What will happen if Rates Increase by just 1%?
Jeff and Dori from Axiom Financial shared with us some great information on what it means if interest rates increase by just 1%. If you are able to purchase a home...the time is now! Great information below!
If mortgage rates increase by 1%, a home price would have to decrease by 11% in order to have the same payment that was at the initial lower rate
EXAMPLES:
$150,000 sell price, with five percent down, at 4% = $680/month
(Principal and Interest);
if rate increases to 5%, at a $133,500 sell price, with five percent down = $680/month
(Principal and Interest)
So, now is the time to buy a home before rates go up!
Jeff and Dori Warner would love to help you get qualified to purchase a home.
Jeff England & Dori Warner
614 North Main Street
Tooele, Utah 84074Office: 435-882-1873 Fax: 435-882-3621
SLC Line: 801-563-2961
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