BULLETIN: 5.5% loans
Wednesday, December 03, 2008
Interest Rates have dropped to 5.5% on a 30 year fixed loan! The lowest since last February. The P&I (principal & interest) payment on $200,000 at 5.5% saves $128.56 per month compared to a 6.5% loan.
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Another way to look at this is your same payment now buys $20,000 more house! How cool is that!
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Now is the time to buy… unless you are a real optimist and think rates will fall further!
Despite what you’ve heard, there are still loans available to qualified borrowers. There is still a first time homebuyer tax credit of up to $7500.
What are you waiting for?