Home Sellers Tip

Put higher wattage bulbs in light sockets to make rooms appear brighter and larger.
For more information contact me at slaunchbaugh@cbtulsa.com

NOW IS THE TIME!

During recent weeks mortgage interest rates have dropped to near record lows. At the time of this publication, interest rates on home loans were in the lower 5% to the upper 4% range. On a $150,000, 30-year, fixed rate mortgage at 5%, the principle and interest payment would be only $805.23.
If you are thinking of buying a home in the foreseeable future, now may be the time. While some are saying mortgage rates my go lower, no one knows for sure. They have very rarely been lower than they are now. This is an especially good time to move up to a larger, more expensive home. You can save on the price and on the financing.
Should you plan to stay in your current home for several years and have an interest rate in the upper 6% or higher range, you should consult a mortgage professional to discuss the benefits of refinancing.
Contact me at slaunchbaugh@cbtulsa.com to learn how much you can save if you purchase a home now or to get the name of a good mortgage lender if you prefer to refinance.

$7500 Clarification

Some information has been disseminated regarding the Economic Recovery Act of 2008 and the $7500 Tax Credit, which is included in its provisions. However, there has been some misinformation presented and additional misunderstanding on the part of many people. Hopefully, the points presented here will clarify some of the confusion.
First, the $7500 Tax Credit is dollar-for-dollar reduction in either the 2008 or 2009 income tax for first-time homebuyers who purchase a home before July 1, 2009. First-time buyers include anyone who has not owned a home during the past 3 years. There are income limits and some other restrictions, but, many people are eligible for the $7500.
Also, the Tax Credit must be repaid over the next 15 years, but, the mortgage interest deduction will almost always more than offset the repayment amount.

To learn more about this valuable opportunity, contact your tax advisor or Sarah at slaunchbaugh@cbtulsa.com

Mortgage Rates Plummet!

During December, mortgage interest rates on home loans dropped significantly. In fact, they fell to levels not seen for several years. For 30-year, fixed-rate loans, the interest rates fell into the low-to-mid 5% range, depending on the specific type of loan and borrowers credit worthiness. Some shorter-term loans had rates as low as the upper 4% range. At 5.25%, the principle and interest on a $100,000, 30-year, fixed loan would be only $552.20.
Of course, mortgage rates can vary on a day-to-day basis, so potential borrowers should check with their mortgage lender to see what rates are currently available. If you do not have a lender, contact Sarah at slaunchbaugh@cbtulsa.com and I can give the name of a lending professional or two you can contact.
With these low rates and the affordability of housing in this area of the country, this could be the best time in years to purchase a home!