With rising interest rates, many are concerned about their monthly payment when shopping for a new home. My handout gave some expamples of monthly payments vs interest rate and options for financing. In the expample a 1% increase in interest rate resulted in a $100 per month increase in payment. Also shown was a possible FHA loan or even buying down a rate with discount points.

The values were hypothetical but a tool I use daily. Increased awarenes of home insurance costs, HOA fees and real estate taxes have a heightened focus when home shopping for some of my clients as their budget is becoming strecthed farther in this environment. By checking in often and offering a lock and shop option for rate can take some of the sting out of the process.