Monday, December 15, 2008

Interest Rates & Purchasing Power

A few weeks ago 30 year fixed was at 6.5%, now 4.875%.

You just got a raise!

For a $200,000 loan P&I payments at 6.5% are approx $1264.14. Now at 4.875% the are $1058.42 a savings of $205.72 /mo or almost $2500 per year!

You just increased your purchasing power!

At 6.5% your P&I payments for a $200,000 loan are approx $1264.14. Now at 4.875% your P&I payments for a $239,000 loan are approx $1264.81! That's $39,000 more in purchasing power for about the same payment!! You cannot have a better time to make your move into this Real Estate market. RATES ARE AT ALL TIME LOW'S AND PRICES ARE AT ALL TIME LOW'S.

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