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Blogging about Springfield - Burke - Lorton - Woodbridge - Alexandria, VA and Beyond...

Includes a Cost of Waiting to Buy a Home Calculator

Articles, events and ideas from
"Your Favorite Realtor®"

Elizabeth Ann Kline

_____________________
Kevin Kline is a licensed Realtor® with RE/MAX Executives in
Springfield, VA.  Kevin contributes articles, blogs and content to ListWithElizabeth.com as well as third party content that has been authorized to be used by and for Elizabeth Ann Kline and ListWithElizabeth.com

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Elizabeth Ann Kline Real Estate Agent Blog

Why Waiting to Buy a Home
will Actually Cost you More


April 6, 2018

By: Kevin D. Kline

@klineonline

List With Elizabeth BLOG PAGE AD

With the first quarter of 2018 in the books, the 30-year fixed rate mortgage is nearing what Freddie Mac predicted it would be in the second quarter. If this pace continues, rates will exceed the five percent mark expected by the end of the year.

The Fed has had its first of an expected three raises for this year and two more are expected in 2019. While these rates are not directly related to mortgages, they certainly have an effect.

Delaying the decision to purchase or refinance could be an expensive missed opportunity. A $270,000 mortgage at 4.44% has a principal and interest payment of $1,358.44 per month. If the rate were to rise one-percent in the next twelve months, the payment would be $1,522.88.

The $164.44 increase would cost a homeowner an additional $13,812.97 in seven years and close to $60,000 over the full term of the loan.

The question facing people is “what would you spend $164.44 each month if you had acted sooner to get the lower rate?”

If you’re curious to know what your “missed opportunity” could be costing you, try this
Cost of Waiting to Buy calculator . Use 0% increase on price change if you are refinancing a home you already own.

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Elizabeth Ann Kline                           Real Estate Agent - Realtor - Springfield 22153 - Burke 22015 - West Springfield 22152 - VA - Fairfax County Virginia