Buying a home in Minnesota now can make a lot of sense for people with a realistic version of the American Dream. Check out the comparisons below and consider it an investment.
First, you live in a house to become an owner, a member of the community, to find a place to call home and establish roots. If you had been in the market to buy a home in the past, but did not buy, you could be looking at some very real savings. Let’s take a look at an example: For instance, four years ago, the monthly payment on a $300,000 house with 20% down and an interest rate of 6.6% was $1533. Turn the clocks ahead to today. That $300,000 house most likely would sell for $213,000 and a 30 year fixed- rate mortgage with 20% down would have an interest rate of about 4.2% and a monthly payment of $833.00. That’s a savings of $300 per month in addition to the fact that the down payment would be $42,600 instead of $60,000. So, is the market at the bottom? Who knows, but it sure looks more enticing now than four years ago in the home buying atmosphere.
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