HOW MUCH DOES IT COST TO BUY A HOME RIGHT NOW?

Thanks to rising interest rates, it costs a lot to purchase a home now. It was actually cheaper last year because interest rates determine your monthly payment and affordability, not purchase price.

A half million dollar home is now over $4,000 per month when two years ago with low interest rates it was a thousand less for the same price home. “Timing the market” costs you!! Home prices barely affect how much you pay. The price is really just a lending tool. For you what matters are the current mortgage rates.

Most buyers now are going back to FHA and paying usually a down of 3.5% plus closing costs which around here tend to average around $12k or a little higher. So for this home expect to pay out of pocket at least $30,000 out of pocket.