Ever wonder what is the cost of waiting to buy a home? Our guest blogger Ky Oday with Unifirst Mortgage talks today about the cost of waiting. There are some really interesting facts to take into account here and get answers to all your mortgage questions. Of course each situation is different, but give Ky a call, he can answer any questions you might have about buying a home in Grand Junction today.
What is the cost of waiting?
The average interest rate in October 2012 for a 30 year mortgage was per Bank Rate was 3.62% one full percent more than today’s January 2014 average 30 yr fixed mortgage rate 4.64% per Bank Rate
In consideration your costs today when comparing interest rates from 2012 to today you will also have to consider the housing market in 2012 in relation to price of a home at today’s current price.
In 2012 the median home price was $173,500
In 2013 the median home price was $177,500
Below reflects the cost of home in 2012 & 2013
- Median Home Price $173,500
- Average Interest Rate 3.62%
- Principal & Monthly Interest Payment $ 790.76
- Median Home Price $177,500
- Average Interest Rate 4.64%
- Principal & Interest Monthly Payment $ 808.99
About Ky Oday:
Ky began working in the real estate industry in 2002. He has worked in Grand Junction as a commercial and residential loan officer for two area banks for the past 8 years. For four years Ky served as a board member for Northwestern Colorado Home Builders Association. Ky is a Grand Junction Lions member since February 2004 and served on the board for eight years and as president for 2010 and 2011. He currently serves on the board for CMU Alumni Association 2011. Ky was raised in Grand Junction and was a prominent athlete in the valley in both high school and college. Ky graduated from Utah State University with a degree in Journalism. A commitment to community and ethics drives Ky to make the home loan process as stress-free and smooth as possible while helping his clients make informed decisions.
Unifirst Mortgage offers a line of loan products for today’s home buyer and homeowner
- FHA loans
- VA loans
- USDA Rural Development programs
- Reverse Mortgages
Unifirst Mortgage is locally owned with locations throughout Colorado. We are proud of our ability to do everything in house, which allows us to give you the answers you need when you need them. We have 2 underwriters in house that allows us to offer fast immediate approval on your loans. Apply today and find out why we are Colorado’s Lending Leader.
Regulated by the Colorado Division of Real Estate Equal Housing Lender .To check the license status of your mortgage broker, visitwww.dora.state.co.us/real-estate
Source for information above Click Here.