Skip to main content
#
Website Demo
Ardolino Banner
Long Island North Shore Real Estate - Homes For Sale | New York Realtors - Agents
Search Long Island North Shore Properties
Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson Featured Listings
Stony Brook Real Estate - Homes For Sale | Long Island, New York Realtor
Setauket Real Estate - Homes For Sale | Long Island, New York Realtor
Old Field & Poquott Real Estate - Homes For Sale | Long Island, New York Realtor
South Setauket Real Estate - Homes For Sale | Long Island, New York Realtor
Port Jefferson Real Estate - Homes For Sale | Long Island, New York Realtor
Port Jefferson Station
Smithtown
St. James
Miller Place
Mount Sinai
Local School Info
Buying Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson Real Estate
Selling Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson Real Estate
Team Ardolino, Realty Connect USA North Shore, NY Realtor
Testimonials
Contact Team Ardolino, Realty Connect USA
Sponsored Events
SummerEvents

Zillow Testimonials
526115
' I was a seller. Michael connected with me. He connects with people, period. . He gave me realistic listing prices, understood my time-line and ... more '
5.0/5.0
by wisteria1
511564
' My experience with Michael Ardolino, and his team, in specific, Lisa Godt, was what it should be for every home buyer. From the first telephone call, ... more '
5.0/5.0
by user9807108
510572
' Selling my parents home that had history all the way back from my grandparents since 1968. It was everyones home at one time or another. However, as ... more '
5.0/5.0
by user12050833

Real Estate Blog
Latest Posts

Real Estate Blog
Wednesday, March 26 2014

Money Magazine: Buy Now Not Later

We have often suggested that potential home buyers consider rising interest rates when thinking about the true cost of a home. photo

Remember, cost is not determined by price alone but by price and mortgage rate. The longer a buyer waits, the higher the mortgage payment will be if rates continue to increase (as is projected by Fannie Mae, Freddie Mac, the National Association of Realtors and the Mortgage Bankers Association).

Money Magazine, in its latest issue, agreed with our analysis as they also warned their readership of the same ramification if they waited to buy a home.

Here is what they said:

"BE MINDFUL OF RATES. The average interest rate on a 30-year fixed loan is predicted to climb from the current 4.4% to 5.3% by the 2015 spring buying season, according to Freddie Mac. For a $250,000 loan, that means that a borrower who waits would pay $136 more per month and an additional $49,090 in interest over the life of the loan. Will you need a big loan? Better to act soon before rates tick up."

And the monthly increase Money mentioned did not take into consideration that prices are also projected to increase over the next year. Here is what the additional cost would be if prices rise by the 4.5% projected by the latest Home Price Expectation Survey and interest rates go to 5.3%.

3.24 Blog Visual2

Posted by: Michael Ardolino AT 08:50 am   |  Permalink   |  0 Comments  |  Email
Comments:

Post comment
Name
 *
Email Address

Message
(max 750 characters)
*
* Required Fields
Note: All comments are subject to approval. Your comment will not appear until it has been approved.

 

Michael Ardolino
Team Ardolino/Realty Connect USA
764 Route 25A
Setauket, NY 11733
Office: 631-941-4300
Direct: 631-941-6262
Fax: 631-675-1857
Email:
Michael@Ardolino.com 

Real Estate Website Design &
Real Estate Marketing Services Provided by: 

Pro Step Marketing

Site Map

Terms of Service/Copyright Policy
Copyright© Michael Ardolino, REALTOR®, All Rights Reserved.

Site Powered By
    prostepmarketing.com
    Online web site design