In response to the Fed’s surprise attack on the housing crisis, mortgage rates have dropped considerably! In most areas they have dropped below 5%, that is right below 5%!! If you are considering buying, what are you waiting for? If you are waiting for the mortgage rates to drop even lower, most analysts do not expect them to drop much below today’s levels.
If you are a first time buyer, you can also cash in on the $8000 tax credit. (Subject to limitations) Buying a home now just makes sense!! This is not a tax deduction, this is a true credit, lessening your tax liability using IRS Tax Form 5405 when filing your 2009 taxes. Your purchase must be closed prior to December 1st, 2009.
For instance: If you purchased a home 6 months ago in the $150,000 range; with the drop in interest rates, you could now purchase a $200,000 home for a similar payment!!!
Don’t wait, this will not last forever, call a realtor and start your home search!!! I can also assist you if you want to stay in your home and refinance through my vast resources!
Whether buying, selling or simply need help refinancing, call the Marchant Team at Keller Williams!! We are sponsoring a seminar in April “What you need to know about Home Mortgages today!”, stay tuned for details!