Low Interest Rates + $8000 Tax Credit = Lots of Tangipahoa Mortgage Apps

Real Estate Agent with The Martin Team with EXP Realty, LLC BROK.0995685104-ASA

Low interest rates combined with the $8000 tax credit equal an increase in mortgage applications.Here's an equation to be happy about:

Low Interest Rates + $8000 Tax Credit = Lots of Tangipahoa Mortgage Applications

With interest rates dipping below the 5% mark recently and the deadline for the $8000 First Time Home Buyers Tax Credit looming (must close by November 30, 2009 to qualify), many local Tangipahoa Parish banks and lending companies are experiencing a flood of calls inquiring about refinancing their current mortgages or applying for new ones.  The tax credit has been a major incentive for buyers to purchase properties, helping to lift the slow sales over the last year.  In fact, approximately half of all purchases lately have been first time homebuyers wanting to cash in on the tax incentives for their first Tangipahoa home.

Another benefit of the lower interest rates in the Tangipahoa real estate market seem to be propelling homeowners to start considering refinancing their current mortgages as well.  This has created another refi boom and kept mortgage and loan companies very busy.  Even if your credit scores are below the 720 required for the best mortgage rates, you can still get a good deal if you pay even part of a point.  As of Thursday, October 8, interest rates were at 4.875 with no points for a 30-year loan while 15-year loans were at 4.375 with no points. 

It looks like the last quarter of the year is going to be one of the biggest ones.  Let me know how I can help you get the best deal on your Tangipahoa home purchase today!

Yvonne Martin, Let my family bring your family home to Hammond real estate

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CRAIG MARTIN - Martin Team | Latter and Blum Classic Homes and Properties | Associate Broker, Area Trainer - Hammond, LA | Licensed in LA # 099568510 and MS #20937, USA, craig4924@gmail.com | Mobile: 985-507-9359  | Office: 985-542-7601

Comments (2)

Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

Todays buyers theat close are getting the best of both worlds right now.

Oct 09, 2009 09:39 AM
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

I truely think like Cash For Clunkers, it just moves future sells to this quarter. Truly would you buy a home thinking the Government is going to give you $8000. off your taxes. I want the money now, so if I was going to buy a home it wouldn't matter either way. But that is me and of course everyone else is entitled to their opinion no matter how wrong they are. :)

Nov 08, 2009 12:18 AM

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