providing a solid foundation for your next purchase.

3. Is home maintenance starting to resemble a never-ending marathon I didn’t sign up for? If the chores outweigh the joys, it might be high time to find a home that demands less of your attention.

4. Have I recently been through a major life event? Be it diplomas, diapers, diamonds, divorce, or death, these major life shifts often call for a change in address.

If these questions have put your mind in motion, don’t hesitate to reach out. I’m here to help you decipher your next steps.