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Sunday, June 21, 2009

So what if interest rates go up?

If you are considering a purchase, any purchase for that matter, that will require financing then the interest rates are (or should be) an issue.

(I am real estate agent - not a mortgage lender.)

How does the change in rates impact your payment?

On a $120,000 mortgage amortized over 30 years the changes in the monthly payment are:

5.0% $644

5.25% $662

5.5% $681

5.75% $700

6.0% $719

Depending on the price range of your purchase the change in interest rates could add up to a sizable addition to your payment. Talk with your lender if you are considering a purchase. Get the mortgage in place before you call start seriously looking for that property. Get the mortgage rates locked in with a payment you are comfortable with!

Then call me if you are buying in Brevard County, Florida!

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

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