As I am driving to a network meeting on Fridays I listen to a great podcast called http://repodcast.rocks/ and it is a very informative podcast highly recommend it.
Patrick had a guest that talked about the cost of money and what the future holds for interest rates. Everyone thinking about real estate need to consider the future of mortgage rates. Is it going up or down?
Not many people are thinking about the cost of borrowing money for real estate, because it has been so low for so long.. The interest rates are still very good and that effects the total price you are paying for a home.
Let's say you get a mortgage today that is 5% interest rate. Based on a mortgage amount $100,000 simplicity You will pay $5000 a year in interest to borrow the money.
If interest rates go up just 2 points to 7% that's going to cost $7,000 a year. Only $2,000 more a year x 30 is an extra $60,000. If it's $200,000 an extra $120,000 etc etc. You see it could add up to alot of money.
Getting a home today can save a lot of money for the future. Consider buying a property if you are ready sooner than later.
We have the unique real estate services that create more options for your home purchases and selling your home.
Need an Agent that has been doing this business for 18 years and over 1000 homes? Call me I'm Brett 216-703-5740 EXP Realty Ohio
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Thank you