Made you look, didn’t I?  Actually, the sky is still intact—what IS falling are mortgage interest rates.

Over the last few weeks, my email inbox has been filled with ads and articles about dropping mortgage rates.  What does this mean for you?  Potentially lower mortgage payments, which means that you might be able to afford a bit more house.

Let’s look at some numbers.  If you were looking at a $250,000 mortgage for 30 years with a current interest rate of 4.25%, your monthly payment (principal and interest only) would be around $1,230.  Drop that interest rate to 3.75%, and your monthly payment drops to around $1,158.  If the rates go even lower (let’s say down to 3.25%), your monthly payment could be as low as $1,088.

There are obviously several other factors you need to consider when shopping for a mortgage and locking in a good interest rate.  Over the years, I have worked with various mortgage brokers and have great professional relationships with several local lenders.  Even if your credit is less than perfect or you have some other unique circumstances (for example, med school student loan debt), I have lenders who are ready and able to work with you.  If you are thinking that this may be the time to jump into the real estate market, give me a call.  My team and I are ready to make the leap with you!