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October 13th, 2011 by Terry Miller
Experts say Now is the Time To Buy
With LOW Interest Rates
Interest rates are at historic lows and will determine what you actually pay for the home.Buyers should really be looking at interest rates instead of just the price of the home.
For example, if a buyer is obtaining a $250,000. loan at 4% fixed for 30 years, their monthly home payment would be approximately $1193. (including principal and interest, but not taxes and insurance). This buyer would save over $470. a month and more than $160,000. in 30 years.
The following shows the potential difference in house payment to see the monthly savings.
House payment 4% $1193. 7% $1663.
(incl. tax and ins.
but not taxes and insurance)
Should the buyer wait until prices go up again and the interest rates return to 7% or above, they might not be able to afford their dream home.
Interest rates are extremely important when purchasing a home. Buyers need to stop looking only at the price of the home but also focus on getting the lowest interest rate they can get.
Call Kathy Andrews at (626) 297-0632, Coldwell Banker Residential Brokerage, Arcadia. DRE#00492489