The interest rate you pay on your home mortgage has a direct impact on your monthly payment; the higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search. Below is a chart created using Freddie Mac’s U.S. Economic […]
Building Equity in Your Home – How Principal and Interest Change Over Time
I’ve been exploring the parts of a mortgage payment and how changes in the rate and price affect your payment. This week the topic is Building Equity in Your Home. Many home owners don’t necessarily stay in their home for decades but it is still a good idea to pay down your mortgage and build […]
How Price and Interest Rate Affect Your Mortgage Payment
One thing I like about real estate is that it is ever changing. The properties that are available, the ones that are under contract and new offerings of additional homes for sale change every day or even every hour! It can be a lot to keep up with. Supply and demand have a tremendous impact […]
How to Calculate a Mortgage Payment
Have you wondered what makes up a mortgage payment? How do you calculate a monthly mortgage payment? Keep reading or watch the video below to go through the main parts of a mortgage payment and see a few examples. There are four main parts that make up a mortgage payment. The principal is the amount […]
The Cost of Waiting: Interest Rates Edition
Some Highlights: Interest rates are projected to increase steadily heading into 2019. The higher your interest rate, the more money you end up paying for your home and the higher your monthly payment will be. Rates are still low right now – don’t wait until they hit 5% to start searching for your dream home! […]
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