Bruce Watts - Realtor
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With over 3 years of Real Estate experience, Bruce makes each transaction as smooth and stress-free as possible for undefined clients. Bruce began a career in Real Estate in 2019, and since then has joined eXp Realty, LLC, where he has been able to provide numerous clients with knowledge, expertise, and unparalleled passion for the field. In addition to helping clients buy and sell homes, Bruce is also highly skilled in working with Luxury Clients, Buyers and Sellers.
04/11/2022
Rumor has it interest rates are gonna keep rising. But you want to buy a house. Sigh. I feel ya. I’m talking to buyers every day about rates and the role they play in buying a home. And while no one has a crystal ball, it’s true that they’re inching upwards. That said, I wanted to share some basic info about interest and how it works so you can make the best decision given your situation this spring.
An interest rate is essentially the price you’ll pay to borrow money to purchase a home.
Interest rates are displayed as an annual percentage of the total amount borrowed, also known as the principal.
Here’s a straightforward example: Say you borrow $500, and the interest rate is 8%. At the end of the year, you’ll owe $540 ($500 x 0.08).
Lenders make money off the mortgage interest. In the example above, the lender would pocket the $40.
Lenders determine your interest rate using a variety of factors; however, the most important is your credit score. A credit score is a number that predicts how likely you are to pay back a loan on time—the higher your score, the lower your interest rate.
If you want to talk more, let me know. I’m here to help you navigate every part of buying a home!
03/17/2022
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8445 Keystone Crossing, Suite 105
Indianapolis, IN
46240
