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The dangers of waiting for lower mortgage interest rates
Manage episode 409112630 series 3514264
Konten disediakan oleh Jessi Johnson. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Jessi Johnson atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang diuraikan di sini https://id.player.fm/legal.
People often overlook the dangers of waiting to buy real estate in hopes of seeking lower mortgage rates. However, it is generally substantially more expensive to do this, and you don't necessarily qualify for more with a lower rate because the purchase price is substantially higher. Of course, I can't predict the market, but I can tell you I'd be shocked if it didn't go up 10% in the next 12 months.
A purchase price of $1,000,000 with 20% down, a 5% rate, and a 30-year am will result in a monthly payment of $4,270. When that rate is dropped to 4%, the monthly payment is $3,804, a difference of $466.
Now, $466 x 12 months = $5,592 or $27,960 in payment over 5 years (if selecting a 5-year term).
You are far better off buying at a higher rate with the lower purchase price in most circumstances in Greater Vancouver.
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