Low interest rates = low payments
Today, depending on type of loan, mortgage amount and credit scores, you could lock in a rate as low as 3.75% for a 30 year loan and 3.25% for a 15 year loan.
Consider if you are buying a home with FHA financing with a sales price of $150,000, the principal and interest would only be $685.41. Even with adding in FHA insurance, taxes and homeowners insurance, the total payment could equate to what many are paying in rent. FHA only requires 3.5% down.
If inflation sets in and rates go up a little, it can change the sales price of what you can afford. The same $150,000 home with a rate of 6.75% would be a principal and interest of $959.93; an increase of $274 per month. Call me today to find out your program and price range. The "Reel" team can then match the right home for you and/or your family.
