Mortgage rates have hit a new low for 2014 and that should light a fire under anyone who's even remotely thinking about buying a house. The time to act is now. The current average 30 year mortgage rate is 3.92% according to Bankrate.com. That happens to be down from 3.98% last week and way below average rates over the past 30 years.
Please take a look at the photo above to fully understand what these rates mean to you. When rates are down you can buy more house! If you borrowed $200,000 on a 30 year mortgage you would have a principal and interest payment of $949.07. If wait until some time in the future and rates hit 5%, that same $200,000 loan would cost you $1,073.64, an extra $1,494.84 a year for the next 30 years for the same loan amount! So if you're okay with that payment, at 3.95% today you could borrow $230,000 for $1,091.44. Another way to look at that is for the same payment you can buy 15% more house at 3.95% vs 5%!
Please contact me if you're not sure where to start to take advantage of these market conditions. I can help put you in touch with experienced mortgage lenders who can pre-qualify you to put you in the strongest negotiating position when you're ready to make an offer. I'll work closely with you to find the home that's all you want and fits your budget.
This is a great time to buy a home because there's less competition in West Michigan and mortgage money has never been better. Contact me today at 616-283-3026 or firstname.lastname@example.org.