While the nightly news and some newspapers continue to focus on the negative, now might be the best timing to buy a home that we have seen in many years. Don’t get caught saying I could of or should of, act now before it is too late or before the numerous incentives offered go away.
Median Home pricing in our area is nearing or has hit an all time low that we have not seen in many years. Affordable homes are selling and many buyers are taking advantage of the huge Tax Credits that are being offered through the end of April 2010. While previous Tax Credits were specifically for First Time Home Buyers there is now up to a $6500 Tax Credit for existing home owners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a new home to be their principal residence (“repeat buyer”). For details of the Tax Credits that are being offered visit our website at www.cumortgagedivision.com or www.federalhousingtaxcredit.com. For First Time Homebuyers who make a binding offer that is accepted on a new home before 04/30/2010 they can receive up to an $8000 Tax Credit. If you owe nothing on your income tax return or normally receive a refund you still get the tax credit. For example if you are expecting a $500 refund you would get an $8500 refund instead.
With median home pricing being at or near an all time low in our area you could save thousands on the purchase price of your home. You can get a lot more home for you money right now. Homes that are selling for $250,000 at this time are larger and offer more than what you could have purchased for thousands more, just a few short years ago. The market is recovering and we may not ever see home pricing as affordable as it is today.
Interest Rates on mortgage loans are favorable at this time and have been near all time lows several times in the last 12 months. Interest rates reward those with good credit as well as a stable employment history and your down payment may be lower too. If you can take advantage of the low rates offered today you could save thousands in interest over the life of your loan and hundreds on your monthly payment. As an example, the payment on a $250,000 mortgage at 5.00% is $238 a month cheaper than a 30 Year Fixed mortgage loan at 6.50%. And, if you were able to secure a 30 year fixed rate mortgage for $250,000 at 5.00% rather than 6.500% it would save you over $85,000 in interest over the life of your 30 year loan. Why not take advantage of today’s low interest rates and purchase the home of your dreams, your first home or downsize into a more comfortable easily maintainable home while the market is in your favor? Remember interest rates change daily and can go up at any time.
As a member of O Bee Credit Union you can participate in the Home Benefits Plus Program which is a Realtor Referral Service which utilizes local professionals and earns you a 25% rebate of their commission at closing or after. By utilizing one of the professional Realtors who participate in the Home Benefits Plus Program you could earn a sizeable rebate. For example, on a $250,000 home you could earn up to an $ 1875 rebate, at closing, for simply just participating in and using a Realtor from the Home Benefits Plus Program. For details visit www.obee.com or www.cumortgagedivision.com.
So as you can see right now is an opportunity to save thousands in interest on your new home loan, save thousands on the purchase price of your new home, earn up to a $8000 Tax Credit and earn a Rebate of Your Realtor’s commission at the closing of your new home. There really are “thousands of good reasons to buy a home, right now”.
Both mortgage rates and home affordability took a turn for the better in Washington State Wednesday after the Federal Reserve released its December 15-16, 2009 meeting minutes.
