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Curious what 1% change in interest rate does to your buying power?

1%

Do you know the power of 1%

How a 1% increase in interest rates can reduce your buying power

Let’s say you are prequalified right now for a loan amount of $200,000. The interest rate is 4% for a 30 year term. Your principal and interest payment is $954.83. With your other debts, this is the maximum monthly mortgage payment that you qualify for. Notice what happens if rates increase 1%…

Right now…Interest Rate: 4%Term: 30 yearsPrincipal & Interest: $954.83Loan Amount: $200,000

Time passes & rates increase… Interest Rate: 5%Term: 30 yearsPrincipal & Interest: $950.17Loan Amount: $177,000

$200,000 – $177,000 = $23,000

A 1% increase in the interest rate has impacted the loan amount you qualify for by $23,000. Crazy, right? Now think about this: What if rates increase by 2%, 3%, and so on…Apply with Legacy Lending today and keep ALL of your buying power.

Information provided  by Heather Gilstrap of Legacy Mortgage

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About Michael Dunn

Coldwell Banker Legacy Realtors
8200 Carmel NE Ste. 103A
Albuquerque, NM 87122
AbqDunn@gmail.com
(505) 379-5849 call or text
www.AbqDunn.com
Contact Michael to buy, sell or if you just want information about the real estate market! He has been a full time Realtor for over 13 years! He can also help you when relocating to other parts of the country!

Coldwell Banker Legacy Realtors (505) 292-8900 8200 Carmel NE Ste. 103A Albuquerque, NM 87122