The Value Of Low Interest Rates In Housing Near Lackland AFB
posted Mar 03, 2014
Buying a new home is exciting, but the financial aspects can be overwhelming, involving things like down payments, loan qualifications, and interest rates. While financing your new home can seem like a daunting process, it doesn’t have to be, and with interest rates within one percent of the lowest levels in history, there has never been a better time to make you real estate purchase. Military families who relocate often will be glad to know that the housing near Lackland AFB or any other San Antonio military base is significantly less expensive to own due to such low interest rates.
The lower the interest rate for a home, the less you have to pay for your loan, and the less you have to pay for your loan, the greater your buying power will be because your monthly payments are lower. If you qualify for a low interest rate, you will be able to afford a home that you didn’t think was within your budget. For a bank to determine if you qualify for a low interest rate, it will consider your ability to make timely payments on your mortgage by analyzing your personal finances, credit reports, credit score, and debt-to-income ratio. If you have a credit score of 760 or above and a low debt-to-income ratio, you should be able to secure the lowest available interest rates.
If you are able to secure a low interest rate for housing near Lackland AFB or other bases, consider signing up for a 15-year mortgage instead of a traditional 30-year mortgage. This shorter loan term, when combined with a low interest rate, will save you thousands in interest over the life of the loan.
As part of Housing 1 Source’s all-inclusive services, we can assist you with a mortgage on housing near Lackland AFB or any other San Antonio property. We can help you apply for a mortgage, assist with the closing process, and provide access to premier lenders and title companies. Call us today to find out what we can do for you.