Today's Mortgage Rates - 01/28/11 11:48 AM
TODAY'S RATES:
30 Yr Fixed - 4.875% (4.99% APR)
15 Yr Fixed - 4.25% (4.49% APR)
FHA/VA - 4.75% (5.7% APR)
203K (Streamline) - 5.25% (6.2% APR)


JUMBO (ARM) - 4.25% (4.3% APR)
JUMBO (30 Yr Fixed) - 5.25% (5.3% APR)
VISIT ME AT: www.mikebadessasmc.com
*Conventional Programs have a minimum credit score of 660 and interest rates are based on 80% loan to value, a 740+ credit score and a $200,000 loan amount *FHA Rates are based on 96.5% loan-to-value and a 660+ credit score *Income and Asset verification required and must meet DTI guidelines *Interest rate and APR … (0 comments)

What effect do higher interest rates have on a buyers purchasing power? - 01/24/11 02:28 PM
Yesterday I was asked how much an increase in interest rates would effect a borrowers purchasing power.　
I provided the following example and wanted to share...　
Assuming current rates are around 4.875% (4.99% APR) and rates increased to 5.5% (5.69% APR) it could affect the buyers purchasing power by as much as $20,000!  Here is an example...　
Let's take a $300,000 mortgage at 4.875% for 30 years.　 The mortgage payment (principle and interest only) would be $1,587.62.　　
In order to have this same mortgage payment at a 5.5% interest rate the mortgage amount would need to be $279,614.　
You can see there … (1 comments)

 
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Michael Badessa

Marlton, NJ

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Guaranteed Rate, Inc

Address: 4B Eves Dr, Suite 500, Marlton, NJ, 08053

Office Phone: (609) 481-3655

Cell Phone: (609) 354-8112

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