How to Buy a Home in San Diego –
How Interest Rates Can Affect you!
When the fed drops interest rates this can impact home buyers in may ways. From making borrowing money more affordable, to lowering your potential mortgage payments, it’s nothing but good news for home buyers in San Diego!
Let’s face it, buying a home in San Diego is expensive! Home buyers need all the help they can get! Let’s take a look at how a lower interest rate can help you when buying a home.
Looking at the graphic here, we can see just a small rise in interest rates (.3%) can increase your monthly payment by over $200!
So if the interest rates drop to below 4%, you could be saving over $400 a month for the same mortgage. This is the biggest reason why home buyers need to get off the fence when they can save on their mortgage payments! Additionally, when interest rates are lower, you generally can afford more money. Because the rates are low, you can qualify for more at the same monthly payment than when the rates were higher. This is VERY helpful when buying a home in San Diego because our home prices are high. The difference between a $400,000 home and a $500,000 is HUGE!
Waiting to buy has consistently shown to cost home buyers more money in the long run. Not only are you not accumulating any equity, you are missing out on big tax write offs too.
If you have been on the fence about buying a home, now is the time. Rates are low and buying a home can be very affordable.
Ask me how today!
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