Written by Darren Morris
Mortgage Buying Power:
It may seem complicated, but doesn't have to be:
When you pay your monthly mortgage payment, some of it goes to interest and some goes to principal.
Here's one example:
- Let's say you are at a 4% interest rate, and you can only afford a $2,000/month payment. This means you can afford a house that is $379,000.
- What happens if you can get down to 3% interest? Now, with that same $2,000/month, you can afford a house that is $414,000. That's is HUGE!
So, as you can see, just this very small drop (1%) interest could mean the difference in a better location, more updates, a bigger yard-the possibilities are endless!
This could be the perfect time for you to buy a house. In fact, if you are thinking about doing that in the next year or even two years, it's time to get the ball rolling. The more time you give me to help, the better it will be!