Many people shop for real
estate based on the monthly mortgage payment they can afford.
U.S. houses are more affordable today. Since last year at this time, the
change has been huge. The mortgage payment on the typical home is now is 20%
less expensive than it was a year ago. Last year, the median U.S. home would
have cost about $230,000, with approximately 7% in interest on the mortgage.
With a 20% down payment that makes it a $1,200 monthly mortgage payment.
Today, the median price for a home is $200,000 which is a $30,000 difference
from last year and the mortgage rates are down to 6%. Between the lower
price and the lower mortgage rate, you'd be paying less than $1,000 a month
on your mortgage now for the same house that would have cost you $1,200 last
year.
Michael 'Max' Kuzmicz and Robert 'Bob' Williams, Mortgage
Consultants
with Mortgage Masters 2611 Keystone Road Suite B1 Tarpon Springs, FL 34688
Michael 'Max' Kuzmicz and Robert 'Bob' Williams Realtors®, at Florida's Largest Real
Estate Office
Charles Rutenberg Realty 1545 S. Belcher Rd. Clearwater FL 33764
A poor credit score can cost you money, knowing what to do to improve your score can help
you
save money! Phone 727-399-1347
The new
real estate loan limits for FHA loans is confirmed at $292,500 and for the
GSA's Fannie Mae and Freddie Mac it is now $417,000 for Single Family Homes.
FIXED-RATE MORTGAGES RATES Are
Still Well Below Historical Average for Real Estate Purchasing
Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage
Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM)
averaged 6.26 percent with an average 0.6 point for the week ending July 17,
2008, down from last week when it averaged 6.37 percent. Last year at this
time, the 30-year FRM averaged 6.73 percent.
The 15-year FRM this week averaged 5.78 percent with an average 0.6 point,
down from last week when it averaged 5.91 percent. A year ago at this time,
the 15-year FRM averaged 6.38 percent.
Don't waste time searching for Your Dream Home and then Gamble that you can Afford it.
Quick
Mortgages Calculator <Type in Down
Payment and Interest Rate...
Remember to approximate the taxes and insurance to get the
full PITI (Principal, Interest, Taxes, Insurance) payment. Divide the yearly taxes and
insurance by 12 months for the average monthly addition.
Refinancing? When it come time to get quotes for a
refinance contact us for the latest rates
Know your Credit Score and what you qualify for. When
it comes time to Financing you'll avoid unecessary surprises. Up to 60% of people
who check their free credit report find errors. You can get a free credit check if you've
been denied credit in the last 60 days. 3 credit bureaus Equifax, TransUnion and Experian
collect information from major creditors. Your credit report lists all credit history for
the last two years; liens and judgements for 7 years; bankruptcy 10 years.
We are committed to helping you find the right mortgage
product for your needs. We understand that every borrower is different, and we offer a
variety of products to meet your individual requirements. We make the process of securing
a mortgage simple and straightforward by offering you the latest in financial tools that
enable you to make sound financial choices |
