NEWS FLASH-MORTGAGE RATES DROP TO 4.5%
HOME LOANS, TIPS FOR BUYERS
December 17th, 2008
In twenty five years of selling real estate, I have never seen interest rates drop so low! Becki Isner, of Amerigroup Loan Center here in Redding, is quoting 4.5% for a 30-year fixed rate mortgage with a 20% downpayment and a FICO credit score of at least 740.
For the median priced home of $210,000 with 20% down, this translates to a mortgage payment of $851/month on a loan of $168,000. Add taxes and insurance and the payment is roughly $1,100/month! That is about equal to rent not counting tax advantages.
Homebuyers would be able to write off interest, property taxes and some loan fees. Taxes and interest are deductible and would create nearly $10,000/year in write-offs. This should save a buyer at least $250/month which equates to a net payment of $850/month. Home ownership makes sense with these very low long term fixed interest rates!
Becki Isner can be reached at 221-2626 or 949-0157 for details….
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
