You have probably already heard that the most immediate effect of Fannie Mae and Freddie Mac takeover by the Federal Government has been to lower interest rates on residential Real Estate by 3/4% +/- .
A 30 year fixed rate mortage for a Home that sells for $300,000 with a 10% down pmt, for a mortgage amount of $270,000, would lower your House Payment by $130.00 per month with the new rate.
I'm using a recent interest rate of 6.5% +/- and a new interest rate of 5.75% +/-. If you've been thinking about buying a Home, this might be a real good time to look around. They are plenty of Homes available and most Seller's are willing to negotiate on price and closing costs.
(To calculate the difference in a monthly mortgage payment for any amount, use the Mortgage Amount divided by 1,000, times the $6.32 per thousand on a 6.5% +/- rate mortgage and compare to the new rate of $5.84 per thousand on a 5.75%+/-.) Good savings.
If your thinking about buying a home in South Eastern Virginia (sometimes called S Hampton Roads), check out my Real Estate site www.googlejim.com where all Homes for Sale in Virginia Beach, Chesapeake, Norfolk, Suffolk and All Surrounding Areas of Va are available online; over 12,000 Homes. My site also has extensive information on all Schools and All Cities for the entire area.
My site is easy to navigate, is updated daily and there is no intrusive registration.
When you are ready to explore your Real Estate needs further, I will be happy to assist you.
If you have questions, need additional information or would like more immediate assistance, please don't hesitate to call/email me anytime at 757-287-6345 jimworks4u@aol.com
jim from va beach
www.googlejim.com covers Virginia Beach, Chesapeake, Norfolk, Suffolk, Portsmouth, Isle of Wight, Smithfield, Hampton, Newport News, York County and all surrounding areas of Virginia!
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