Low Interest Rates makes NOW the best time to buy a home!

Many buyers rushed to purchase their home by April 30th, 2010 before the $8000 federal tax credit expired. Well guess what? – the even lower mortgage interest rates available make now AN EVEN BETTER TIME TO BUY! Here it is in dollars and cents:


April 29 – interest rate of 5.06% (according to freddiemac.com)
August 17 – interest rate down to 4.42%

SAVINGS WITH LOWER RATE: $154 per month savings on a 30 year fixed rate mortgage of $400,000 and $55,510.00 savings over the 30 year life of the loan!

OR

A home purchased in 2005 with a $400,000 mortgage at an average rate of 5.87% has  payments of $2,365 per month. Refinance now and reduce your monthly payment:

SAVINGS WITH LOWER RATE: $508 per month savings (payment reduced to $1857 per month).

OR keep the payments the same and shorten the length of the loan.

SAVINGS: Tens of thousands of dollars in interest to be saved over the life of the loan.

There has likely never been a better time to buy or refinance! There are lots of homes on the market, and prices and interest rates are low, low, low! Don’t wait to see if prices go down as it is likely that interest rates will inch up! ACT NOW!