Frequently Asked Real Estate Questions-Ep. 30

Are mortgage interest rates going to drop even lower?

This is one question I don’t know the answer to. It is possible, but why wait for them to drop when they are already CRAZY low! I am shocked they keep going down and at some point they have to start going back up. Who knows how fast that will happen! My advice is to take advantage of them NOW! Don’t wait! If you are a first time home buyer or ready for a bigger house, this is the time!

Let’s compare quick the monthly principal and interest payment for a 30 year, $200,000 loan at different rates.

3.25% $870.41

4.25% $983.88

5.25% $1,104.41

6.25% $1,231.43

7.25% $1,364.35 (BTW, this was the rate I got on the first house I purchased in 2001)

As you can see 1% can make a BIG difference and give you a lot more buyer power! Give me a call if you, or someone you know, is interested in learning more about the process. 402-305-4335.