There is good news for home buyers who have been in the market for some time. Let's say you have been looking for a house at a $300,000 price point. Today, thanks to historically low interest rates, your payments are lower than what you would have paid last year on the same house. We're talking $2,376. less a year which adds up to $71,280. over the life of a 30 year loan.
Home buyers can choose where to put that extra money; purchase a bigger house, secure a college fund, fatten a retirement account or car purchase? Savvy buyers will not want to miss this opportunity to secure a low rate. When interest rates increase, these savings will disappear.
Speak to a trusted, local mortgage broker to run your numbers. Delaware Valley Financial Mortgage, LLC can quickly evaluate your financial position and help you determine how much you qualify for.
Illustration based on $300,000.00 purchase 80% loan to value and credit score of 760. 4%: APR 4.039%. 5.375%: APR 5.447%. Monthly payments reflect principle and interest and do not include property taxes and home owners insurance. Life of loan: 30 year. Rates subject to change without notice.