With interest rates on the rise, I am often asked if now is the time to buy a home. In general, my response is that if you’re ready to buy a new home, then now is the time! Rates are still at historically low levels, so take advantage. That being said, it is important to understand what waiting means to your budget. Take a look at the difference between buying a home today vs. waiting until rates go up significantly.

Buy Now
Loan Amount: $270,000
Interest Rate: 4%
APR: 4 – 4.289%
Product Type: Conventional Fixed-Rate
Term: 30-Year
Down Payment: 5%
Monthly Payment: $1,289
Buy Later
Loan Amount: $270,000
Interest Rate: 4.75%
APR: 4.75 – 4.861%
Product Type: Conventional Fixed-Rate
Term: 30-Year
Down Payment: 5%
Monthly Payment: $1,408

 

Over time, that’s a big difference. If you wait to buy a house instead of buying now, you could end up paying up to $42,840 more over the life of your loan!

I strive to understand your needs and to help you find solutions that will match up with your housing dreams and financial goals. So if you’re thinking about a new home, don’t wait! Contact me today with your home buying questions.