OWNER / BROKER
Realtor
Broker Salesperson
Realtor
Sales Associate
Realtor
Sales Associate
Realtor
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| BARBARA LIGHT OWNER / BROKER Realtor |
Sylvia
Torrey Broker Salesperson Realtor |
Elaine
Chorlton Sales Associate Realtor |
Janice
Whelan Sales Associate Realtor |
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| MORTGAGE RATES |
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 Mortgage
interest rates change on a daily basis. These up and down
fluctuations
directly affect how much you qualify to borrow, which in turn affects
the
price of the home you can afford. |
| The
net result is that if interest rates rise, a house you could afford
last
month may become a stretch today -- or prevent you from buying that
house
at all. |
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example, let's assume you qualify for a $200,000 loan at
7.0%.
Each increase of 1/4 point (e.g.7.0% to 7.25%) increases your payment
by
approximately $34 a month or $400 a year. A change of one whole point (1%) increases your payment by approximately $1,600 per year. Put another way, if the maximum conventional loan you qualify for is $200,000 at 7.00%, the maximum sales price of the home you can buy is around $250,000. If the interest rate rises to 8%, the maximum loan you qualify for decreases to $181,000, and the maximum sales price decreases to $226,000. This represents a net decrease of almost $25,000 in purchasing power, which might prevent you from purchasing the home you really want! |
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sure to keep track of current interest rates during your home buying
process! |
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PLEASE
VISIT MY "OTHER GREAT LINKS" PAGE FOR MANY MORE LINKS
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Mortgages |
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Calculator |
OTHER
GREAT LINKS |
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