Put Today’s Low Interest Rates To Work For You
Waiting doesn’t always pay off – interest rates may rise while you are waiting for home prices to go down even lower. It’s a buyer’s market in most areas, and rates are historically low. Below is an example of the difference in monthly payment if interest rates rise 1%.
In addition, purchasing power goes down as interest rates go up. If interest rates rise by 1% – and you want to maintain a monthly principle and interest payment near the one shown above at the lower interest rate – your purchasing power would be reduced by over 10%, from a sales price of $300,000 to $269,645.
The payment amount provided does not include homeowners insurance or property taxes which must be paid in addition to your loan. Your actual payment may be higher. Your loan’s interest rate will depend upon the specific characteristics of the loan transaction and your credit profile up to the time of closing. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR.
Talk to me about your financial needs and goals. Why wait when you could be taking action! Now may be a great time to purchase a home! My expertise in home buying can help you when looking for your dream home. If you are looking to buy a home in Glenview, Northbrook, Morton Grove or Chicago call me, Marina Jacobson at 847-510-5009 or email me Marina@MarinaJacobsonHomes.com. To search the MLS for FREE visit my website at MarinaJacobsonHomes.com.
