Mortgage interest rates are still historically super low
In the tough housing market of today, you should make sure you are making a good decision before buying a home.
Even though interest rates rising, they are still historically low. But don't let that persuade you into buying a house you aren't ready for. Even if you have a super low interest rate, if it's on a house you can't afford it's a bad deal.
So remember Harnish Real Estate's advice on monthly payment limit, down payment amount and mortgage type:
1. Limit your house payment to no more than 25% of your monthly take-home pay.
2. Save at least 10â€“20% for a down payment.
3. Choose a 15-year fixed-rate conventional mortgage.
What lower rates mean for sellers
If interest rates stay low, then buyers will be more to quickly buy your home. But if interest rates start to increase, then expect your house to be on the market longer.
The bottom line, when buying or selling, you need a trustworthy advisor who can help you navigate the difficult market. Contact us at Harnish Properties for best-in-class service that will get you to your dream home.
201 B Avenue, Suite 101
Downtown Lake Oswego