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A lot of my clients in Richmond
have been asking me whether now is a good time to buy or sell real estate in
Richmond. A lot of
them have been asking about interest rates, and those are all very valid
concerns.
Interest rates are currently sitting at 4% for a 30-year loan. If you waited six months when the rate was at 5% and you were borrowing $400,000, you would end up paying an extra $237 per month on your mortgage. That's just because of a 1% increase in rates!
Interest rates are currently sitting at 4% for a 30-year loan. If you waited six months when the rate was at 5% and you were borrowing $400,000, you would end up paying an extra $237 per month on your mortgage. That's just because of a 1% increase in rates!
I recommend that you lock in a low interest rate right now. This will give you the opportunity to save
thousands of dollars over the lifetime of a loan. The
longer you wait, the more your buying power will disappear.
If you need any help finding a good lender, please don't hesitate to contact me. I would be very happy to refer you to one!
If you need any help finding a good lender, please don't hesitate to contact me. I would be very happy to refer you to one!
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