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If you're thinking about buying a home right now, there's one thing that's probably on your mind: interest rates.
You're not alone.
In today's market, one of the biggest concerns buyers have is how higher interest rates impact their ability to afford a home. And it's a valid concern interest rates affect much more than just your monthly payment.
Let's break it down.
When interest rates rise, so does the cost to borrow money. That means your monthly mortgage payment goes up even if the price of the home stays exactly the same.
For example:
A $400,000 loan at 4% = ~$1,900/month (principal & interest)
The same loan at 7% = ~$2,660/month
That's a difference of over $7...
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