Sounds straightforward, right? The lower the current interest rates, the better deal you can get on a mortgage for a new custom Florida home.
Lower interest rates mean less interest over the life of a loan and — perhaps more importantly — lower monthly payments. Even those of us who aren’t math whizzes probably understand that.
There are several ways this works for a prospective ICI Homes buyer. You can buy a bigger house if that better fits you and your household. You also can consider a pricier one that you eschewed due to conscientious budgeting. Or, you’re happy with your original price and square-footage requirements, but gladly will pay less per month for them.
Thank you, Federal Reserve Board!
How do you pounce on such an opportunity? By tracking dips in interest rates.
Keep tabs on financial news
This doesn’t mean staying glued to cable channels or websites. Or taking an economics class.
It simply means setting alerts on your digital device(s) of choice for “interest rates” (or your own key words). Scan headlines. Talk to friends or family in the financial businesses who would know these things as part of their work flow.
Depending on your prerequisites — targeted purchase amount, loan duration and monthly payment