The interest rate you pay on your home mortgage has a direct impact on your monthly payment; the higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.
Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next year.
How Will This Impact Your Mortgage Payment?
Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.
According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.2% from this time last year and are predicted to be 5.1% higher next year.
If both the predictions of home price and interest rate increases become a reality, families would wind up paying considerably more for their next homes.
Bottom Line
Even a small increase in interest rate can impact your family’s wealth, so don’t wait until next year! Meet with a local Mortgage professional to evaluate your ability to purchase your dream home now.
Refinancing or Buying-
Home Financing doesn’t have to be Stressful.
We monitor real time interest rates, so our clients are able to access some of the lowest rates available.
With rates still historically low, poised to move higher, many would be home buyers are moving quickly to finance their piece of the American Dream.
Existing home owners have refinanced at least once, even twice. But there are still many who have not, due to either not wanting to deal with the stress of gathering documents and not sure of qualifying for a loan.
At North Atlantic you receive attentive personalized service
(see what our clients say).
Believe me it’s a great deal easier with our help and expertise. The average time to close a loan is about 30 days. We understand the guidelines and know what different lenders can do, which increases your opportunities for a fast easy loan with a great rate.
Don’t put it off any longer and start saving with a lower mortgage payment.
There’s no salesman to speak with only qualified mortgage experts.
For a Free Consultation:
Call or Email:
John Sauro
Ph: 877-794-5363
Email: JohnSauro@Gmail.com
Sources: KCM