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Good things don’t always come to those who wait. Take a sale, for example. Good prices today may be gone tomorrow. Or if you wait too long to catch the bus, you just might miss it. Similarly, if you wait too long to lock in a low mortgage rate, it could cost you.
While it might not seem like a lot, when interest rates go up by just 1 percent, the cost of a home can rise by tens of thousands of dollars.
For example, if you want a mortgage payment of $1,000 a month, at 4.5 percent interest, that adds up to a mortgage loan of $197,361. But if you wait and interest rates rise just 1 percent, that same monthly payment at 5.5 percent interest would only amount to $176,122. That’s more than a $21,000 difference!
To get a better visual, use this chart to pick your ideal monthly payment on the left and see how increases in interest rates may affect your purchase power:
Check out our handy mortgage calculator to find out how much home you can afford.
To learn more about rates, qualifying and whether now is a good time to buy or refinance, reach out to your trusted mortgage loan officer today.
*Monthly payments are principal and interest only and do not include tax, insurance or any other fees that may apply, therefore actual payment obligation will be greater. **Example APRs are based upon a loan amount of $200,000 and assume 3% closing costs. Your actual APR may be different based upon the actual loan amount, current guidelines and other factors. Sample payments and rates are based on a 30-year fixed rate loan program with 360 monthly payments. These examples are for demonstration purposes only and are not a commitment to lend. Rates, terms and conditions are subject to change without notice.