It’s natural, when you’re house hunting, to start with the price you believe you can afford. But it’s important to think about what you’ll be paying over the length of your loan, especially in today’s market.
Experts agree that this unique moment in time is making homes incredibly affordable for buyers, mostly because of the current, record low mortgage rates. Low rates are actually making homes more affordable now than they’ve been in the last four years.
Today’s low mortgage rates are off-setting rising home prices because it’s less expensive to borrow money. In essence, purchasing a home while mortgage rates are this low may save you significantly over the life of your home loan
Of course, you shouldn’t buy a house just because rates are good. Rather, you should find a house that you want to own, negotiate for the price you want and then lock in the best mortgage loan rate you can find.
• $300,000 loan at 4.75% principal and interest is $1,565.
• $300.000 loan at 2.75% principal and interest is $1,224.
For more information on mortgages, interest rates and financing, contact Steve at Nation’s Lending, 520-612-0479, or stop in at 210 W. Continental Road, Suite 116A, Green Valley AZ 85622.
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