The article by the North Carolina Housing Finance Agency regarding the top three items to consider when looking at buying a home, tries to inform the public about the purchase price versus the interest rate you will be given based on your credit, down payment, and your ability to live in the home without a financial burden.
- Your interest rate may be the number you have first and foremost in your mind, but it is important to keep it in perspective and think of it in comparison to the purchase price of the home
- Your interest is calculated as a percentage of the mortgage or amount borrowed, so thinking about these two numbers together is imperative
- If your interest rate is low, you may be able to afford a more expensive home
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