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Thank you for voting us Number #1 Realtor in the Montgomery Newspapers Reader's Choice Awards for the 3rd consecutive year!!!
If you missed the tax credit, you will find that historic low interest rates will save you more over the life of your loan.
Thank you for voting us Number #1 Realtor in the Montgomery Newspapers Reader's Choice Awards for the 3rd consecutive year!!!
If you missed the tax credit, you will find that historic low interest rates will save you more over the life of your loan.
In April, the average interest rate was 5.34 percent. In terms of 
a $250,000 loan, the principal and interest every month on a
30-year fixed loan would be $1394.48 and cost $502,012 over
the life of the loan. Interest rates have fallen dramatically since
April 30th. The average interest rate is currently around 4.83 per-
cent, meaning that the average principal and interest payment on
the same loan would be $1316.20 per month and cost $473,832
over the life of the loan.
By purchasing the same home right now, instead of in April, you will save $78. per month, and over $28,000 during the life of your loan. Since the homebuyer tax credits ranged from $6,500 to $8,000, you can see the savings with these interest rates, and how your buying power increased by these rates
There was a mad dash in April to purchase a home by the April 30th deadline. There is less competition out there right now, meaning that you have more homes to choose from and you have more negotiating power.
Margaret Bythrow, License # RS132070A
