Almost every buyer today is wondering if there will be another $8,000 tax credit. Yes, that $8,000 is a huge help and it was a wonderful program to help stimulate home sales. However, most home buyers are over looking the best yet time sensitive opportunity at hand.
What is it? THE INTEREST RATE STIMULUS PACKAGE
Let me break down this package for you:
Interest Rates at: 4.23% Interest Rates in 2007: 6.34%
2010: On a $150,000 30yr mortgage at rates of 4.23%. Your P&I = about $736
2007: On a $150,000 30yr mortgage at rates of 6.34%. Your P&I = about $936
THAT IS THE INTEREST RATE STIMULUS PACKAGE! Let me explain.
$936 - $736 = $200 a month you are saving because of the ALL TIME LOW INTEREST RATES
$200 x 12months = $2400 a yr x 30yrs = $72,000
That is $72,000 you save. That is real money! Look at the big picture when you are considering buying a home and you might decided RIGHT NOW is the perfect time to buy.
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