$91,200 When you Buy a home in Mandeville, Louisiana. Make no mistake about it if you have seen the news or read the papers you can quickly see that interest rates continue to remain at record lows. Rates have not been this low in 53 years. In 1986 a 30 year fixed rate mortgage was 11½%. If you bought a $165,000 house back then your mortgage payment would have been $1,633 a month. If you were to buy a $165,000 home today with the interest rate of 4.875% your monthly payment would be only $873.00 a month. That’s a monthly savings of $760.00 on your monthly payment if you buy today verses buying the same priced home 23 years ago.
The qualifying income to purchase that home in 1986 was $65,000. If you bought that same home today your qualifying income would need to be only $35,000. Knowing that the average income is considerably higher today than 23 years ago and that everything we purchase has gone up; gas, rent, milk, automobiles, etc. Seeing the difference in these numbers gives consumers a huge advantage of owning a home today verses 23 years ago. If you bought a home today verses in 1986 and kept the home for 10 years you would save $91,200. This is the equity you gain from purchasing a home in today’s market. The old saying goes you make your money when you buy. . .It’s time to buy a home and make money! If you would like to view “All Realtor Listings” go to www.WayneTurner.com Payments based on a 30 year fixed rate of 4.875%. Total APR is 5.85% Buyer can use the lender of their choice. Rates subject to change. For more info go to http://www.CallWayneTurner.com
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