Last week mortgage rates remained at a 3-year low of 3.6 percent. One year ago in August 2018, the mortgage interest rate was 4.53 percent. What does that difference mean for your wallet? Our friends at UrbanTurf calculated the impact of this lower interest rate on monthly payments for a home with an $800,000 purchase price and a 20% down payment. The lower interest rate led to a savings of $345 a month, $4,140 per year, or $124,010 over the life of the loan! If these low rates have you considering a purchase, here are a few steps to get started:
- Schedule a meeting with Kara and Wayne. At the consultation Kara and Wayne will walk you through the buying process and assess your needs and wants.
- Know your budget and get pre-approved. Kara and Wayne can provide names of local reputable lenders who can meet the financing timelines needed in the competitive DC market.
- Refine your wish list. Once you’ve identified and discussed your desired locations and criteria with Kara and Wayne, start to narrow down what is a “Must Have” vs. “Would be Nice”.
- Don’t do this alone. Why do you need an agent? With Kara and Wayne, you get real estate professionals on your side with extensive knowledge of the DC market, dedicated allies in negotiations, and even access to listings before they come on the market. Kara and Wayne can help you create the most competitive offer possible and win your dream home.
Helpful Links for First-Time Home Buyers