Cost of Your Dream House Going?

What’s the Cost of Your Dream House?

When the interest rates go up, what is that dream house in the dream neighborhood going to cost you.    It may be a bit of Appraisal-monopoly-pica stretch now, but a percent or two of increased mortgage interest rates may mean you’ll never be able to live in that neighborhood.  Think about it, for every percent increase on a $200,000 loan add about $125 per month onto your house payment.  If you are cutting it close an increased mortgage rate could cut deeper than a $10,000, $15,000 or $20,000 price increase.

By all means don’t run out and buy a house just because the rates are historically low.  But if you can get your stuff together sooner is better than later.  Having been through some of the highest and lowest interest rates myself, I know what it means to delay or never realize the dreams you have for your family.  I was lucky enough in the late 1970s to get a 10% interest rate when people were looking at rates as high as 17%.  Traditionally rates hover in the 6% to 7% range, currently they are less than 4%.  Home buyers today have an opportunity that we may never see again,  to buy more house at a lower monthly percentage of their income.

You have to ask yourself this, what do I want for my families’ future?  It may sound like sales bluster, but the interest rates can’t be down to stay.  There is no place for them to go but up.  You can hope for a huge raise to afford your dream house or you can take advantage of great rates.

Need to get connected with a great lender to see what you’ll qualify to buy?  Just give me a call and I can put you in touch with the best lenders.

TALK WITH A LENDER ABOUT TODAY’S RATES FREE

Mike Nastri
Direct line- 615-294-3912

 

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