You're probably used to thinking that patience can be a virtue when you're shopping for a bargain on a large purchase. But when that purchase is real estate, the opposite is true. Today's conditions - attractive home prices and interest rates at historic lows - have combined to make the current housing market one of the most affordable in decades. It simply makes no sense to hold out for a better opportunity that isn't likely to come.
Signs are already pointing to higher interest rates and, with home prices stabilizing or increasing in most markets, waiting to buy a home could easily cost you several thousand dollars each year. If buying a home is in your future, you won’t want to miss out on this once-in-a-lifetime opportunity.
Comparison of cost at sample mortgage amount: | |||
$275,000 Mortgage | At current low interest rate | $1476.26 per month | Savings of $172.50 per month and more than $62,000 over 30 years |
$275,000 Mortgage | At 1% increased interest rate | $1648.76 per month | |
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