First Time Home Buyers – Don’t Miss the Boat!
If you’re a first time home buyer who has been waiting to make that first purchase, don’t wait any longer or you might miss the low interest rate boat.
Mortgage rates rose for the third time in three weeks. In the last three weeks the average rate for a 30 year fixed rate loan made a leap from 4.62% to 5.67%. Ok, that doesn’t really seem like much. Lets do the math….
If you’re borrowing $200,000 at 4.62% for 30 years, your monthly payment will be $1027.68 a month. At 5.67% it will be $1157.00, that’s about $130 dollars in additional money you’ll owe the bank each month. Over the life of your loan you’ll be paying the bank $46,800 more then you have too. I don’t know about you, but I can find a lot of things to do with that kind of money besides giving it to the bank (how about a trip to Hawaii).
Don’t keep waiting. If you’ve got the financial situation you need (decent credit, down payment money and a stable job with good income) go ahead a buy your first house, condo or coop! If you’re not sure if you have the financial situation you need, give me a call at the number below or click here to send me an email.
Don’t hesitate any longer, let me help make finding your first home as easy and as stress free as possible, and I’ll do it with a smile.
