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The dangers of waiting for lower mortgage interest rates
Manage episode 409112630 series 3514264
Jessi Johnson에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Jessi Johnson 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
People often overlook the dangers of waiting to buy real estate in hopes of seeking lower mortgage rates. However, it is generally substantially more expensive to do this, and you don't necessarily qualify for more with a lower rate because the purchase price is substantially higher. Of course, I can't predict the market, but I can tell you I'd be shocked if it didn't go up 10% in the next 12 months.
A purchase price of $1,000,000 with 20% down, a 5% rate, and a 30-year am will result in a monthly payment of $4,270. When that rate is dropped to 4%, the monthly payment is $3,804, a difference of $466.
Now, $466 x 12 months = $5,592 or $27,960 in payment over 5 years (if selecting a 5-year term).
You are far better off buying at a higher rate with the lower purchase price in most circumstances in Greater Vancouver.
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