Hey there, James Mayer, Sunday night quick Thought of the week.
Mortgage Rates. While we talk with clients about all kinds of situations, buying a new home is a topic that comes up quite often. The past 5-10 years it seemed like you could get a mortgage at an extremely affordable rate. 3% was not uncommon, but in today’s environment it could be almost double that. So, while clients are looking to upgrade their homes, factoring the additional costs of higher interest rates in their mortgage is a big big deal. So, when you are looking at the idea of a bigger home, factoring the mortgage cost and the interest that you are going to pay over the long term should be part of your big picture plan.
Quick thought. Thanks for your time, hopefully you have a great summer.