The Cost of Waiting to Purchase Your St. Louis Home
On the fence deciding whether to buy a home? Look at the impact on a monthly mortgage payment if interest rates rise according to predictions.
Mortgage Rate Predictions for 2013
The Impact of a 4.4% Interest Rate on a $200,000 Loan
As you can see by the graphic (courtesy of the guys at KCM) the monthly effect on your house payment would be $114.56.
BTW, that’s every month that you own the home. Annualy, the total would be $1,374.72. Ouch!
The Golden Rule: He Who Owns the Gold Makes the Rules
No matter what your feelings are about banks and bankers, they have the money to lend and they usually know more about the direction in which money is going than either you or I do.
If you are pretty sure you will be buying this year then the question is:
Would you rather have that extra $114.56 per month for your family, or give it to the bank?