In the current housing market, being indecisive when looking for a home can be a huge detriment. Although it is always best to be 100% sure that it’s the right time to buy, once you have made the decision it is important to move quickly.
One of the major reasons to move quickly on a home purchase is the steadily increasing interest rate.
Here’s an example: let’s say you want to purchase a $500,000 home with 20% down. In recent years, interest rates have been as low as 3.75%, but soon they will be nearing 4.75%. The difference in the total cost of your loan from just that 1% increase is a whopping $84,000.
So if you are 100% ready to buy a home, it’s time to get moving.
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