MortgagesUndressed

Here is Teresa’s question: If prices drop 2% and interest rates go up .5% Won’t payments go up? I am bad a math, can you help?

She isn’t as bad as she says: Under this example on a home valued at $300,000 with 20% down, the payment would go up almost $50.00 per month. But if the value went down 2% and the rate went down .5% the payment goes down almost $100.00 per month. That is what has happened in many markets over the last 3 months.

So if you almost qualified for the home you wanted, it is time to try again. Larry Cragun.

Thanks Teresa: Click here and participate in Teresa’s pumpkin contest.