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As I’m sure you know, interest rates are extremely low right now. When interest rates are low, your buying power increases. You have a really good opportunity right now to save thousands and thousands of dollars in interest payments over the course of your loan.
For merely $1,200 a month you can buy a $200,000 home with current interest rates (4.2%). If these rates rise up to 5%, you would only be able to afford a $175,000 home. That’s a very significant difference.
If you’ve been waiting to buy a home, I would urge you to do so now. The longer you wait, the less buying power you will have. Interest rates really cannot go any lower, so now is the time to buy in 2016! If you have any questions, please don’t hesitate to contact me!
