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Good News for First Time Homebuyers

If you are a First Time Homebuyer afraid you won't be able to enter the housing market with the new mortgage rules, fear not.

This is actually an opportune time to take advantage of the historical low mortgage rates and negotiate better prices on housing, especially in the condo/townhome market. While many feared this market would be the most negatively affected, take a look at these numbers to help put it in perspective:

2007 40 years of amortization (the longest you could get at the time) at an average interest rate of 5.71% - $350,000 = $1,831* would have been your monthly mortgage payment.

2012 25 years of amortization at an average interest rate of 3.29% - $350,000 = $1,704* monthly mortgage payment.

Right away, you'll notice a truly substantial savings in that you'll pay your mortgage off 15 years earlier and approximately $330,000 in interest that would have developed over the 40-year amortization. For more information on First Time Homebuyer Programs, click here

Call our office now to find out how much you qualify for or get an instant rate quote online.
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