There’s a big difference between the PRICE of something and the COST of that same purchase
Since 2008 there has been a lot of fear surrounding “When is the right time to buy?” and “What will the market do next?” Maybe you’ve asked these questions specifically about buying a home in Wichita. Just like with any big decision, you’ll want to feel good about what you’re doing and that begs these questions.
We don’t run from these, because we’re confident in the fact that we will never see mortgage rates below 3.5% again in our lifetime!
Let’s just say that you got a marginal deal on a house. It wasn’t even great (but you just LOVED that deck!) and you sprung for it, locking in a 3.5% interest rate for the life of the loan over 30 years. Okay, let’s fast forward 5 years… Even if you didn’t steal the house, with mortgage rates significantly higher than they are now, by finding someone who would qualify to assume your loan then you can sell for MORE money than market would ordinarily allow just because you have an ultra-low assumable fixed rate mortgage. This is not a hard play to decide on!
Imagine though, if you will, had you NOT bought a house while interest rates are incredibly low and you wait until they go up 1%. Doesn’t sound to bad does it? Let’s say for round numbers sake that you could comfortably afford a $150,000 home and your payment including taxes and insurance were around $1000 per month at a market 3.5% interest rate today.
If rates were to go up even 1% before you bought you would be looking at only buying a $135,000 house… (here’s the kicker) You would still be paying $1000 per month!
WOW! What a difference a percentage makes. Don’t make that mistake, call us today, get pre-qualified with InterLinc Mortgage and let’s get a GREAT deal on a home in Wichita started today!