Hello Northeast Ohio! Most of you likely haven’t heard the interest rate predictions for this year. Analysts are saying they could drop as low as 3.4%! What does that mean for you as a homebuyer?
I’ll give you a few examples, and each one assumes. In the following examples, payment assumes that the analysts’ predictions of a possible 3.4% interest rate this year come true. Also, this is with an FHA loan and a 3.5% down payment.
On a $100,000 house, your payment would be roughly $675. On a loan of $150,000, your payment could run about $995. On a $200,000 loan, you’re looking at $1,290 for a payment. These are some incredibly affordable payments to either help you own your first home or to downsize.
Call us today, and let us provide a free, no-obligation pre-approval for your next mortgage. Also, if you have any questions, please reach out to us via phone or email. We are here to help.