How Historically Low Interest Rates Increase Your Purchasing Power. So what is Purchasing Power? Best to think of it in simple terms. Let's say your monthly budget allows for a payment of $1000 toward renting or a mortgage payment. When you shop for a house, your price range will be something that generates a monthly payment around $1000 including interest and taxes. The lower the interest rates, the more you can spend on a house and still stay within the desired mortgage payment. When interest rates go up - the payments on that very same house would be higher and to stay within your budget, you would need to finance less - or buy a lower priced home. You could also put down more money if you are able - and that could keep your payments lower. Unfortunately, not everyone is able to do that. Now is the best time to buy - low rates unlikely to last for ever. Great opportunity!
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Wednesday, October 19, 2016
Purchasing Power
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San Antonio, TX, USA
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