The amount of home you can afford goes down as rates increase. Projections are that interest rates will be in the mid 5% by this summer!
Here are a few examples for home purchase in the $200-$400 k range and the difference on your mortgage payment and what you can afford when rates change.
Calculate your monthly mortgage payment using the free calculator below. A house is the largest purchase most of us will ever make so it's important to calculate what your mortgage payment will be and how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.
Use this Mortgage calculator
Most important is to connect with a local lender who can provide you with up to date information and look at your finance's on a one to one basis. They will give you a realistic picture of the loans available to you, set realistic expectations, and get you pre-approved for a mortgage before you begin the house-hunting process.
Give me a call and I am happy to connect you with my amazing lenders!