Here is a thought that may blow your mind: You borrow $200,000 to buy a home today with a 5% rate on a 30 year fixed loan and the principle and interest payment would be $1,074. Take a look at the picture below and let's say you borrowed $200,000 in 1981 with the rate at that time of 16.63%, 30 year term and your principle and interest payment would be $2,791!! Still think it isn't a great time to buy a home?
If you wanted a principle and interest payment of $1,074 in 1981 with an interest rate of 16.63%, 30 year term; you could borrow only $76,952!
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