Consider this. Let’s assume that home prices do fall another 15% and interest rates go up.
Current Scenario Down the Road Scenario
Sales price $250,000 Sales price $212,500
5% down $12,500 5% down $10,625
Loan Amt $237,500 Loan Amt $201,875
30 yr fixed @ 4.75% 30 yr fixed @ 6%
P & I = $1,238.91 P & I = $1,274.04 Read the rest of this entry
Consider this. Let’s assume that home prices do fall another 15% and interest rates go up.
Current Scenario Down the Road Scenario
Sales price $250,000 Sales price $212,500
5% down $12,500 5% down $10,625
Loan Amt $237,500 Loan Amt $201,875
30 yr fixed @ 6% 30 yr fixed @ 8%
P & I = $1,423.93 P & I = $1,481.29
Total cost for 30 years Total cost for 30 years
$512,617 $533,264
If we are going to assume prices fall another 15%, we also have to assume interest rates will be higher. Nobody can predict interest rates and nobody can predict the bottom of this real estate market. What we do know is that rates are favorable and real estate is ON SALE. Waiting could cost you money!
The time is now to buy Wilmington NC real estate. There are many homes for sale in Wilmington that are priced below $100 a ft! Unheard of prices! We can send you a detailed list of those homes. There are also some foreclosures and short sales. Fortunately, we do not have the amount of foreclosures that have been experienced nationwide. We were somewhat protected from the mortgage meltdown. North Carolina mortgage laws are some of the toughest in the Nation.
For a detailed list of our Best Buy Home List in Wilmington, NC., please contact me at kaybaker@seacoastrealty.com or go to my website and search all homes in Wilmington, NC.
Many thanks to Alan Efting at Bradford Mortgage for these valuable stats. You may contact him at www.alanefting.com.
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