Buy Now, Save Big!

With the economy strengthening, the potential exists for interest rates to increase. “Experts believe that interest rates will increase by another quarter point  before the end of 2018 and that another three rate hikes will follow in 2019.” Contact one of our agents to learn how buying now could potentially save you tens of thousands of dollars over the life of a 30 year fixed-rate mortgage. (Source: Inman News) 

Talk to one of our agents today about this great opportunity!

$200,000 mortgage 30 year term 2018 2019 Difference
Interest Rate 5.125% 6.125% 1.00%
Monthly Payment $1,088.97 $1,214.57 $125.60 per month
Total Annual Payment $13,067.64 $14,574.84 $1,506.20 per year
Annual Income required for front-end ratio (28% for conforming loans)
 
$46,670.14
$52,053.00
$5,382.86
Total Interest for 30 year mortgage $192,030.2 $237,246.1 $45,216.19

$100,000 mortgage 30 year term 2018 2019 Difference
Interest Rate 5.125% 6.125% 1.00%
Monthly Payment $544.49 $607.61 $63.12 per month
Total Annual Payment $6,533.88 $7,291.32 $757.44 per year
Annual Income required for front-end ratio (28% for conforming loans)
 
$23,335.29
$26,040.43
$2,705.14
Total Interest for 30 year mortgage $96,015.31 $118,739.9 $22,724.48

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