Now is the time to buy a home!
Interest rates have steadily gone up since November 2010, and are projected to continue to rise through 2011. If you're currently in the market to purchase your first home or even your fifth home, there is no better time than now to get in while the rates are still low. Here's a scenario to consider:
Let's assume you're purchasing a new home and taking out a loan for $300,000...
Today's interest rate would be 4.75% on a 30 year fixed…
Your principal and interest payment would be $1,564.94
Versus.
Let's say you wait to purchase that same house at that same loan amount…
And rates go up to 5.75% on a 30 year fixed…
Your principal and interest payment would be $1,750.71
That's $185.77 per month saved. If you invest the $185.77 per month at 3% interest, that's $69,641.71 over 30 years. Not to mention your saving $66,879 in interest paid over the course of that 30 year loan.
Now is the time.
Photo:
© Copyright Bob Jones and licensed for reuse under this Creative Commons Licence.
Contact me today about purchasing your new home.
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