Great news the mortgages rates have come down 1% which means you can buy 10% more home today. First time home buyers also receive a $7,500 tax credit. Tell your friends about this exciting news and call me before they go back up. It is a buyers market and there are a lot of great deals out there.
Cost of Home BUY NOW WAIT, and hope for a 10% drop in price
Loan Amount $320,000 $288,000
Interest Rate 6.375% 7.125%
Term (Months) 360 360
Monthly Payment $1996 $1,940
Renting at $1,000 per month, for 12 months, while waiting for the prices to maybe drop, is a $12,000 loss in one year. Unlike a mortgage where part of the payment is returned to you in a tax savings. Raleigh is slated to bounce back fast. It would be better to buy a day too soon than a day too late. Prices are going to go up with news like this.
Don’t wait buy. Buy now before rates and prices go up!
Have a great weekend.