It is that time of the year when temperatures rise, and sellers start putting their homes on the market. Even though inventory is low – so are the interest rates!
You can lock in rates now and most banks will honor a lower rate if the interest rates drops, however, if you lock the interest rate it will not increase! Pay attention to the expiration date!
The average sales price in Leon County is over $215,000. Let us say the buyer puts down 20% on the loan and the mortgage is for $172,000. Here are the estimated costs and the total amount the buyer will pay for the mortgage over the life of the loan.
| 30 Year Mortgage | ||
| Interest rate | Monthly payment | Total mortgage |
| 5% | $923 | $332,400 |
| 4.5% | $871 | $313,740 |
| 4% | $821 | $295,616 |
| 15 Year Mortgage | ||
| 5% | $1,360 | $244,830 |
| 4.5% | $1,316 | $236,842 |
| 4% | $1,272 | $229,007 |
Some additional costs that *may* be added to your monthly payment and/or closing costs include:
Taxes HOA/COA dues Repairs
Insurance Renovations Transfer fees
