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You are here: Home / Blog / Featured Blog Posts / Purchasing Ability for Buying a Home

Purchasing Ability for Buying a Home

April 2, 2018 John Kynor Leave a Comment

It is often hard for buyers, particularly first time home buyers, to understand the implications a higher interest rate has on their purchasing power, but this graphic, provided by Chris Juarez of Academy Mortgage does an excellent job at illustrating exactly what effects a 1% increase in interest rate does to a buyer’s purchasing power.  As illustrated in the image below, a 1% increase in interest rates reduces a buyers purchasing power by almost $40,000.  Stated in another way, a buyer will still pay the same percentage as a down payment, and they’ll pay the exact same amount every month for their mortgage payment, but the house they buy will have to be almost $40,000 less IF interest rates go up even 1%.
The fed have announced that interest rates are going to rise, so if you are thinking about buying a home, please contact your Q Realty broker or your lender to get locked in on a rate today, while they’re still low.
Purchasing_Power Chris Juarez (1)
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Filed Under: Featured Blog Posts Tagged With: Academy Mortgage, Albuquerque Home Buyers, albuquerque real estate, first time home buyers

About John Kynor

John Kynor is the Founder, CEO & Qualifying Broker of Q Realty®. John has enjoyed over 15 years in Albuquerque real estate and is a multi-million dollar producer. He founded Q Realty® in 2012, which quickly became one of the top real estate companies in Albuquerque ("The Q"). Contact John at John@Qrealty.com with any questions.

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