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They started out very well with a $5,000 discount in the price of the home. Unfortunately, that’s where the benefit ended. Why? Well, as rates rose, so too did their monthly payment and over time, the cost of that really added up. In fact, the roughly $110 higher payment every month means that over the 20 years they would own the home that they would pay over $20,000 more and that’s even after subtracting the difference in the purchase price. As you can see, sometimes saving a little money can really be quite expensive!
IMPORTANT NOTE: There are many financial and philosophical variables that go into determining a good time to buy.
Which approach may work for you?
We highly recommend spending some time reviewing your long term objectives and set out a planned strategy for your situation.
Have questions? We can help!
Getting pre-approved is the first step in buying a home. By getting pre-approved, you can:
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