How Interest Rates Can Affect Your Monthly Payments and Affordability
Rising interest rates can lower affordability. This can add hundreds of dollars to your monthly payment which in turn will have the lender saying you have to look for a less expensive house.
Disclosure – Monthly payments are based on principle and interest only. Property taxes and insurance usually are required by the lender and added to the mortgage payment. Property taxes vary on the characteristics of the house and insurance is based on a number of different factors such as your age, the type of coverage that you want, the amount of coverage that you need, your personal information, your ZIP code, and other factors.
How Interest Rates Can Affect Your Monthly Payments and Affordability — No Comments
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