The COST FACTOR of a Berks County Home Purchase
By Jeffrey Hogue, Real Estate Pro in Pennsylvania Since 1993
(Jeffrey Hogue Realtor Group)
How much does a Berks County home cost? The question seems simple enough. The answer is not that easy. The answer is even more complex if there is a mortgage involved. The National Association of Realtors states that approximately 65% to 70% of all buyers obtain a mortgage to purchase their home. The first thing we need to find out is the interest rate and term of the mortgage. For this example I will use a mortgage amount of $100,000(easy math). Our interest rate will be 3.75% and the term of the mortgage will be 30 years. The principal and interest payment is $463.00. What this means is for every $1,000 borrowed the cost is $4.63. This is the “COST FACTOR”. Ok, just to make sure this is clear…If you take a mortgage of $250,000 at 3.75% interest and 30 year term the principal and int...
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