Why Now is the Time to Buy Wilmington NC Real Estate

WILMINGTON, N.C. - Nov. 18, 2013 - PRLog -- If you have been sitting on the fence about purchasing a piece of Wilmington NC real estate, then you should seriously consider purchasing it soon. Mortgage rates are on the rise, and even the smallest increase in lending rates could have a dramatic effect on how much you're going to wind up paying each and every month.

Mortgage Lending Rates are at Their Highest Since the Shutdown

Since the end of the government shutdown in mid-October, mortgage rates have continued to climb. Currently set at 4.25% for a 30-year fixed mortgage, rates are significantly up considering that in early June of this year, the rate was just 3.98%.

What Does This Mean for Monthly Mortgage Payments?

Consider this scenario: You are interested in purchasing a new home priced at $200,000. You have good credit and you are planning on putting $50,000 down on the home.

If you had purchased the home in early June, when the lending rate was 3.98%, your monthly mortgage payment would have been $922.73 per month for a 30-year fixed mortgage on $150,000. Over the life of the loan, you will have spent $107,182.01 in interest and the total amount you will have spent for the home would have been $332,182.01.

By comparison, the same property purchased at today's rate of 4.25% would have a monthly mortgage payment of $946.24. The amount of interest paid over the life of the loan would be $115,647.54 and the total amount paid for the home would be $340,347.54. The lending rate increase of just 0.27%, between early June and now, results in you having to pay $8,165.53 more for the same piece of property.

Find Your Ideal Piece of Wilmington NC Real Estate Now

Wilmington Real Estate 4U makes it easy to find your ideal home in Wilmington, NC. Simply use our Wilmington NC Real Estate Search tool and we'll provide you with a number of matches determined by your input criteria. From the River District to beach-side bungalows, we can help you find the home of your dreams so you can take advantage of the current mortgage lending rates before they get any higher.