Take Advantage of Low Interest Rates Today! Waiting Can Cost You Money…

Interest rates on home loans are still hovering near record lows, but as the economy and housing market continue to improve, home buyers should expect to see interest rates tick up, which can have a big impact on buying power. Home and Condo values have not changed substantially since the low point in 2010. An interest rate increase could raise the price of the loan significantly each month or tens of thousands over the term of the loan, being all other factors are the same.

Consider this example: A $500,000 home with a 20% down payment and a 30-year fixed mortgage at 4.13% will cost about $2,481 a month including taxes, interest and insurance. Over 30 years, once the house is paid off, it will have cost $893,315. Under that same scenario, but with a 5% interest rate, that house will cost $2,688.95 a month including taxes and interest, more than $200 per month more. Over the life of the loan, the home owner would have ended up paying $968,000, almost $75,000 more.

So if you know the lake is where you want to retire, or you want to move up, start planning now! We can search properties through our local MLS for the entire lake area, as well as have several listings available to our team that are not currently listed. Please let us know what criteria you are looking for, and schedule a time to come and view some properties soon!


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