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financing a home: First Time Home Buyers - The ACTUAL DOLLAR COST of Waiting to Buy - 11/13/09 09:10 AM
I suck at math, which is why I went to law school rather than business school, a decision I still periodically regret.  So I am eternally grateful to Charles Dailey for posting this link to HIS post on one of my comment pages.  It QUANTIFIES the cost of waiting to purchase a $125,000-$250,000 home, assuming that the buyer (i) misses the tax credit window; and (ii) the interest rate on the mortgage increases 1/2 point, such as to 5.5% from 5.0%. 
Ouch.  I knew it wasn't a small number, but $13,928.74 to $19,857.47 is a lot of money.  Like, buying-a-car-kinda money.  And this just assumes a 1/2 point … (4 comments)

financing a home: Payments for Purchases or Refinancing - Rates are AZY-CRAY! - 01/13/09 09:47 PM
Well, this just came across my e-mail and I thought it was valuable enough to post ASAP.   Download Refinance_Savings_Chart
It's a pretty chart showing payments if an individual refinanced their existing mortgage.  A few notes:
The chart shows only principal + interest ("P+I"), so to figure out your TOTAL payment you need to add your homeowners' insurance payment and your real estate taxes, to get your "PITI" (principal, interest, taxes, insurance) payment; Real estate taxes on a property can be calculated by going to the website of the locality in which the property is located, taking the annual real estate tax amount … (1 comments)

 

Melissa Loughridge Savenko

Richmond, VA

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RE/MAX Commonwealth

Address: 509-511 N. Meadow Street, Richmond, VA, 23220

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