No Tax Credit, No Problem!

Daily Real Estate News | May 27, 2010

Post-Tax Credit Buyers May Save Money

Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.

Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.

At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.

The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.

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Take advantage of these historic low rates today! If you need to refinance, I can refer you to a great lender - just give me a call. And if you are thinking of buying, give me a call to take advantage of these rates and the low home prices. Low prices and low rates.....that's the best time to buy!
That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit.