A $200,000 fixed rate loan for 30 years at 4.5% yields a $1,013 monthly principal & interest payment.
Take this same loan with a 5.5% interest rate and the monthly payment increases to $1,136.
Not only is the monthly payment $123 per month higher, the additional interest paid over the life of the loan would be huge!
If you are thinking about buying, now is definitely the time.
In our opinion, home prices are on their way up, especially in Indiana. Take advantage of these interest rates and lower home prices. Nothing this good lasts forever.
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