How do interest rates affect my home purchase?

When you’re paying interest on a home loan, it’s amortized over the life of the loan.  That means that in the beginning of your loan term, most of your mortgage payment will go toward paying off interest. Over time, a larger percentage of your monthly payment will be applied to your loan’s principal balance. 

When interest rates are low, home ownership is more affordable. If you don’t have to spend that much money on interest, you may be able to take on a larger loan. Higher interest rates, on the other hand, increase the long-term cost of owning a house

Rates ended the week with the 30 year fixed conforming rate at 4.625%. All predictions are that interest rates will rise throughout 2019.

Nothing affects a home’s affordability more than interest rates. After all, we live with the monthly payment, not the amount of the loan.

Look at the chart below depicting the monthly payments for 30 year loans of $400,000 and $750,000.

As you can see, just a 1% change in the interest rate can have a drastic effect on the monthly payment.

I'm here to help, call Carrie with questions 970-759-2540.  

5 Reasons to Pick Carrie to help you sell your home

How's the Real Estate Market in Mancos, Cortez & Dolores, Colorado?

Are you ready to sell your home?

Selling your home is an emotional issue. Before you plant the "For Sale" sign in the front yard, take a minute to answer just a few questions:

• Are you ready to put in the work to get your house ready for house hunters?
• Are you committed to keeping it ready to show for weeks or months?
• Are you ready to hear the reasons why potential buyers believe your home is not perfect?
• Are you ready for honest—and sometimes hardball—negotiations over what buyers are willing to pay for your home?
• Are you really ready to move out and leave the place where your family has made memories?

Don't get me wrong; I'm not trying to talk you out of selling your home! I just want you to be completely ready when you do decide to move on to the next stage of your family's life.

Selling your home is a big deal.  A real estate agent does more than just schedule showings of your home.  They bring experience and confidence to the table when they handle their many job duties, which include:

• Giving you advice about updates or repairs that will make your home more attractive
• Helping you set a price for your home
• Marketing your home so it receives as much exposure to potential buyers as possible
• Scheduling showings with potential buyers
• Advising you as you negotiate offers
• Handling all the required paperwork

Make sure that your real estate agent can be reached via phone and not always texts.  Make sure they return your calls in a timely matter.  Google your prospective realtor.  How are their online reviews?  Do they have a good online presence?  Get referrals.  Do they live in your town and have sold any similar homes?  It's really important that you do your homework.  

If you are thinking of selling your home, I'd love to sit down with you and show you how I can help the process go smoothly.  Call me, Carrie Summers 970-759-2540 MancosHomes.com

New Year, New View?

Happy New Year!  It's been a great snow season!  At my house I have 16 inches of settled snow, so perfect for cross country skiing and snow shoeing out my front door.  Do you need a new home in 2019?  Maybe the kids are at an age that they need their own room, or maybe you are an empty nester and need to downsize.  Unsure how to proceed? 

I will come and give you a free market analysis on your current home, help you find a perfect home for you and make sure you are making a wise investment!  I'll even orchestra the move!  Yes, I've been known to pack boxes, clean out barns, and  do windows!  

I'm here to help!  I've lived here almost 29 years and would love to help you!!  970-759-2540 MancosHomes.com