Buying a home today saves you money with lower prices and lower interest rates.
If you’re looking to buy a $250,000 home at a current national interest rate of 4.22%, your monthly mortgage payment of principal and interest would be $1,225.46. Since mortgage rates are expected to keep climbing, we can assume next year you might pay a mortgage rate of 5.3%. For the same $250,000 home, assuming no price increases, your monthly principal and interest payment would be $1388.26, a difference of $162.80 each month. Yearly you would pay $1.953.60 more. And, over the 30-year loan, this would total $58,000. That’s huge for just waiting one year to purchase a home. Don’t wait any longer; purchase your dream home today.
Categories: Quarterly Newsletter