At Taylor Morrison, we want you to have the best new home buying experience possible. So, when interest rates are potentially on the rise, it’s important that we let you know.
Future rates are impossible to predict, of course, but the Federal Reserve has hinted they could go up later this spring if economic growth continues at its current pace. And remember, it’s the economy of the nation as a whole that matters. Whether you’re buying a house in Houston, townhome in Atlanta or waterfront home in Ft. Myers, FL – when rates go up, the cost of your monthly mortgage is more.
While interest rates are still low in the grand scheme of things, they’re the highest they’ve been in four years. It may or may not be your last chance at locking in a historically low rate but if you’re on the fence now about a new home purchase you could save significantly by acting fast.
The Real Impact of Rising Rates
To look at an example, just a one percent rate increase on a $300,000 new home purchase (presuming 20% down) raises the monthly payment by $142 a month.
For first-time home buyers this could mean having to choose a smaller floor plan, passing on options & upgrades or purchasing at a community with less attractive amenities. For many, higher rates might mean postponing a new home purchase altogether.
Finding a home you can afford is more complicated than simply looking at the sticker price. Financing options and rate fluctuations play in a major role in how much you’ll need to pay each month for your mortgage.
Fortunately, Taylor Morrison Home Funding makes mortgage planning easy with a number of online tools that guide you through the process.
Why Taylor Morrison Home Funding?
You’ve already chosen to build your new home with America’s Most Trusted® Home Builder. Here are 3 reasons to finance your purchase with Taylor Morrison, too:
- To us, your home is the most important home that we can build. This same philosophy transfers over to our financing team. Our commitment to providing a smooth and stress-free home buying experience means we’ll walk you through this, every step of the way.
- More ways to say YES! Our mortgage experts understand that sometimes personal finances can be tricky. We can tailor your loan to fit your unique needs.
- A seamless experience. Working with one company means your financing team and new home sales associates are reading from the same page. When your builder trusts your lender, good things happen. Knowing that both companies share the exact same vision leads to a positive buying experience for your family.
Start to Finish: What to Expect When Financing a New Home
The financing process doesn’t need to be confusing. From pre-approval all the way to handing over the keys, Taylor Morrison Home Funding lights the way.
Understanding where you’re going makes it a whole lot easier to get there. And with one less thing to worry about, you can expend more energy on the fun stuff like personalizing your new home with finishes from the design center.
Taylor Morrison makes it easy for you to run the numbers. The following calculators are available online for free:
- Payment/Amortization Calculator: Calculate the monthly payment on a given home in just seconds. Adjust the total mortgage amount, interest rate, loan term and interest type (fixed or adjustable) to figure out exactly how much home you can afford.
- Rent vs. Own Calculator: Wondering if you’d be money ahead to stop renting and purchase a new build home? The results might surprise you.
- Prepayment Calculator: Determine the real benefits of adding a little extra to your mortgage payment each month.
- Early Payoff Calculator: Need to know how much more to pay each month to finish your mortgage off by a certain date? No problem.
- Tax Savings Calculator: Calculate your tax savings from mortgage interest.
Financing Tips, Tricks & FAQ’s
The more you know, the better. Avoid common pitfalls and have all your questions answered on a single page. From required documentation to asset verification, locking down interest rates, home appraisal and more. We’ve got you covered.
Learn the Lingo!
Navigating all the financing jargon is enough to make your head spin. Great news – we’ve gathered all the mortgage related terms you’ll ever need in one place.
Here’s your one-stop-shop for talking mortgages like a pro.
Find Your Home
Taylor Morrison makes it easy to find a new home community to match your budget, tastes and needs in the best places to live in the country.
Begin your new home search with our Find Your Home tool.
If you’re thinking of shaking things up and moving somewhere new, consider these three communities in the spotlight:
- Riverbank Crossing in Geneva, Illinois – A brand new townhome community in the Chicago suburbs. Low maintenance. Near the Metra Station. Great schools. Live in peaceful Geneva and commute to one of America’s most vibrant and storied cities.
- Eave’s Bend at Artisan Lakes, Palmetto, Florida – Coming soon! Vacation-inspired living at a resort-style community in Manatee County. Join the VIP Interest List to receive community updates before the general public.
- Heritage at Vizcaya, Round Rock, Texas – Live life to the fullest at an Austin 55+ community where fun is the name of the game.
Got questions? We’re here to help. Feel free to comment on this post or send us a message through the online form on our website.
Questions related to interest rates or financing should be directed to the contact page at Taylor Morrison Home Funding.
We look forward to helping you strike while the iron is hot! Get into the home of your dreams now at a mortgage price you can afford.
“Is It Last Call for Low Mortgage Rates? Why Home Buyers Should Act Now,” Realtor.com
“Federal Reserve Leaves Rates Unchanged,” NY Times