Buyers should be paying huge attention to the interest rates and their movement - it certainly cannot look better than this! Check out this chart of Lenn's down below - AMAZING!
INTEREST RATES ARE DOWN FOR THE WEEK ENDING SEPTEMBER 2, 2011. WHAT DOES THAT MEAN TO HOME ONWERS? A MARKET REPORT.
From the Mortgage Bankers Association
"WASHINGTON, D.C. (September 7, 2011) — Mortgage applications decreased 4.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 2, 2011.
The Market Composite Index, a measure of mortgage loan application volume, decreased 4.9 percent on a seasonally adjusted basis from one week earlier." . . . More.
HISTORIC MORTGAGE INTEREST RATES. To get a good perspective on how important this report is, just look at the historical mortgage interest rates for the past 28 years. From an average high of about 13.40% to an average low of about 4%, interest rates offer CASH SAVINGS TO HOME OWNERS.
BUILDING WEALTH THROUGH HOME OWNERSHIP.
OPPORTUNITY TIME FOR HOME BUYERS. Home buyers who are in the market today will benefit for as long as they own their home.
EARNED EQUITY or MARKET APPRECIATION? There are two ways that home owners can see the primary benefits of home ownership (in addition to the mortgage interest tax deduction) - EARNED EQUITY and MARKET APPREICATION.
OPPORTUNITY TO BE ABLE TO LIVE "MORTGAGE FREE"! For many years since the interest rate bump in the early 1980, American home owners have an window of opportunity to actually live mortgage free.
WHAT THE HISTORICAL LOW INTEREST RATES MEANS TO HOME OWNERS.
@4%, a home purchased for $300,000 would have a monthly Principal and Interest payment of $1432.
@7%, a home purchased for $300,000 would have a monthly Principal and Interest payment of $1996.
That's a monthly CASH saving of $564.00.
AMORTIZED OVER 30 YEARS, if a home owner applied that additional $564.00 to their monthly mortgage payment, compare the EARNED EQUITY.
Mortgage Balance December 2011 = $299,567.
ADDING THE CASH SAVINGS OF $564.00 to the monthly mortgage payment.
Mortgage Balance December 2026 = $53,020.
THE DIFFERENCE IN INTEREST RATES OF 4% vs. 7% MEANS THAT THE HOME OWNER, IN 15 YEARS OF MAKING MORTGAGE PAYMENTS WILL HAVE. . . . .
$$ EARNED EQUITY OF $246,547.
THAT IS WHAT A 4% MORTGAGE RATE MEANS TO A HOME OWNER.
MONEY IN THE BANK!!
Courtesy of Lenn Harley, Broker, Homefinders.com, 800-711-7988,
a real estate broker agent helping home buyers in Loudoun County.
1% BUYER REBATE TO ALL HOME BUYERS IN LOUDOUN COUNTY, VA. (2% REBATE for Brookfield Homes in Chantilly.)
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