This quick video shares with you how financial turmoil in Greece is driving down mortgage interest rates in Woodbridge, Virginia, and throught the United States.
Let me translate some of the mortgage-speak for you. When bond prices go up, the yield, or interest rate goes down. So when Barry was talking about bond prices going higher in the short term, and yields going down, that's good for borrowers because home loan rates will be trending lower.
Investors who had money in the Greek economy are pulling their money out of Greece and looking to safer places to invest, such as the US mortgage bond market, and the German bond market.
The US and German markets are considered safe havens for investors because both nations have the economic strength to back their financial markets.
If you are thinking about buying a house, this may be the time to capture a low interest rate and maximize your buying power.
For example, a $400,000 house purchased with an FHA 30 year fixed rate loan at 3.5% and 4.512% APR, and a down payment of $15,750, your monthly loan payment would be $1,950. (Not including escrows for real estate taxes or hazard insurance)
That's what low interest rates can do for you right now when you buy a home.
Want to know more? Call Erick Blackwelder at 703-677-1120 to find out how much buying power you have in today's market. Fear not, Erick is not a pushy salesman, and you will be under no obligation to buy a home with Erick.
If you choose to have Erick help you buy a home, Erick will be your Buyer Agent.
You can use a low down payment FHA loan to buy up to $625,000. Just 3.5% down payment is all you need. Erick can show you how to buy with FHA and pay no closing costs. Call Erick now to find out how you can buy a house with an FHA loan and pay no closing costs: 703-677-1120.
You may think you don't have enough cash to buy a home. Are you a veteran? If you are, you don't need a lot of cash to buy a home, Erick can show you how to buy a home zero down, pay no closing costs, and get cash at closing, Call Erick at 703-677-1120 to find out how you can get cash at closing with your VA loan.
Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA 22079
Equal Housing Opportunity