10/12/2021
The big question these days….
I will preface this by saying there’s no perfect time to buy a house. Everyone’s situation is different. But if your income is stable, you have money saved up for a down payment (without wiping out all of your cash), and you want to stop paying your landlord’s mortgage…now might be the time.
The main reason being low interest rates. Currently hovering around 3%, experts are predicting that these rates will gradually rise through next year and be closer to 4% by the end of 2022.
The graphic above illustrates how an interest rate effects your monthly payment. These numbers are estimated assuming a 20% down payment (you can put as little as 3.5%), a monthly HOA of $250 and annual property tax bill of $8500.
If you’re on the fence, please reach out and I can help advise on whether now is your time or not.
📞 517.643.1973
