Run the Numbers
Alright it is Friday and we are back! So rates have been going up and people are still flooding the market to buy homes before they get “too high”… but there’s still a ton of potential buyers wondering whether to buy now or wait. We just want to give this a little perspective – If you’re worried about interest rates, remember that every penny you pay in rent is essentially interest. You’re just helping someone else pay their interest rate and contributing to their equity in the property. It’s important to run the numbers.. If you spend $2,000 a month on a rent payment, chances are you can buy a home and keep your payments close to the same. Yes, a portion goes toward interest but a portion also goes toward equity. If you’re going to spend money to live somewhere anyway, you might as well have something to show for it in the end. So don’t wait. Go get your home. Make it yours! When rates go down, you can always do a no-cost refi and get a new loan later. Let us help you run the numbers. It’s not that scary, give us a call today!