The average mortgage rate for a 30-year loan recently dropped to 6.60%.
Curious about what it takes to buy a home in Kentucky at this rate? Let’s simplify it!
Kentucky Home Prices and Down Payments
The median price for a home in Kentucky is $299,200. Here’s what your down payment and monthly costs might look like:
- 20% down payment: That’s $59,840 upfront. Your monthly mortgage payment would be around $1,529.
- 10% down payment: That’s $29,920 upfront. Your monthly payment would increase slightly to about $1,720.
But don’t forget! These numbers don’t include property taxes and insurance, which are also important to budget for.
Why Mortgage Rates Matter
Back in October 2023, mortgage rates hit 7.79%, making homes more expensive. At today’s 6.60% rate, you’d save:
- $192/month with a 20% down payment.
- $217/month with a 10% down payment.
That’s real savings you can use for other expenses or investments!
Ready to Start? Get Pre-Approved First!
Pre-approval is the first step to buying a home. It shows sellers you’re serious and helps you figure out what’s affordable. Here’s how to get started:
- Gather Documents: You’ll need your Social Security number, proof of income (like pay stubs or tax returns), and bank statements.
- Check Your Credit Score: A good score helps, but it doesn’t have to be perfect.
- Apply Online: Use tools like the trealtorr.com pre-approval portal to compare rates from different lenders.
The best part? Getting pre-approved won’t hurt your credit score. Offers are usually valid for about three months, giving you time to shop confidently.
Why Now Might Be the Right Time
Mortgage rates can be unpredictable, so waiting for the “perfect” rate might not be the best idea.
If you’re ready to start your home search, now could be the moment to act.
Buying a home is a big step, but with these tips, you’re one step closer to your dream home in Kentucky. Happy house hunting!