Well it is 2009, we are in a recession, home prices are down, interest rates are way down, and I am going to say it. If you would like to be a home owner rather than a renter this is one of the best times in forever to get a great deal on your home and get a great interest rate.
My good friend and trusted business partner has quoted rates as low as 4.625% 30 year fixed rate home purchase mortgages. Bob can be reached at 908-303-7714 or Robert_Scarzella@countrywide.com should you wish to have a pre-approval letter prepared, of if you currently own a home and want to re-finance.
Just in case you have wondered, I had Bob work out what the payments and tax implications would be on a really nice condo that I have shown a few times in South Orange NJ MLS # 2586205 . Bob assumed a 85K income, 20% down, and a 400K purchase price.
Monthly Payment / Projected Tax Savings
Purchase Price $400,000
20% Down Payment $ 80,000
Financed $320,000
30 Year Fixed 4.75%
Monthly Payment P&I $1,669
Real Estate Tax Monthly $ 750
Condo Fee $ 250
Total Montly Payment $2,669
Tax Advantage Annual Interest Dedution $15,192
Annual Real Estate Tax Dedution $ 9,000
Total Deductible $24,192
Tax Bracket 28%
Annual Tax Savings $6,773.76
Remember these are Bobs projections based on the above criteria, you situation may vary.
3 responses so far ↓
1 loai (1 comments.) // Jan 29, 2009 at 2:54 am
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2 Newport Beach Homes for sale (1 comments.) // Sep 1, 2009 at 5:46 am
Thanks for sharing such a nice stuff.It is really good chance to investors to take some initiate and get some good opportunity to earn profit.
3 Albuquerque Rent To Own Homes (1 comments.) // Oct 28, 2009 at 9:11 am
Thanks for the info, you are right that it will be wise to invest into real estate, as the home prices are down.
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