As you may have heard interest rates for mortgages are at an all time LOW! We haven't seen them this low for at least 30 years if not longer. So how low are they?
4.25% right now, have been for a few weeks. Can they go back up - definitely - that's one reason to keep your eye on them if you are thinking of buying instead of renting and paying your Landlord's mortgage for him.
Back in the mid 90's interest rates actually went up to around 18%! Not anticipating that again though, just an FYI!
So if you are thinking of buying, and you are looking at a purchase price say, $250,000, your monthly payment would be around $1,230 a month, with approximate property taxes of $260 (you can include those in your mortgage or pay twice yearly to the City) and insurance is approximately $40 for a condo, $75 for a house.
If the interest rate starts to rise, and you are pre-qualified for $250,000, the amount you would then be pre-qualified for would go DOWN - that's because it would cost you more for your mortgage! If you have questions, let me know, I am here to help!
Love your Home, Love your Realtor!
Jane LovedayWindermere Real Estate Agent Lic # 01439083 619-519-1615 Cell http://janeloveday.com http://www.facebook.com/realestatesandiego
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