Home RSS
Real Estate
Cars

Lower rate helps family offset property-tax hike

MARK J. KONKOL Sun Times
Ellen Bachner with son Ronin,5, and daughter Korryn,8, in the kitchen of the Lombard home that she recently refinanced.

Ellen Bachner with son Ronin,5, and daughter Korryn,8, in the kitchen of the Lombard home that she recently refinanced.


Bracing for a property-tax increase expected to boost their monthly payments by $300, Ellen and Robert Bachner figured refinancing their loan to take advantage of historically low interest rates would save them some cash.



And it worked. On Thursday, the Bachners closed on a 20-year mortgage with a lower -- 4.375 percent -- interest rate that kept their monthly payment on their Lombard split-level house at $1,370 a month.

"We didn't refinance because of a hardship," Ellen Bachner said. "If it didn't work, we would have been OK. But we wanted to keep the payment the same. We were about six years into a 20-year mortgage and, now we've extended it back to 20 years. Our goal was to have the mortgage paid off by the time our oldest hits college. Now, we'll be a couple years behind her, but, other than that, it won't affect us at all."

They should consider themselves fortunate, experts say.


Source



Add your comment
  Anonymous comment
Nickname:
Password:
  Remember me on this computer

Title:
Send me by email any answer to my comment
Send me by email every new comment to this article





 
_________________________________________________________________________
 
Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.