As Rates Rise, Your Costs DO Too!
Well, it may seem obvious, but many folks don't stop to think of the effect of rising mortgage rates on their purchases. If rates rise, so too does the cost of borrowing. If you had a chance to buy a home one month ago but didn’t get your financing in order until this week, you’ll pay hundreds of dollars more in monthly interest payments for the life of your mortgage because of the delay. And the longer you wait, the more you’ll pay. The economics of today’s real estate market make it clear that those homebuyers who are able to afford a house today could save many hundreds of dollars each month by locking in low interest rates as soon as possible. Read more at http://bit.ly/1aRM0Ao
If you put it in terms of the stated life of your loan,. those hundreds of extra Dollars each month likely will add up to tens of thousands of Dollars over the life of your loan.
The moral of the story: if you're thinking of buying, get your ducks in a row NOW! Even if you haven't located "the House", get going on your financing so that when you do find it, you'll be all set and not ruing your delay.
Need help? Call us: Peter: (415) 279-6466; Jane: (415) 531-4091.