New Homebuyer Tips
Crossland Title Inc. is a Knoxville title agency providing full-service real estate title solutions. Crossland Title Inc. makes your closing seem effortless.
With more than 36 years of experience in the real estate and title business, owners Pam Rice and Beth Crox have built their reputations upon the virtues of personal service and integrity. They believe that reputation as an honest and reliable business is the recipe for success.
Mortgage Rates are Historically Low
You buy a home today for $450,000 at 2.875%, with 20% down and a 30 year mortgage. Your monthly payments will be $1,493 before taxes, insurance, etc. and over the lifetime of the loan, you’ll end up paying (loan+interest) $537,830.
Let’s assume you purchase this home for $410,000 due to a cooler market in 2022. If the mortgage rate goes up by a single percentage point over the next year (a rate of 3.875%). With all other factors staying the same, your monthly payments will be $1,542 before taxes/insurance, and your total amount owed would be $555,380.