Chances are if you’re in the market to purchase a home, you’re going to take out a loan. Now… take into the consideration the COST of borrowing money – which comes down to the loan’s interest rate. How much MORE money in INTEREST do you think you’d pay over 30 years if you decided to wait to buy?!
Let’s say you thought about taking a $500,000 loan today at a 30 year, fixed interest rate of 3.25 percent… THEN you decided to WAIT… and rates then jumped up to 4%! You’d actually pay an additional $76,000 dollars IN INTEREST ALONE over the life of the loan! And if rates rose to 5%, you’d be paying over $183 THOUSAND dollars more than if you were to buy a home at today’s low rates!!!
Most people aren’t aware of how much interest is actually paid during the life of a loan unless they break down the numbers with a real estate professional. Keep in mind, today’s low interest rates are projected to rise this year so the sooner you’re able to make moves, the better. If you’d like to break down the numbers, don’t hesitate to reach out to me directly!
John D. Reyes
Mortgage Loan Originator, REALTOR®, Marketing Strategist
Direct: 909.917.5567
DRE #01719218 – Higher Realty
NMLS #2241612 – EZ Fundings Home Loans