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How Buyers are Saving Money without the Tax Credit

Posted on June 15, 2010 by tim in Buying, First Time Home Buyer, Home Buyer Programs, Tax Credit

Did you or someone you know miss the tax $8,000 tax credit? If so, it might feel like you made a mistake, but consider this…

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!

If you or someone you know has any questions about buying or selling a home, please feel free to contact us at teamannett@gmail.com or 513-527-3060.


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