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Team Stanley, top Buyer Agents in Ellis County, Texas |
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Team Stanley Real Estate has been presenting first time home buyer seminars and presenting the benefits of the $8000 tax credit to our buyers in an effort to get them to realize that there has never been a better time to buy a home than now! While the $8000 is certainly an attractive reason to buy now, it is simply the icing on the real cake being offered now.
While the $8000 is an immediate benefit to first time home buyers, the real benefit is in the interest rate for a 30 year mortgage, and you don't have to be a first time home buyer to get this benefit. Everyone can benefit.
Do the math! This week we closed a young couple on a $150,000 home with a 4.75% interest rate, and wow, it hit me like a lead balloon. I thought my personal home had a great rate of 6.5% but then look at these numbers.
$150,000 for 30 years, at 7% = Monthly payments for Principal, and Interest = $997.95 per month
$150,000 for 30 years, at 6% = Monthly payments for Principal, and Interest = $899.33per month
$150,000 for 30 years, at 4.75% = Monthly payments for Principal, and Interest = $782.47 per month
Now that is a monthly savings of $215 and a annual savings of $2,586 and a 30 year savings of $77,572
Not to mention payments are cheaper than rent, interest is deductible and taxes are deductible.
Now go to the last step, assuming 20% tax bracket and 4.5%, that equals additional savings of $9000 per year just for interest deduction and about $2000 per year for tax deduction or a total annual savings over renting of $2200 a year and $66,000 over 30 years in tax savings with which you could be buy an annuity and have a additional $185,000 or more for retirement.
Now if your not a first time home buyer and you buy a $300,000 home, double the numbers.
Now if you got it, call or e-mail Team Stanley, lets find your home and get you started to life time savings.
Team Stanley
Pete 972-921-2047 pete@elliscountymoves.com
Mary 972-935-3991 mary@elliscountymoves.com
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