702-379-3401
When Will Mortgage Rates Increase?
Do I buy now or wait? Will home prices continue to rise or will they decrease or fall again when the market shifts? Knowing the answers to these questions and others leaves many potential home buyers questioning what to do about home ownership. Knowing when to lock your mortgage rate is always the million dollar question when buying a home, but how will you really know when to lock in your interest rate or float? Keep these important factors in mind as you watch for real estate market updates and the mortgage market and better understand how the economy, both local and global affects rates. Having a good lender, one that is highly recommended by your Realtor is the best way to know you have someone working on your side and in your best interest.
As of early this week, rates on a 30 year mortgage were between 3.5-3.75%, figure in typical lender fees or points and you may be looking at rates similar (plus or minus) the rates in the accompanying chart. So assuming you borrow $200,000. at a 4.17% rate for 360 months (30 years) your monthly payment would be $975. with $150,833 interest being paid over the life of the loan. Now, assume you purchase the same home, but wait until interest rates increase by 1.0%, to 5.17%, your monthly loan payment increases by $120 per month and you now pay $194,027 over the life of your loan in mortgage interest. Locking in low creates a $120 per month savings, and over the life of the loan you actually save $43,194. more for the home. Now, I know what you are thinking, and it's probably that you will not stay in the home for 30 years, as most home owners choose to move every 5-7 years. And you are correct, it may not be a $43K savings for you, but saving $120 per month is usually pretty significant for a home owner.
You can find out your monthly payment by using the mortgage calculator provided by Chris Binney of Raintree Mortgage Services, one of our preferred Lenders. A mobile app is also available to see what your payment will be. If you need to move quickly, we can help get your home loan closed faster than most mortgage lenders in Vegas, because we work in your best interest.
Las Vegas House Prices
With the median home for sale in Las Vegas going for approximately $220,000, the chart gives you a pretty good idea of a current home loan in Vegas provided you put down some money down. But keep in mind, there are plenty of programs available for buyers without hefty down payments necessary, and may programs with zero to low down payments, grant or incentive programs and of course first time home buyer and active military and veteran programs that make home ownership easy and with little out of pocket cash. The Radcliffe Group is here to help you navigate through the entire home buying and selling process, from pre-approval and shopping for the perfect home to signing the final closing documents at the Escrow and loan documents to day of move in when you receive your keys and need to know what moving company to call. If you need to sell your current home and relocate or simultaneously close escrow on a home in Las Vegas as you purchase, we can help you through the entire process, after-all, that is what we do everyday and why we have so many satisfied clients and rank among the top real estate agents in Las Vegas.
Previously declined for a Mortgage Loan?
If you were previously declined for a home loan in the past because of a bankruptcy or foreclosure, we may be able to help you because mortgage guideline changes took affect in 2014 that you may not be aware of. Take a look to see if you may be able to qualify again. Sometimes we call this a boomerang buyer and it will allow you to buy again in as little as 2 years.The Radcliffe Group
Out
of more than 10,000 real estate agents in the greater Las Vegas and
Clark County area, Dave Radcliffe ranks among the Top 1% of Realtors® as
number 101 during the second quarter of 2015. Dave Radcliffe ranked number 1 in 2014 as the top producing individual out of 172 Realtor-Agents in his office.
And as a Top 5 Team in 2015. Dave has a team of top producing agents, and providers and ranks consistently as one
of the top real estate teams at Keller Williams Realty Southwest Las
Vegas because he is all about customer service and utilizing the best
resources in the real estate business. The Radcliffe Group is your Las
Vegas, Summerlin, Centennial Hills, and North Las Vegas real estate connection.
As
a retired police officer, Dave is passionate about giving back to the
service community and dedicates much of his time giving and supporting
the Las Vegas Metro Police Department, Firefighters and Military at
Nellis Air Force Base. Military, Fire and Law enforcement never pay a
full commission when they work with the Radcliffe Group. The Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home Construction purchase, Condo and Luxury Home purchase. Specializing in helping Las Vegas and North Las Vegas homeowners sell their home for the highest market value, Dave and his team will help you yield your highest profit. Call 702-379-3401 when it is time to sell your Las Vegas, Summerlin, Centennial Hills or North Las Vegas Home.
Check out and subscribe to our YouTube Channel and follow our Las Vegas Real Estate Blog at: www.DaveRadcliffeVegas.com
Written by Nickel Lowman
For Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest
702-379-3401
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