Tooele is a great place to start a family as over 100 Tooele homes are available for under $150,000. Using the mortgage calculator on the right will show that a $150,000 home with a standard 20% down payment would cost about $832 per month for a 30 year loan at 5% interest. Comparing that to an estimated 6.5% rate from a few years ago would put monthly payments at $946. That’s an increase of over $1,350 per year. If you were to go with a 15 year loan or an adjustable rate mortgage, rates would decrease even more. If you are able to afford a 15 or 20 year loan, you will also be paying much less interest over the life of the loan.
Now is a great time for first time home buyers especially because they don’t have to worry about selling their home, but are able to focus on buying and finding the deal they are looking for. As mentioned before, real estate in Tooele has many options for first time home buyers. Check it out!