Right now interest rates are near record lows and forecast to rise this year. Did you know that if rates are to rise 1% it can have a drastic effect on your mortgage payment? Feel free to call me if you want more details, also see the chart below for some basic info.
$100,000 mortgage: $463/mo will rise to $521/mo ($58/mo rise in monthly payment)
$200,000 mortgage: $926/mo will rise to $1042/mo ($116/mo rise in monthly payment)
$300,000 mortgage: $1,389/mo will rise to $1,563/mo ($174/mo rise in monthly payment)This is assuming that the price of the houses stay the same. What we know is that the average price in Columbus is on the rise, having risen more than 5% in 2014 compared to 2013. This means that this change in your monthly payment is likely to be even more.Call today 614-750-2144 if you would like to chat about how this could impact you personally!