Houston Metro 281.379.2000  Fax 281.251.8888  rodney@powell-realestate.com CLOSED SUNDAYS 20831 Rosehill Church Rd Tomball, TX 77377 Easy Site Navigation Back to Home Page Help Selling Real Estate Listing Real Estate Guidelines to Market Value Buying Real Estate Get New Listings E-Mail Property for Sale by Area Acreage Communities Client Testimonials CLIENT TESTIMONIALS Get to Know Your Real Estate Professional When I think of the word TRUST - it means I know I can count on you all the time. That is what I want clients to sense about me.   That they can count on me all the time, every single day they can trust that I am telling them the truth. It is essential that POWELL Real Estate can give clients a measure of comfort by being someone they can trust completely.   I take that very seriously. - Rodney POWELL

P O W E L L - R E A L E S T A T E . C O M Get the Straight Facts How to Save Half on Interest Costs Save $100,000 on mortgage interest costs!   Sound impossible?   Not really. An old-time mortgage enables homebuyers to do just that.   It's the 15-year fixed-rate mortgage that lets homebuyers own their homes free and clear in 15 years. And, while the monthly payments are somewhat higher than a 30- year loan, the interest rate on the 15-year mortgage is usually a little lower, and importantly the homebuyer pays less than half the total interest cost of the traditional 30-year mortgage.   Who Is It For ? The 15-year fixed-rate mortgage has proved popular with two very different groups of homebuyers.   First, it enables young homebuyers with sufficient income to meet the higher monthly payments to pay off the house before their children start college.   They own more of their home faster with this kind of mortgage.   Other homebuyers, who are more established in their careers, have higher incomes and whose desire is to own their homes before they retire, may also prefer this mortgage.   The 15-year fixed-rate mortgage gives them additional financing options using the house's equity.   For example, they can easily take out a second mortgage if they want to make use of the equity in their home.   But you need not fall into either category to appreciate the savings the 15-year fixed-rate mortgage affords homebuyers.   Let's take a closer look at some of the pros and cons of this type of mortgage and what savings you may expect.   Advantages The 15-year fixed-rate mortgage offers the qualified consumer five big advantages: You own your home in half the time it would take with a traditional mortgage. You save more than half the amount of interest of a 30-year mortgage.   On a $75,000 mortgage at 9.5 percent, you save more than $95,000. Lenders usually offer this mortgage at a slightly lower interest rate than with 30-year loans - typically 0.25 percent to .05 percent lower.   It is this lower interest rate added to the shorter loan life that realizes the savings for 15-year fixed-rate borrowers. Fixed-rate means exactly that - no matter where mortgage interest rates go, the payments for this mortgage stay the same from the first to the last.   This helps many borrowers plan their budgets with more certainty.   They know that their monthly payments will not increase (or decrease) and throw their financial planning off. Fifteen-year mortgages can be insured with private mortgage insurance (PMI) or by the Federal Housing Administration (FHA), or guaranteed by the Veterans Administration (VA) for eligible borrowers.   Disadvantages The disadvantages associated with a 15-year rate mortgage are really the qualifiers that will tell consumers if this is the mortgage for them. The monthly payments for this type of loan are higher than those for a 30-year mortgage, roughly 10 percent to 15 percent higher per month. Because borrowers pay less total interest on the 15-year fixed-rate mortgage, they lose the maximum mortgage interest tax deduction. If a conversation about your specific real estate needs is appropriate, I'll be delighted to talk with you.   Remember, my goal is to help you reach yours. Rodney POWELL Your LAND Professional 281-379-2000 When You Need a REALTOR ® Who Are You Going to TRUST ? If you have questions or need immediate assistance, just send an e-mail or call 281-379-2000. YOUR RESULTS WILL COUNT !

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