What does a lower mortgage rate mean for you?

What will lower mortgage rates do for you?

To put things into perspective- a Mortgage Interest rate that is just half a percentage point (.50pt) lower than the average rate can provide significant monthly savings, more purchasing power and the possibilities to qualify for a wider range of loan programs.

Interest savings can add up significantly over the life of the loan considering that the average mortgage loan term is set for 30 years.

Here are three different rate scenarios that emphasize the savings potential (assuming a 20% down payment on a $750,000 purchase).

The difference between a 6.5% rate and a 6% rate, the buyer would save $195 each month and $70,238 over the life of the loan.

That's a substantial savings that can be secured simply with a mortgage rate that's half a point lower!

Reach Out to my Preferred Loan Lender-for Anne Ryoo for Mortgage Pre-approval and Consultation. Together we can achieve your Homeownership goals….

Want to see what these rates would like for you? Reach out to my mortgage partner here.