Affordability, prices are down from January 2010, interest rates are at historic lows. Sure consumer confidence may be slightly rocked from reading the headlines but the media doesn't always tell both sides of the story. People need to act on
facts, not the hype and make sure they are planning forthe future. Take a $500,000 mortgage and consider the following:
| Today's 3.50% interest rate has payments of | Next years 4.50% interest rate has payments of | ||
| $2238.00 / month | $2521.00 / month | ||
| Interest paid at Term $82,580 | Interest paid at Term $106,700 |
So if you bougth that home next year, it's like you are paying $106,700 - $82,580 = $24 120 more for the home then if you bought it today!!!
Krista Marion