Can You Believe The Interest Rates??

My friend, Heidi Backus, of Ascendant Capital Mortgage, here in Moses Lake, keeps me up to date on home loan interest rates. I'm sure you keep tabs from the news how the federal government is doing in bringing down rates because of our nation's economy.

The GREAT news for you buyers AND sellers for today is that today's interest rate for a 30 year loan, with five percent down, is 5.5%!! That's wonderful for buyers so your monthly payment can be easy on your family's budget, and it's great for you sellers simply because it's an incentive for the potential buyers for your home.

Let's say you want to buy a house for $100,000 at 5.5% interest rate.

When I plug in the numbers in our NWMLS financial calculator, here's what your financial statement could potentially look like with a $100,000 sales price, $5,000 down, and a 5.5% interest rate on $95,000 for 30 years, taking into account the monthly payments of principal, interest, PMI (mortgage insurance), property tax, and homeowners insurance: a house payment around $700 to $750 per month. Now, would those numbers work for you?

Are you renting? What is your monthly rent? $700 to $750 per month? It's time to buy and invest in your financial future. Think about it, and then call me at 509-431-5804. I'll help you find a home you can afford and a lender you'll really enjoy working with.

Here are some other potential monthly payments:

Sales price: $125,000, 5% down, 5.5% interest: approx $868/mo.

Sales price: $150,000, 5% down, 5.5% interest: approx $1,024/mo.

Sales price: $150,000, 10% down, 5.5% interest: approx $946/mo.

Sales price: $250,000, 5% down, 5.5% interest: approx $1,645/mo.

Sales price: $350,000, 5% down, 5.5 interest: approx $2,270/mo.

Naturally, these numbers also depend on your credit rating among other factors that the lenders are experts at, but you get a general idea of what your monthly payment could be if you bought a house today. My disclaimer here: I'm not the lending expert, and these are approximations, so consult your lender as soon as you read this, or contact Heidi Backus at Ascendant Capital Mortgage at 509-771-1061, and she will give you her expert advice on obtaining a home loan. She's GREAT to work with.

Call me for a free list of homes in your price range: 509-431-5804 - Connie Suehiro