Academy Mortgage knows that recent rising interest rates have many potential homeowners wondering how that will affect their mortgage payments. At Academy, we often have homeowners come in who have a target interest rate in mind, and they are very hesitant about what happens when rates rise above that number. While many people may assume that mortgage payments drastically increase with each small jump in rates, it’s not as extreme as one might think.
One-half of a percent rise in interest rates on a $200,000 home loan is just slightly more than a $50 per month increase in payment. An entire percentage point increase brings a monthly payment up only $100. While we know that is not pocket change to the average family, it is still substantially less than the number many homeowners have in mind.
The most important number that most families should consider when they are getting a mortgage loan is how much they can afford to pay each month. We understand that families have a budget, and we try to help all of our clients choose the right loan that will help them maintain their comfortable monthly payment amount. Academy loan officers always consult with homeowners to get to know them and determine what is important to them, as well as to determine how much money they are willing to spend on closing costs and on their monthly payment. By knowing what our client’s target payment amount is, we are able to help them choose the right product for their needs.
To take advantage of historically low rates and low home prices, or to find out how you can achieve your goal payment amount, contact Academy Mortgage today by visiting www.AcademyMortgage.com or call a loan officer at 404-558-4399.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.