If you are considering buying Highlands NC real estate you may be wondering what low rates really mean. Loosely translated, low rates can mean incredible savings over the lifetime of a loan. Last week rates dipped below 4% for the second time in history, while this week they have hit 4% again. While rates may be fluctuating ever so slightly, the bottom line is that they are low which is great news for anyone buying Highlands NC real estate.
A percentage point can make a big difference financially for someone buying Highlands real estate. For example, if you are financing a loan of $500,000 at 5% for 30 years your monthly payments would be roughly $2,684.11 with a total of $466,278.92 being paid in interest over the lifetime of the loan. Similarly, the same loan at 4% would mean monthly mortgage payments of $2,387.08 and a total interest paid of $359,347.53. The 1% difference can save a borrower over $100,000 in interest payments over the life of a 30 year loan.
In a nutshell, low rates equal great savings for those buying Highlands NC real estate in today’s market. Contact me today to learn more about our current market conditions and let me help you take advantage of the exceptional affordability levels that exist at the moment.
Click here to read “Will Rates Stay Low?” from Realty Times.
For more information about Highlands and Cashiers North Carolina, and for access to the HighlandsNC/CashiersNC MLS, contact Meadows Mountain Realty today, 828-526-1717 or email us today at [email protected].