What if you could live in a possibly newer and bigger home Fairfax home for sale for the same or less than you are currently spending? Would you think about moving? Read on…
Analysts have been predicting that interest rates will go up by the end of 2015, but they recently dipped and are still hovering around 4 percent or below for a 30-year mortgage. A 15-year mortgage comes in at almost one percent lower.
Assume you currently have a $225,000 mortgage at 6 percent rate and your PPI payment is $1,348.99. With a current 4 percent loan rate, you could get a $282,561 mortgage for the same monthly payment. A home worth $57,000 more could get you more square footage, a newer model or a different neighborhood.
If you are planning on staying in the home for many years, let the lower interest rate get you features you want in a home without a higher monthly payment. And if we are talking about lower costs let’s look at utility costs.
A newer model home can lower your utility bills by being more energy efficient. As we move forward in time improvements are made in construction materials, insulation, doors, windows, HVAC systems and appliances. A newer home that takes advantage of all these advances can easily save you 25-50 percent on utilities.
The idea is brilliant! Upgrade your home for the same amount you are currently spending on utilities and monthly payment. This will require some research but I can help you out.
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