Why Interest Rate are Important...

Interest Rates are very important to watch because a 1% difference may make an impact on what you can afford. Lets take a look at a small mortage taken out at $120,000. If you take out a loan for $120K for 30 years @ 7% interest your loan estimate would be around $798.36 per month, now say if the market changed within a week and you now could be at an interest rate @ 6% the same loan may now be $719.46 that would be a saving of $78.90 a month for 30 years. That is a approx. savings of $28,404 for the life of the loan. For most people that could be a 1-2 years worth of work. So by keeping great credit and looking at the market you can help save yourself some money.