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What's Interesting about Interest Rates
Interest rates have everyone talking - how high are they, how do they affect me, what is the best rate, etc:
For most home loans they are currently very good. Today the rate is about 6.25% for a qualified first time home buyer purchasing a home in the $100,000-$150,000 range. Although rates are fluctuating more rapidly than in the past several years (possibly .25 point per day or more), they are still historically very low. The lending rates affect all buyers. For example compare the difference when borrowing $100,000 at 6% vs 6.5% on a 30-year fixed loan. The seemingly small .5-point difference could amount to over $11,500 over the life of the loan! The best rate is very personal. Interest rates are calculated individually using many criteria. That is why it is vital to work with a qualified mortgage lender who can help secure the best rate and program for a buyer's needs. So don't listen to the chatter about rates. Become an informed buyer so that your home puchase will make dollars & sense!
If you're interested in interest rates contact me: (920) 617-9158 / jills@micoley.com or visit my website: www.jillschmit.com
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