Most buyers put such a heavy concentration on low home prices and they sometimes can miss out of the real opportunity in today's real estate market which is low mortgage rates. Now is a great time to lock in a mortgage rate to offer you the peace of mind you deserve on your next home purchase.
A 1 percent increase in the interest rate can equal an 11 percent increase in your monhtly mortgage payment and tens of thousand of additional interest paid over the life of your loan!
Below is a chart to help you understand the payment changes if mortgage rates increase.
New Mortgage New Mortgage Difference
with Higher Interest Rate
Amount Borrowed $200,000 $200,000
Interest Rate 4.17% 5.17% +1.00%
Loan Term (Months) 360 360
Monthly Payment $975.00 $1095 +$43,194.00
*This is an example for the purposes of comparaions only and does not represent today current rate
There is no better time like today to secure your new home.