30 year fixed rate mortgages continue to be the bargain of a lifetime. Rates today (April 4, 2009) are at 4.99% with no points. When you combine these low rates with the low housing prices that we are currently experiencing in West Chester, Beckett Ridge and Liberty Township, what you get is an incredible opportunity. How long it lasts is anyone’s guess. Here are some example payments based on some different interest rates. You can see the tremendous impact these low rates have on a monthly payment.
On a $200,000 loan:
A 6.50% interest rate = $1264.14 monthly payment of principal and interest
A 6.00% interest rate = $1199.11 monthly payment of principal and interest
A 5.50% interest rate = $1135.58 monthly payment of principal and interest
A 5.00% interest rate = $1073.64 monthly payment of principal and interest
And if you want to wait and see if the rates will drop even farther and risk missing out on the 5.00% rate:
A 4.75% interest rate = $1043.30 monthly payment of principal and interest
This last example of course is only valid if rates ever dropped to 4.75%. You would save an additional $30 per month, but you risk waiting and missing out on the lowest rates we have seen in decades should rates begin to inch back up as they most certainly will at some point.
And of course, if you are a First Time Homebuyer you can get the $8000 Tax Credit by buying a home.
This is a lot of numbers. If you have any questions, please call or email.
Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio
If you’re renting and wondering if you should buy a home, consider what bestselling author, David Bach, says, “The average homeowner is worth 35 times more than the average renter.” 
What will the new year bring for housing and real estate? It’s easy to look at all the negative economic news in the headlines and say – there’s no sign that 2009 is going to be any better than 2008.