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Missed The First Time Buyers Tax Credit-Don't Worry, Be Happy
"Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.
Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.
At April's average rate of 5.34%, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.
The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625% in May and paid $1,439.59 per month.That's a $1,467 annual savings. Over 30 years, it's a $44,003 savings, dwarfing the tax credit."
This article is thanks to OAR and presented by Rita Legan ASP Staging Realtor CDPE at Keller Wiliiams Realty Greater Cleveland Southwest.
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