Do Interest Rates "Really" Matter?
I’m such a geek nerd for cool graphs. I love this slider. Many buyers fret over “high interest” or not getting the “best rate” when applying for a mortgage. Here’s some perspective. Move the slider to 1981 @ 16%. Our dad bought our family home then when 20% down was REQUIRED. I bought my current home in 1994 @ 8%. Rates now are 3.5-4%. INTEREST PAYDOWN: When asked, will you be paying more each month Over the amount to pay down your principal, they usually say of course. LONGEVITY: How long do you expect to live in the home? Less than 10 years or so? Does the rate “really matter?”
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