It is a great time to buy!

When I say you can’t afford not to buy, I really mean you can’t afford not to buy. Interest rates are so low that a shift back to the interest rates that were available at the beginning of the year will cost you. Buyers are able to purchase “more home for their money” now than they were able to just a few months ago… depending on their credit of course.

Take a look at this comparison chart for a conventional loan on a $200,000 home with 5%  down.

*Interest Rates and Annual Percentage Rates (APR):

4.000% Fixed Rate   5.000% Fixed Rate    6.000% Fixed Rate
4.629% APR           5.624% APR               6.656% APR
$   907.09                  $1,019.96                     $1,139.15        Principal /Interest
$   383.33                  $   383.33                     $   383.33         Property Taxes
$     90.00                  $     90.00                     $     90.00         Insurance
$   105.23                  $   105.37                     $   105.49         Mortgage Insurance    
$1,485.00                  $1,598.00                      $1,718.00        Total Monthly Payment


In this case, a swing from a 4 to a 5 percent interest rate could cost you a nice steak dinner each month. If you own a home and are not in the market to buy, you may want to refinance. Email Catherine Sims at Home Team Mortgage. She has the scoop on mortgages and refinancing

And, if you know of anyone who is in the market to buy, build or sell, please let me. I will take great care of them.

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