Listed Below Are Mortgage Rates Of The Past
Mortgage Rates in the 1980’s
In the 1980’s interest rates were around 18%
Mortgage Rates in the 1990’s
In the 1990’s interest rates were around 10%
Mortgage Rates in the year 2000
In the year 2000 interest rates were around 8.5%
Mortgage Rates in the year 2010
In the year 2010 interest rates were around 6%
Mortgage Rates Today
Today interest rates are 4.25%.
The Above Listed Rates Are All Based On A 30 Year Mortgage Loan In Houston
What Would The Principal Payment Be On A $200,000.00 Home Today?
If the median home price is $200,000 in your area, your mortgage principal payment without taxes and insurance would be $983.88.
What Would The Principal Payment On The Same $200,000.00 Home Be In The 1980’s?
Compare the above listed figure from the 1980’s when rates were at 18%, the payment would have been $3,014.17.
What Is The Difference In Principal Payment?
The difference is $2,030.29, now that is a large amount of savings in today’s market.
Many Credit Repair Houston Clients Are Asking, “Is It Time To Purchase A New Home In Today’s Market Conditions?”
Each Consumer should evaluate their current situation prior to determining if now is the right time to purchase a new home.
National Housing Market Crisis Creates OpportunityFor New Home Buyers
We are all aware of the National Housing Market Crisis. This Crisis has been devastating for homeowners who previously purchased mortgages on an ARM (Adjustable Rate Mortgages).
Home Values Down Since 2005
Prices of homes have fallen every year since the end of 2005. It is now 2011, homes are beginning to maintain their current values.
Many Credit Repair Houston Clients Ask This Question:
Is it true that homes prices will continue to rise and fall throughout our lifetime?
The answer is historically yes.
Taking A Closer Look At Mortgage Loan Rates
Rates are so low that you can actually afford the home that you always dreamed of at a fixed rate.
What Can My Family Afford?
Families should evaluate what they can currently afford with rates where they are in today’s market. Do not worry about the value falling a few percent after purchase.
Family Budget Is Key
Family budget is always the key for success when making that choice to purchase the home.
Rates Will Rise Again
Rates will start going up as soon as the economy get’s moving again. Just look above and compare rates from the years past.
Renting vs New Home Purchase
Renting in today’s market is not a bad idea if you are unsure about purchasing a new home. It is a good idea to rent a home with a 6-12 month lease term. This way you can plan your new home purchase carefully.
Consider Location When Prospecting Your New Home
In the restaurant business location is key. It is also key when purchasing a new home. Schools, hospitals, shopping malls, highway access are some of the key factors you need to study when purchasing a new home.
Make Sure Not To Rush Your New Home Purchase
Most families remain in their home for an average of 5-7 years. You don’t want to rush into this purchase, especially if your going to be there longer than 10 years
Rates Are Projected To Stay Low For Another 1-2 Years From Now
It was just announced on August 9, 2011, rates should remain low for the next 2 years. Keep in mind, market conditions have the ability to change faster than projected. In other words, Rates can increase at any time.
The American Dream Begins With Low Rates On Mortgage Loans In Houston
Rates are extremely low right now. Families should begin to plan for their new home purchase in Houston. The American dream is all about owning your own home and raising your family in the best possible neighborhood.
Take The Time To Make A List Of The Pro’s And Con’s
It is very important to take the time to sit down with your spouse or significant other and create a pro’s and con’s list for this next journey in your life.
With Mortgage Rates At An All Time Low, You May Be Able To Increase Your Living Space And Keep Your Current Payment
You may be wanting to upgrade from your current home. With mortgage rates at an all time low, it may be possible to keep your current payment and increase your living space.
Take Advantage Of Mortgage Rates In The 3% Range, Refinance Into A 15 Year Fixed Mortgage Loan in Houston
Another option maybe to refinance your existing home into a 15 year mortgage. Since rates are in the 3% range, credit repair houston clients will be saving roughly $100,000.00 along with taking 15 years off the term of the loan.
Ask Your Loan Officer To Quote The 15 Year Rate
Ask your Loan Officer to quote the 15 year rate when purchasing your new home, or refinancing your existing home. Rates are so low credit repair houston clients may be able to fit the 15 year mortgage in your current budget.
Listed Below, Compare 15 Year Fixed to 30 Year Fixed = SAVINGS
A $200,000.00 mortgage loan at 3.5% interest, 15 Year Mortgage Payment is $1429.77 $17,158.00 Per year Total for 15 Years is $257,370.00
A $200,000.00 mortgage loan at 4.25% interest, 30 Year Mortgage Payment is $983.88 $11,807.00 Per year Total for 30 years is $354,210.00
Savings = $96,840.00 by going to 15 year mortgage loan in Houston instead of 30!
Median Home Prices Are Up 4.7%
Median home prices as of July 2011, $222,000 are up from July 2010 4.7%. It may be time to purchase!