Every time mortgage interest rates rise, you lose some purchasing power — that is, how much home you can get for a certain amount of money. Even half of a percentage point can affect how far your money goes. It can mean the difference between a three-bedroom house in a desirable part of town or a two-bedroom house in a location that's not where you really want to be.
While mortgage interest rates are still at historic lows, they are slowly rising. Turn today's real estate market to your advantage by making your move while rates are still affordable. I'm here to help you navigate the home loan process and answer your questions quickly and thoroughly. Let's get you started on the path to homeownership!
We are not financial advisors. You should consult a financial advisor to devise a financial strategy that works best for your situation.
*Annual percentage rate (APR) is based on 1% origination fee and $1,000 in other fees. For example only. Program rates, terms, and conditions are subject to change at any time and may vary based on borrower's credit history.
**Assumes 30-year fixed, 20% down. Monthly payment reflects principal and interest only.
The following is for example purposes only. Example loan scenario: If borrower with a 680 FICO score and 33 % debt-to-income (DTI) ratio purchases a home at $345,000, provides a 20% down payment (loan amount $276,000), and obtains a 30-year fixed rate mortgage with an interest rate of 4.750% (assumed APR of 4.870%*), the repayment terms would include a monthly principal and interest payment of $1,440. Does not include closing costs or applicable taxes and insurance. The actual obligation will be greater. All loans are subject to credit and property approval. Certain restrictions may apply.