Buying a home can be very exciting but can feel scary at the same time. If you think about it too long and listen to too many people who don’t own a home or even some that do, you may become paralyzed with fear and never jump in. It’s OK to do your homework, but over analyzing for too long can hurt you in the long run.
How Will I Pay the Mortgage?
So, you’re either going to pay your mortgage or you are going to help your landlord pay theirs. Either way, you are paying a mortgage. Why not it be your own.
Back in the 1970’s – 1980’s interest rates were up to 18%. Sure, the purchase prices were lower, however, with interest rates as high as they were, so were their mortgage. Surely, Buyers in those days asked themselves, “how are we going to pay this mortgage”. Today, those Buyers are sure happy they took those risks. This allowed them to have a large safety net to retire with no need to work during their golden years.
Should I Buy a Home Now?
So, are you asking yourself, “should I buy now or wait until next year”?
Buying a home today at $325,000 with interest rates at 4.6%, your mortgage will be approximately $2,282. With projected interest rates for next year at 6.0% and the price at $325,000, your mortgage payment will be approximately $2,555. That is a difference of $273.00 a month.
If you are thinking of buying a home and would like to sit down and go over a plan of action, contact The Torset Group at 425-233-8155. Together we will look at your long-term goals and see if buying a home is the best thing for you today.