Lower Mortgage Rates = More Purchase Power

Buyers today are looking for one thing: A DEAL. While President Obama’s $8000 tax credit for first-time home buyers has caused some buyers to go ahead and buy, many buyers are still waiting for “the bottom” of the market to hit before they make their move.

Enter rock-bottom mortgage rates. This week we saw rates fall below 5% for 30-year fixed mortgages. Should that get buyers moving? Absolutely. If they understand what it means. Let me explain.

VA Rate Down to 5%

If you have a VA mortgage, you need to call me. I have a lender offering a 5% interest on VA loans right now.  She can refinance your loan at that rate for $13 and roll your closing costs into the new loan. You’ll recoup those costs through your lower monthly payment in less than two years. Borrowers who are currently paying 6.5% or more will save $150 PER MONTH or more on their mortgage payment.