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For three years from the day you bought the condo, Colorado real estate continues to climb. Your condo appreciates 4% every year for three years.
For three years from the day you bought the condo, Colorado real estate continues to climb. Your condo appreciates 4% every year for three years. And, interest rates fall to 3.60%(M). You decide to refinance your mortgage. You can refinance into a new mortgage for (again) 85% of the current market value of the condo. What is the new monthly payment you'll be making on the new mortgage? You paid off the original mortgage principal balance, taking out a new mortgage with a higher principal balance, how much cash did you receive after paying off the original mortgage
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