If you’re thinking of buying a house, now is a great time to take advantage of the affordability that comes with low mortgage rates. This is especially great news for many buyers who were unable to purchase last year, or earlier this year due to the coronavirus pandemic.
With rates reaching all-time lows, it’s now less expensive to borrow money. According to Freddie Mac, mortgage interest rates are currently hovering near a five-decade low. As a result, buyers can afford 10% more home than they could a year ago, all while keeping the same monthly mortgage payment. Subsequently making homes more affordable over the lifetime of the loan. The impact your interest rate has on your monthly mortgage payment is significant. For example, an increase of just $250 in your monthly payment can add up to $3000 per year or $90,000 over the life of your loan.
Whether you’re thinking of buying or selling a home this year, there are advantages today that are rarely available. When you’re ready to learn more about how record low-interest rates can help you buy your dream home, call mortgage lending experts Matt Baker (602-522-9494) or Eric Murietta (480-223-6788).
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