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Wasting your $$

The Potential Cost of Waiting

These hypothetical examples are illustrations for educational purposes only and are neither an offer to lend nor a Good Faith Estimate. Examples are for a $250,000 home that rose to $275,000 with are rate increase from 4.50%/4.76% APR to 6.50%/6.95% APR on a zero point 30-year, fixed-rate loan with a 20% down payment, $4,000 in taxes and annual insurance of $580 for the “today” example and $638 for the “tomorrow” example. APRs are calculated using closing costs equal to 3% of the loan amount. Actual costs can be less, and actual rates are subject to change at any time. Qualification for any loan is dependent on individual circumstance and subject but not limited to employment/income, credit history and acceptable liquid assets to close.

First time home buyers currently have a historical advantage with both low rates and prices. What happens when the ternd begins to shift?

You might not qualify to purchase the same house.

Unless your income keeps pace with price and/or rate increases, you may not be able to qualify for the same home you could purchase today. In the example above, the income to qualify increases from $4,038 per month to $5,127 (assuming a debt-to-income ratio of 35%). The 27% increase is much higher than the typical salary increase of about 2% or 3% per year.

In a rising market, you usually can’t out-save appreciation.

When prices are rising, it can be difficult for your savings to outpace the market. For example, if a $300,000 home appreciates by 5% in one year, that’s $15,000 or $1,250 per month. Can you add that amount to what you’re already saving each month?

If interest rates are rising, too, required payments and income increase are even more.

Given the recent environment, some may discount the possibility of the 2% increase in the example above, but the 50-year average for a 30-year, fixed-rate conventional loan is approximately 8.375%. That’s almost 4% higher than rates at the time of this writing and would equate to a payment increase of more than $663 per month in the examply.

Qualified borrowers have the ability to lock in today’s prices and rates. Buyers who have not yet accumulated a large down payment may find that using a small down payment and paying mortgage insurance is wiser than missing out on low prices and historically low rates.

We’re here to help when you’re ready to learn more.

Making the Leap to Ownership

It's Not as Daring as You Might Think

For a while, many people were challenging the value of owning a home.

In the midst of the “financial crisis,” some used history instead of the headlines as a guide for purchase decisions. They have now been duly rewarded.

But not everyone was ready to take advantage of the opportunities when uncertainty was at its peak. Those who waited are likely to create increased demand for homes, and values are likely to continue moving higher.

Most recent home buyers have already seen the value of their properties rise and are safely locked in with rates that reached record lows.

If you’re thinking about your next move, rates are still low and affordability has rarely been better. This combination is tough to beat and will not last forever.

Let us know when you’re ready to jump, and we’ll be there to help you land safely on the other side.

Payments vs Costs

Accumulating equity and earning appreciation take time. Consider, too, the cost of maintenance and repairs. However, especially once the value of what you would have otherwise paid in rent is factored in, it’s clear that owning a home can be a great way to build rather than to expend your wealth. And it’s also clear that the true cost is typically far less than what you might write on a check each month.

Note: This scenario is just an example and is not intended to reflect the current market or forecast for rates, prices, taxes or insurance. All of these factors are subject to continual change.

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