How much is the interest rate on your mortgage loan? One-third of Americans don’t know what they are paying.
If you haven’t been paying attention, mortgage rates are at near-historic lows. If you bought a house five, ten or fifteen years ago, you are probably paying a much higher interest rate, unless you have refinanced your loan.
Here’s what lower interest rates mean: A loan at a very low rate available today will have lower (sometimes, much lower) payments than a loan at the higher rates of years past. In other words, you could afford more home for the same payment amount because the interest portion of the payment is reduced.
While the rates are low, now is the perfect time to consider moving to a new, larger home. You may be pleasantly surprised at how far your money can go and what you can now afford.
Catch these lower mortgage rates while you still can. They can’t stay this low forever, and could rise at any time.
Get in touch with us today and let’s see just how much house you can get with interest rates this low.