You have probably heard that interest rates have plunged to record lows in recent weeks. The average rate for a 30-year, fixed-rate mortgage fell to 4.66 percent in the latest survey of major lenders taken Aug. 4. Low interest rates in the current market make it the opportune time to buy or build a new home with Mega Homes.

“Historically, interest rates are at an all-time low right now, and typically Mega Homes’ clients are move-up buyers, so the low interest rates benefit them even more,” says mortgage industry expert Aaron McClay of Fairway Financial. “The savings are tremendous on a 30-year mortgage, but if a buyer is able to work with a 15-year mortgage, the savings multiply immediately because less interest is being paid.”

When interest rates are low there are a number of benefits for you as a home buyer. A potential home buyer can obtain a mortgage more cheaply than they normally would, which translates into much lower payments over the life of the loan.

Even a slight decrease in interest rates makes a huge difference in payments and also in purchase power. Not only do lower monthly payments allow you to purchase more home for your dollar, more money is going to the purchase price of the home rather than toward interest. Mega Homes brings upscale features and distinction to the interior and exterior of your home.

Call Aaron at 612-987-2761 or email him for more information. For your convenience, here’s a link to a great mortgage calculator.