by Jodi Peters
on Friday, August 23rd, 2019 at 9:14am.
Fabulous Financing: Now's a Great Time to Buy
On August, 22, 2019, The Washington Postreported that the popular 30-year mortgage rate fell to its lowest rate in three years – an average rate of 3.55%, down from 3.6%. A year ago, that rate average was 4.51% percent. And the 15-year average rate sunk to 3.03%! Think of the savings over time!
“Mortgage rates are still low, and it’s a great time to consider purchasing a home,” says Jenni Gill, mortgage loan officer at BancorpSouth in Austin.
Mortgage rates fluctuate, but Gill put together a flyer of what the numbers may look like if you purchased home at Cinnamon Shore. It assumes a $925,000 sale price, 20 percent down, and a 4.023% interest rate on the loan. That puts the monthly Principle and Interest Payment at $3,532.87. After estimating taxes and insurance payments, this scenario results in a Total Estimated Monthly Payment of $4,006.87.
You can use a mortgage calculator on Gill's web site to plug in the prices of properties you're considering. "There are several tabs on the site that refer to various pieces of information that maybe helpful to a potential buyer," Gill says.
Other helpful tools
Sites such as Zillow.com list current mortgage rates, which fluctuate daily, and offer various kinds of calculators if you want to play with the numbers. Zillow's affordability calculator lets you plug in various figures based on your situation to let you know how much you can realistically spend on a home.
Call Cinnamon Shore Realty
We can also run through different financing scenarios with you if you want to talk about the properties at various price points and talk with about being part of the rental pool program with onsite property management for vacation rentals. You can contact us online, call us at 361-749-1851, or email Jodi Peters at email@example.com.