An Interest Rate’s Effect on Your Dream

That new home is closer than a click of the heels away! Nothing can get in your way, not even interests rates. It might sound crazy, but your interest rate may not affect your ability to purchase a home at all, and here’s why:⠀

Let’s look at an example. A loan of $175,000 at 4.000% interest will have a principle and interest payment of $835.65. This same loan at a rate of 5.000%, $939.66 – or around $104.00 more. Depending on your comfort level with payment, it may not have any bearing on your ability to purchase a home. ⠀

Ultimately, it should be your lender’s goal to get you the best rate possible in the loan program that’s right for you. They’ll also help you set a realistic expectation of a rate-range for the duration of your transaction.⠀

Don’t let an interest rate – or your anxiety rate – keep you from purchasing a home.⠀