How does the rise in mortgage rates affect YOUR purchasing power?

Are you ready?

Do you know how it will affect you?

Which house would you prefer?

THIS

 

OR THIS?

Are you contemplating purchasing a home?  A lot of buyers make the mistake of only looking at the sale price of a property when deciding to buy a home or vacation home.   In reality, the timing of the purchase  could be even more important.  If you have been on the fence, the time to purchase may be now.   

Consider this……

For each percentage the Federal Reserve raises interest rates, it decreases a buyer’s purchasing power by 9 to 11% (depending on loan amount) – and the Fed’s have given every indication that rates will be going up!  The interest rate you pay on a home  affects you monthly over the life of the loan.

  Below is a graph that gives some great examples of how interest rates affect YOU, the consumer.

Monthly Payment Table for 30 year loan with Interest Rates from 3.500 to 6.000 Percent

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Loan	3.500	3.812	4.125	4.438	4.750	5.062	5.375	5.688	6.000
150000	673.57	700.00	726.97	754.47	782.47	810.97	839.96	869.41	899.33
160000	718.47	746.67	775.44	804.77	834.64	865.04	895.95	927.37	959.28
170000	763.38	793.34	823.90	855.06	886.80	919.10	951.95	985.33	1019.24
180000	808.28	840.00	872.37	905.36	938.97	973.17	1007.95	1043.30	1079.19
190000	853.18	886.67	920.83	955.66	991.13	1027.23	1063.95	1101.26	1139.15
200000	898.09	933.34	969.30	1005.96	1043.29	1081.30	1119.94	1159.22	1199.10
210000	942.99	980.01	1017.76	1056.25	1095.46	1135.36	1175.94	1217.18	1259.06
220000	987.90	1026.67	1066.23	1106.55	1147.62	1189.43	1231.94	1275.14	1319.01
230000	1032.80	1073.34	1114.69	1156.85	1199.79	1243.49	1287.93	1333.10	1378.97
240000	1077.71	1120.01	1163.16	1207.15	1251.95	1297.55	1343.93	1391.06	1438.92
250000	1122.61	1166.67	1211.62	1257.45	1304.12	1351.62	1399.93	1449.02	1498.88

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Below is a table of  potential rate hike probability of increases for the NEAR FUTURE.

BOTTOM LINE… NOW is the time to pull the trigger!

There are lots of steps that go into purchasing a home.

The first step is finding a lender that you are comfortable with and going through the process to determine what your maximum approval amount is for a purchase price.  Buyers should take the time to “shop around” to insure you get the best rate and compare all other costs and fees associated with the loan.  The industry standard of borrowing for a home is no more than 28% of gross income and that’s assuming all debt services are under 36%.  A buyer can help reduce his/her costs by putting 20% down on a property which will eliminate private mortgage insurance.  PMI is insurance that protects the lender from non-payment.

A buyer’s pre-approval amount doesn’t necessarily mean that’s what you want to spend on a property. 

You need to consider your lifestyle and your comfort level.  Does the home you are purchasing need renovations?  Do you have college education ahead?  Do you enjoy vacationing with family?  When you purchase this home are you wanting all new furniture?  Are you planning for retirement?   Where is your comfort level with the loan amount?  As a real estate agent here in Branson MO, I know lots of new home owners want to purchase a boat and additional lake toys.  These questions need to be answered prior to finalizing your maximum loan amount.

Get Yourself A Buyer’s Advocate

It’s also key that you get a buyer’s advocate: a real estate professional who has knowledge of the area in which you are purchasing.  You want someone who will help you navigate the buying process.  They should be able to bring not just knowledge of the area, but listen to what your desires are for your new home and then be able to comb the inventory and produce homes that fit your criteria.

They need to be able to help you understand nuances of the area, for example: septic systems; wells; homeowners and condo association dues; boat slips, HOA’s, COA’s, state and county laws that might affect you.

The agent should have an extensive vendor list to help you during and after purchase; inspectors, roofers, handymen, plumbers, movers, gas companies, electric companies, churches and so much more.  This will help ease the buyer’s transition into a new community.

So choose wisely, interview, make sure your communication styles fit.  You will be spending a lot of time with your agent and you need to trust them to work on your behalf.

Our goal at Table Rock Realty Group is to treat our client’s home as if it was our own.  We know that if we do that, we have provided a higher level of service.

 

Author: Sharol Nuckolls, REALTOR©

Table Rock Realty Group is Different by Design, offering a superior level of knowledge, expertise and complete Concierge Real Estate Services.  We also have a dedicated office manager to best serve our clients.  Call us today if you are looking for property in the Branson, MO or Table Rock Lake areas – or if you just have questions about real estate.  We can even help you find a quality REALTOR© in another community.

Call Sharol Nuckolls @ 417.593.2010 or Liz Chun @ 240.344.4582 today!  You’re invited to search our website @ TableRockRealtyGroup. com or follow us on Facebook or find us on Pinterest, Twitter, Instagram, & Google+.   We look forward to helping you navigate your real estate journey!

 

 

 

 

Branson area Tuscan inspired Estate steps from Table Rock Lake

Would you like to live in a Tuscan inspired Estate steps from waters edge on Table Rock Lake?

Branson area Tuscan Estate Table Rock Lake Front

Table Rock Lake Luxury Home

Branson area luxury homes sunrise

Link to similar luxury properties on Table Rock Lake?

This Branson area luxury home is truly a spectacular lake property with all the amenities of a 5 star resort, nestled in the beautiful Ozark Countryside. 

Branson area Luxury home with Ozark Country side surrounding it

As you drive up to the home you will be met by stately trees which offer privacy, but opens up to a clearing where a volleyball, soccer game or croquet match could be played with all your guests.  A short walk or golf cart ride away is the dock so heading out to fish, water ski or dive is convenient and mandatory!  When you walk up to the luxury property you see quality construction, from the stunning brick & stone exterior, professionally landscaped yard with sprinklers system, three car garage and stunning entry with custom doors.

Branson area luxury property with custom entry

Opening the front door brings you into a stunning entry with a three story spiral stair case and soaring ceilings with a 10x 20 Kalwall skylight that diffuses lighting & transfers zero heat.

Table Rock Lake Luxury home with amazing views

There is a wall of windows in front of you that draw you to the wonderful Ozark Countryside, Table Rock Lake and don’t be surprised to see wildlife, such as; deer, turkey, fox, blue heron, bald eagles & much more.  Just imagine dining with friends and sharing this experience with them.

Branson area luxury homes galley butler’s pantry

Table Rock Lake Luxury home with spectacular Chef’s Kitchen

Calling all Chefs this Branson area gourmet kitchen will warm your heart! 

Attention to detail is at every turn, from the  ceiling, rustic stone surrounding gas stove, stunning dark custom cabinets, ample work space, high-end stainless steel appliances, breakfast bar,  a wonderful galley butler pantry with open shelving, built-ins, copper sink, wine refrigerator, ice maker, desk to plan menus and so much more!  Whether barbecue or black-tie all cooks will be inspired.

Table Rock Lake home with jetted tub

Table Rock Luxury home with built-in dressers

Branson area Spectacular Master Retreat

The master retreat is on the east wing and has a private study to read a great book over dinner or facilitate business deals after a long day on the lake.   The bedroom is a haven from a busy day with beautiful tray ceilings, sitting area with gas fireplace and french doors that give you access to the deck & the Ozark Country side.  The en-suite bath will make any women smile; with an amazing soaker tub with grand columns and lighting to set the mood, custom cabinetry with granite counter tops and take the time and meander out onto the private deck where the hot tub awaits for late night relaxing.  Whether Prada or flip flops this master walk-in closet will amaze you!  The closet has great lighting, custom built ins, loaded with storage, bench seating and a washer and dryer for convenience.

Table Rock Lake home with custom bar

The lower level is Luxury blended with Man Cave! 

A wonderful custom bar, wine cellar, family area with fireplace, access to patio, game area with pool table and an extraordinary theater room.  So after a long day on the lake get the popcorn and drinks and relax with family and friends.

Table Rock Lake homes conservatory & library ready for winding down

Branson area home with over-size bedrooms

Table Rock Lake Luxury at it’s best

Branson area luxury home that will offer your guest a 5 star experience!

When guests are ready to retire, the upper level has 5 luxurious guest bedrooms with en-suites or jack-n-jill baths that rival a 5 star hotel. If reading a book is on the agenda the library is also on this floor with custom book cases, so curling up with a good novel is an option or head to the conservatory to talk about the lake activities of the day and pick up a cup of coffee from the coffee bar or cold beverage from the refrigerator.  Make sure to take in the view from the wall of windows as the sun sets over Table Rock Lake, it might just inspire a novel to be written! There is an additional laundry room for your guests.

Table Rock Lake homes ready for guests

Branson area homes deck area

Living on a lake is all about outdoor activities and this home truly has it all!  Walk out onto the back deck and you will be met with a stunning stone fireplace to roast marshmallows, an outside kitchen area, bathroom, screened in porch and an amazing infinity-edge pool and hot tub that will be a hit for all your guests.

Quality construction is at every turn with 10 foot ceilings, over 11,500 sq ft finished, three story elevator, custom cabinetry & granite throughout, 4 fireplaces, multiple dishwashers, alarm system, whole house music system, speaker & intercom, central vacuum, 5 high-efficiency HVAC system, generator and so much more.

Branson area lake front home with privacy

If you are looking for a luxury home that truly has it all- THIS IS YOURS!

Bring your lake toys and start making memories with family and friends!

 

Author: Sharol Nuckolls

If you have any questions about this spectacular Branson area lake front Tuscan inspired property or any other property on Table Rock Lake, Call Sharol Nuckolls @ 417-593-2010 or search my website @ Table Rock Realty Group. com or follow me on Facebook or find me on Pinterest, Twitter, Instagram, & Google+ Or Call The Best Team @  417-300-5437 or search their website @  YouDeserveBest.com or follow them on Facebook, or find them on Pinterest, Twitter, Instagram  Or Google+