At around 3.13% for a 30 year fixed mortgage, the time has hardly been better than now to buy a home.
Homes have begun to appreciate significantly in value in certain parts of the country. But, wherever you are, buy a home for the long term. Consider it a place in which to live, to enjoy, and to raise your family, not just for an investment. .
Keep in mind with a thirty-year fixed rate mortgage, your monthly payments (with the exception of your property taxes and homeowners insurance) are set for the duration no matter how high the interest rate may rise in the future.
Now here's a mortgage calculated upon the current 30 year interest rate of 3.13%. See how much you will be paying for the next thirty years. For example your monthly note for a $150,000, 4 bedroom house, with a 30 yr fixed rate of 3.13% and a FHA mortgage of 3% down would be roughly $623 per month.
Now, consider just the financial savings between buying and renting. In many of the urban areas of this country, a 4-bedroom apartment would rent for over $2,000 per month with the rent subjected to increase every year.
Now here's a mortgage calculated upon the current 30 year interest rate of 3.13%. See how much you will be paying for the next thirty years. For example your monthly note for a $150,000, 4 bedroom house, with a 30 yr fixed rate of 3.13% and a FHA mortgage of 3% down would be roughly $623 per month.
Now, consider just the financial savings between buying and renting. In many of the urban areas of this country, a 4-bedroom apartment would rent for over $2,000 per month with the rent subjected to increase every year.
E-mail me at bwillbar@gmail.com and I'll send you a detailed home buying vs renting comparison. For a free consultation, call (773) 614-3201
Click here for a home that's for immediate sale in Chicago. All offers considered.
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