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interest rates: 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)
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interest rates: Buying a Home NOW - Some Validation from USA Today - 09/14/09 09:08 AM
I feel a teensy bit validated, now that USA Today is featuring an article on the two reasons to buy a home NOW - the historically low interest rates AND the first time home buyer tax credit. Of course, this "buy a home NOW!" advice only applies to people who have stable jobs, consistent income, some money to put down, and were planning to buy a home in the foreseeable future anyway.
As always, if you need an agent in Richmond, Virginia, I am happy to help with the home buying process. Otherwise, best of luck in your hunt for the perfect home!
… (1 comments)
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interest rates: 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)
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Melissa Loughridge Savenko
Richmond,
VA
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RE/MAX Commonwealth
Address: 509-511 N. Meadow Street, Richmond, VA, 23220
Office Phone: (804) 353-4455
Cell Phone: (804) 986-3993
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