Today's real estate market provides an excellent opportunity for renters to turn their monthly payments into equity. Interest rates are still lower than in the past ten to twenty years. Home prices in many areas are adjusting back down to reflect reasonable levels of appreciation.
Money paid for rent goes into the pocket of the landlord, but money paid for a mortgage goes toward equity in the home. You keep the money you pay for your home, as its investment value increases with every payment.
If you could put $10,000 down on a $210,000 home today and pay $1,100 per month, your equity would total $138,521 over a ten-year period. This calculation assumes a 30-year fixed rate loan at 6.5% and an annual appreciation of 4.5%. Of course your income and credit rating determine whether or not you qualify for a loan.
So do the math, and then contact a local real estate agent or a lender to discuss your eligibility for home ownership. It’s never too late to start building your future!
For more information about living in central Virginia please visit my website at
www.MadisonVARealEstate.com
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2 comments:
This is really good information. I noticed you had some pictures. Do you have any more photos of the area?
I have more pictures of Madison County on my Web site
www.MadisonVaRealEstate.com Look on the right hand side and click on Patti's local photos.
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