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A PERFECT STORM OF OPPORTUNITY
 received a mortgage rate update via email yesterday from a local lender. The rates were as good as I've ever seen. Since I'm not in the business of originating loans, we won't get into the specifics here.
Please we aware that loan rates are always subject to an applicant's credit worthiness, and that rates are always subject to change, at any moment, without notice. And, obviously, no rate applies to all lenders. There are a lot of dynamic forces here, folks. Consult your lender for your specific loan scenario.With the disclaimers out of the way....A lot of times, we focus so much on price, that we don't give adequate attention to interest rates. A rising interest rate can easily offset any potential advantage a buyer hopes to see via declining prices.For example, again speaking in the most general terms, let's take a 4.875 percent interest rate, and apply it to a generic home currently listed for $300,000. Visiting one my favorite sites, DinkyTown, I am able to utilize that 4.875 rate and get an estimated principal and interest payment of $1587 per month. That would not include insurance or taxes. That's just P&I, but it gives us general numbers and allows us to make our illustration.Let's ... more

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