Monday, March 12, 2018 / by Nick Miskin
Wednesday, December 27, 2017 / by Nick Miskin
If you have been thinking about selling your smaller home and moving up to a larger home, current interest rates can work in your favor; and although all signs point to interest rates climbing in 2018, the historically low rates currently available won’t rise so significantly that buyers with a home to sell still can’t benefit.
Here’s how. Even if mortgage interest rates rose to as much as 5% annually, if your current smaller home sold for around $175,000 and you had about $30,000 left from the sale to use as a down payment and you used an FHA 3.5% down payment on a $275,000 home purchase with a loan on a $268,000, home your monthly payment including principle, interest ...
Wednesday, December 20, 2017 / by Nick Miskin
At the risk of being boring, here are a few statistics with a bit of explanation about how they may affect you if you are planning on buying or selling a home in the next 3 to 12 months.
Statistic 1: The Federal Reserve, the bureaucracy that manages the nation’s money supply and interest rates, is planning on continuing to raise interest rates next year. When they do, interest rates on home purchases will likely also rise. On a $200,000 home mortgage, for every ¼ of a point interest rates rise, you pay $41.66 per month more in interest. A 1% rise in interest rates on that same loan could mean you can’t qualify for that $200,000 loan, but only a $180,000 loan. Higher interest rates can mean you must purchase a less costly home.
Statistic 2: In our local Metro Atlant ...
Thursday, October 19, 2017 / by Nick Miskin