Home prices are continuing to rise and so are interest rates. What does this mean for you? Not only is the home you liked a year ago more expensive, but the money financed for your mortgage has also become more expensive. If you have given any serious thought to buying a home in the near future, the time to act is NOW. I have heard from folks over the past year that they want to hold off and save up for additional down payment. Well unfortunately those folks trying to save up for 5 percent, 10 percent, or even 20 percent will now have to pay more interest on the much larger figure…their loan amount. Does it make sense to wait and save a little and pay more on the larger figure long term? Maybe or maybe not…but you won’t know for sure until you speak with a trusted mortgage professional.

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