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When you get pre-approved for a mortgage, it is based on a particular monthly payment. The interest rate is estimated (in addition to other amounts such as taxes and homeowners insurance). Interest rate fluctuations impact Prospect CT home affordability because it alters the principal and interest portion of the total payment. It is useful for buyers to understand this since a fluctuation in rates will affect maximum purchase price.
Interest Rate Fluctuations
Interest rates may adjust on a daily basis. At certain times, they can even do so multiple times within a single day. As a buyer, you may not know what your specific interest rate is until you find a home, have an estimated settlement date, and lock in the interest rate. Thus, there is some uncertainty, particularly for price sensitive buyers. It is helpful to know what estimated interest rate was used to calculate your pre-approval and to update the pre-approval. If interest rates are frequently or dramatically changing, speak to your loan officer before preparing an offer on a listing to verify that you are still qualified to purchase it.
Interest Rate Fluctuations Impact Prospect CT Home Affordability
Monthly payments normally include principal, interest, real estate taxes, property insurance, and mortgage insurance (if applicable). For the purposes of this illustration, we will only include the principal and interest part. Assume that a borrower qualifies for a $300,000 purchase price based on a thirty year home loan, 3.5% down payment, and 5% interest rate. The principal and interest portion of the payment is approximately $1554. If the interest rate increases by 0.5%, that same home buyer qualifies for only $283,638. That is a reduction of over $16,000 in the purchase price, which may be a property with fewer features. On the other hand, if interest rates decrease by 0.5%, the maximum price elevates to $317,843. The figures below demonstrate the affect of other increments for this same buyer based on a mortgage principal and interest payment of $1554:
Be sure to ask your lender about the maximum payment amount for which you qualify. Using this information, you can better determine the feasibility of homes prior making an offer. Remember that there are a few calculations for the total figure: interest rate, municipal taxes, hazard insurance, and mortgage insurance. If you intend to select a home close to the qualification limit, then it is essential to monitor interest rates. Your loan officer and real estate representative can help with these estimates and offer other details on how interest rate fluctuations impact Prospect CT home affordability.
We are New Haven County Real Estate! Realtors Specializing in the Listing and Sales of Wolcott, Waterbury, Cheshire, Prospect, Ansonia, Beacon Falls, Bethany, Middlebury, Southbury, Naugatuck and beyond!
Know of someone that is having difficulties with their mortgage? Send them to www.DistressedinCT.com for free information.
For all your New Haven County Real Estate Needs. Dave Jones Realty in Prospect CT discusses the latest happenings and topics in and around the Prospect, Naugatuck, Cheshire, Waterbury, Wolcott, Southbury, Middlebury and surrounding towns.
Connecticut area Real Estate listings and market updates. Our Team of Realtors is actively listing and selling homes in your area.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.