The Cost Of Waiting To Purchase A Home
A substantial portion of family wealth comes from home equity. As the value of a family's home (an asset) increases, so does their equity. If you don't yet own a home, now may be the time to purchase because there are so many loan options with low down payments. Owning or moving up to your dream home could allow you to build equity and grow your largest asset.
Interest rates are projected to increase steadily heading into 2020. The higher your interest rate, the more money you will end up paying for your home and the higher your monthly payments will be. The graphic below breaks down what your monthly payment will look like as the interest rates increase.
If interest rates and home prices continued to go up, the cost of waiting can be significant.