Missed The First Time Buyers Tax Credit-Don't Worry, Be Happy

Real Estate Agent with eXp Realty 331610

"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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Rita Legan ASP Staging Realtor CDPE
Call or Text 440-227-4461
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Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Great Points Rita!  Honestly I did not see the tax credit create any buyers... You still had to be a buyer to take advantage of the credit after all. 

and how can we complain about rates in the 4's????? its crazy low right now.

Jun 15, 2010 05:21 AM #1
David Krichmar
www.DaveYourMortgageGuy.com - Legend Lending - Sugar Land, TX

Rita, fantastic point and so true.  Thank you

Jun 15, 2010 05:24 AM #2
Rita Legan
eXp Realty - Strongsville, OH
ASP Staging Realtor CDPE

Thanks Rich and Robert,

                                        Yes, this is a crazy good time to purchase!

Jun 19, 2010 07:59 AM #3
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