Is It Time to Use Your Savings to Buy a Home?
Category: News and Notes- fhuff- 2:51 pm/ June 17, 2010Have you been saving money like crazy to buy a home? The good news is that mortgage interest rates are near historical lows, making this a great time to purchase a home. It may be time to crunch some numbers to determine if you have enough for a down payment to make your dreams of home ownership a reality.
Mortgage lenders are offering an average interest rate of 4.75% for fixed 30-year mortgages, according to Freddie Mac. Keep in mind that only borrowers with the best credit scores are going to qualify for the best interest rates.
The amount of savings you have can also influence the type of mortgage deal you are offered by banks. The more money you have in savings to make a down payment, the lower your monthly payments are going to be.
When running the numbers on home ownership, use a mortgage calculator that lets you play with the numbers. You can determine whether your current savings is sufficient, or if you need to keep adding money to a savings account a while longer. A mortgage calculator can also help you determine whether paying points can help lower the mortgage rate you are offered by banks.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.60 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you.
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