Build Your Port Angeles or Sequim Home With Low Interest Rates
Filed under: Port Angeles Custom Homes, Sequim Custom Homes
Since this is a buyer’s market, it’s not a great time to be selling your home, but if you own a lot, and you are planning to have your home built in the near future, this is a good time to start the process of selecting a builder and planning your home.
Most people plan to finance the construction and long term mortgage of their home, and this is why it is a good time to get started. Interest rates are at historical lows, and most experts are saying that interest rates are headed upward in the months ahead.
At an interest rate just 1.0% above the current rate of 6.52% on a 30 year fixed, your mortgage payment on a $300,000 loan would increase by $200 per month. You would pay $72,000 more in total interest on your loan than you would at today’s interest rate. At an interest rate 2.0% above the current rate, your mortgage payment on a $300,000 loan would increase by $400 per month, and you would pay $168,000 more in total interest on your loan than you would at today’s interest rate.
Learn more about what we can do for you on our website at RickAndersonHomes.com.
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July 29th, 2009 at 3:05 am
Yeah that was one year ago. I guess now things have changed!
July 30th, 2009 at 1:52 pm
No, the premise of this article is still right on. If you own a lot and plan to build, there may never be as good a time to build a home, or at least it could be a long long time before you see interest rates this low and contractors so ready, willing, and able to give you the bargain you don’t get in a normal market.