Here’s a graph of interest rates over the past 39 years. As you’ll see- our rates are LOW compared to these past rates.
What does that mean for buyers of new homes in Richmond, VA? NOW IS A GREAT TIME TO BUY A NEW HOME!
Let’s say you are ready to be a homeowner. Now is the time to get serious – before an inevitable rise in costs and interest rates decreases your advantage. Consider a typical home that sells for $300,000. You put down 20% and get a 30-year fixed-rate mortgage at today’s rate of 4.875%. Monthly principal, interest, property taxes and insurance come to $1,595.10*. Let’s say that 6-12 months from now the interests rates on the same house rise by 1.5% to 6.375%. Your monthly payment would be $1,822.29*. You’re payment just increased by $227.19. Meanwhile, home prices may have increased as well and sellers might become less willing to negotiate. And you have spent a year living someplace you’d rather not be. So, take advantage of these incredible rates and move into the home that you really want.
Disclaimer: * This information is not intended to be an indication of loan qualification, loan approval, or a commitment to lend. It is also not intended to be a quote of guaranteed interest rates or closing costs. Interest rates can change daily until your rate is locked in. The APR is 6.527%. All figures are estimates as of 3/4/2011. Financing based on a 30 Year Conventional Fixed Rate Loan, and 20% down payment. Monthly payment assumes the sales price of the home which includes principal, interest, estimated taxes, and insurance. Monthly payment does not include homeowner’s association dues. Qualifying and rates on loan programs may vary based on credit criteria, final amount of down payment and monthly payment are subject to current market pricing. APR may vary depending on rate and final loan program. Certain restrictions may apply. Prices offers and financing subject to change without notice. See New Home Consultant for details.