The Is the First Test Blog

Hi ,

Within the last 7 days, mortgage affordability just got a huge boost. 

With the new insured mortgage rules allowing 30 year amortizations effective December 15th, 2024 AND interest rates dropping, monthly mortgage payments are 25% lower compared to last year.

Example:

For a $750,000 purchase with a $50,000 down payment, a $700,000 mortgage last year at 6.5% (fixed rate, 25-year amortization) meant monthly payments of $4,877. 

Now, with a 4.5% rate and a 30-year amortization, that same mortgage costs just $3,657 per month—that’s $1,220 less every month!

And the income you need to qualify for that mortgage today is $38,000 Less than last year

Here’s a snapshot of how these changes make homeownership more affordable:

https://greg-parker-8762.mykajabi.com/podcasts/fourwallsforsale-podcast/episodes/2149095337

https://greg-parker-8762.mykajabi.com/podcasts/fourwallsforsale-podcast/episodes/214909