Mortgage interest rates are amazingly low right now. If you are thinking about purchasing your first home, or considering selling and buying something different . . . well, now might be the BEST time to make your move. The cost of a mortgage is about as affordable as it gets.
The chart here shows what your monthly principal and interest payment would be for various mortgage amounts. Did you realize how much of an impact the interest rate has on monthly mortgage payments? As a result of the lower payments, buyers are able to purchase 'more' home for the money.
Not only are the monthly payments low, but the long term financial impact is also stunning.
If you buy now at these low rates instead of later at higher rates, you could save tens of thousands of dollars over the life of the loan. Here is an illustration showing the amount you would pay during the life of a $200,000 30-year fixed-rate mortgage at different interest rates.
As you can see, the long term financial impact of even a 1% difference in interest rates could pay for a significant chunt of your child's college expenses. And, if you invest the extra money you are saving, it could be worth significantly more to you years down the road.
Our real estate and mortgage professionals can help you make the most of these low rates. Contact us. We'll help you get pre-qualified and work with you to find the perfect new home.
