Buying a Home? The Cost Is More Important Than the Price

When buying a home, serious consideration should be given to the COST of purchasing a house rather than the PRICE of the home. As either a first-time or repeat buyer, you must not be as concerned about price but instead about the “long term” cost of the home.

Price is part of the cost equation. The other piece, making the assumption that you are not an all cash buyer, is the mortgage interest rate.

The mortgage interest rate to finance a purchase can have a dramatic impact on its overall cost. Recently, there has been talk about the mortgage interest rates beginning to increase again. While no one can predict future interest rates, we want our readers to understand the potential impact on the cost of purchasing a home when they do rise.

Many purchasers believe they should hold tight and wait until they are sure that prices have hit bottom. Deciding whether or not to wait should be determined by where the COST of a home is headed.

Use our Resources to  estimate what your costs will be for a new home.

 

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