Is now a good time to buy?

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 24, 2009 -- Is now a good time to buy?

Is now a good time to buy? Not knowing what the future holds for us can make one hesitant to invest in a home or otherwise. However, the near perfect buying opportunity exists today with interest rates and property prices both at historic lows.

To illustrate this point examine the chart below to see what your monthly mortgage payment would be at a specific interest rate. As the interest rate increases the buying power of what you can afford goes down proportionately. So a home costing $300,000 at 4.5% interest rate would have a monthly principal and interest mortgage payment of $1520. That same payment monthly payment of $1520 could only finance a home value of $240,480 at a 6.5% interest rate, a whopping $59,520.00 reduction in buying power.

If history is any indicator, we can predict that as the market picks up and housing prices go up so too will the interest rates.

Whether you should or shouldn't buy or upgrade you home can be argued from both sides and many times will be decided by personal factors beyond investments, such as family expansion, retirement, divorce, employment relocation, etc.

One thing is for sure, now is certainly the best time for many home owners to consider refinancing to a lower interest rate which can save tens of thousands of dollars over the life of your mortgage.

We at the Lawrence Walsh Group have Licensed Loan Officers and Licensed Real Estate professionals who can answer any questions you may have regarding refinancing or purchasing & financing a new home. Call us at 914-248-1800 or Contact Us and see why we're known for superior service and low competitive rates.

Loan Amount Interest Rate Payment

$300,000
4.5% $1,520.06
$283,148 5.0% $1,520.06
$267,705 5.5% $1,520.06
$253,523 6.0% $1,520.06
$240,480 6.5% $1,520.06

$228,467 7.0% $1,520.06
$217,386 7.5% $1,520.06
$207,150 8.0% $1,520.06

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