Located in Clubridge at Woodcreek Farms, this new construction features an open floor plan with the owner's suite and the second bedroom on the main level. While a projected half percentage point increase may not seem substantial, it does have an impact when you're buying a home. When rates rise even slightly, it affects how much you'll pay month-to-month on your home loan.
The chart below shows how it works:In this example, if rates rise to 3.55%, you'll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan.
For many years, that thinking made sense: you buy a home in the spring, so that you can move in during the summer, so that your kids can be settled in by the time they have to go to their new schools in the fall.The flaw in this thinking, however, is that a lot of people think the same way. And when there are many homebuyers, there is more competition for the homes that are available.
The chart below shows how it works:In this example, if rates rise to 3.55%, you'll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan.
For many years, that thinking made sense: you buy a home in the spring, so that you can move in during the summer, so that your kids can be settled in by the time they have to go to their new schools in the fall.The flaw in this thinking, however, is that a lot of people think the same way. And when there are many homebuyers, there is more competition for the homes that are available.
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