Most home buyers put such a heavy focus on low home prices that they miss out on the real opportunity in today’s real estate market: Historically low mortgage rates! With mortgage rates at historica lows, now is the time to lock in a mortgage rate that will provide you with the peace of mind you deserve with your next home purchase.
Did you know that a single 1 percent increase in interest rates can equal an 11 percent increase in your monthly home mortgage payment, and tens of thousands of additional interest paid over the life of your loan?! For purposes of comparison, take a look at the Keller Williams chart below. See how the interest rate increase (from 4.17% to 5.17%), increases the Monthly Payment by $120? And how that, over the life of the loan, leads to an increase of $43,194? That is a significant amount for a mere 1% increase!
Interest rates won’t stay this low forever. So, if you’ve been thinking about buying a new home soon, now is the best time to start taking action to make it happen! In the words of Theodore Roosevelt, “Get action. Seize the moment. Man was never intended to become an oyster.”
Mortgage rates are low and affordability is high, making today’s real estate market an excellent time to buy a new home. If you’re interested in Georgia Real Estate and you want to find out the best way to get in on this, give me a call and I can help you seize the day!