Did you know that interest rates are lower now than they were during the great depression? That is right, rates are lower now than the worst economic time in America’s history. So, if you’ve been on the fence about buying a home or refinancing, maybe you should consider acting now.
With 30 year fixed rates as low as 2.75% (no points, 700 + credit, conventional) there should be no question about getting pre-approved.
At 2.75% a $200,000 home will have a principle and interest payment of just $816. If rates go up just 1/4 of a point to 3%, that payment becomes $843. That is a difference of $9,720 over the life of your mortgage. That is the down payment in itself.
So if you are thinking of buying or refinancing now is a good time to talk with a qualified mortgage loan officer and discuss your options. It does not cost anything to learn what is available to you.
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