Our interest rates are at all time historic lows. Some buyers don't understand how this benefits them, so I wanted to show you a real life example.
Let's say you wanted to purchase a new house, and the amount of money you would borrow for a mortgage is $200,000.
If your interest rate were 8.5%, your principal and interest payment would be $1,538.
If your interest rate were 6.5%, your principal and interest payment would be $1,264.
If your interest rate were 4.5%, your principal and interest payment would be $1,013.
As you can see, interest rate can make a more than $500 a month difference in reduction of yourmonthly payment at today's low rates. Will you be one of the wise people to seize the opportunity of today's market?