If you have been waiting for the right time to buy a home...it might be time with today's low interest rates!
Why are interest rates such a big deal when purchasing real estate? A change of only 1/2% interest will not only change your monthly payment substantially, but can save you thousands of dollars over the life of your loan!
For example...if you took out a $150,000 loan for 30 years
Who couldn't use an extra $35.00 a month? And who would want to pay an extra $15,000?
It was only a few years ago that we thought a 6% interest rate was low. At 6% interest on a $150,000 loan your monthly payment would be $899.33.
$193.97 more than at today's 3.875% rate!
The bottom line is that not only have prices come down, but with today's lower interest rates, you can often get more for your money! So what are you waiting for? You could own a home and stop paying rent in just a few weeks!
