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Experts say Now is the Time To Buy

 

Experts say Now is the Time To Buy
With LOW Interest Rates

Interest rates are at historic lows and will determine what you actually pay for the home.Buyers should really be looking at interest rates instead of just the price of the home.
For example, if a buyer is obtaining a $250,000. loan at 4% fixed for 30 years, their monthly home payment would be approximately $1193. (including principal and interest, but not taxes and insurance). This buyer would save over $470. a month and more than $160,000. in 30 years.
The following shows the potential difference in house payment to see the monthly savings.

Interest rate

House payment 4% $1193. 7% $1663.
(incl. tax and ins.
but not taxes and insurance)

Should the buyer wait until prices go up again and the interest rates return to 7% or above, they might not be able to afford their dream home.
Interest rates are extremely important when purchasing a home. Buyers need to stop looking only at the price of the home but also focus on getting the lowest interest rate they can get.
Call Kathy Andrews at (626) 297-0632, Coldwell Banker Residential Brokerage, Arcadia. DRE#00492489

October 13, 2011

About Author

tmiller Terry Miller has been in the newspaper business for 35 plus years, following in the footsteps of his father who was a Foreign Correspondent for the London Daily Telegraph when the family sailed to New York from London abroad the Queen Mary. When not shooting pictures, chasing a breaking news story. or playing drums, Miller spends entirely too much time and effort with Little British Sports Cars like his beloved 74 MGB...more like an addiction, says his wife of 22 years.


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