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Tracy King's Blog

Buy Today or Pay More Tomorrow

Recently our government announced that it will stop purchasing Mortgage Back Securities (MBS) at the end of March of 2010. That means there can be a rise in mortgage rates in our near future, couple that with the $8,000 1st time buyer tax credit and the $6,500 move up tax credit ending at the end of April 30, 2010. We may likely see fewer buyers and higher interest rates in our near future.

Buy Today

Purchase Price $662,000

ScreenHunter_01 Feb. 01 07.31

Down payment 20%
Loan Amount 529,600
Rate 5.00% fully Amortized for 30 years
Mortgage payment $2,843.01
Home Owner Insurance $66.20
Property Tax (L.A County) $ 689.58
Total PITI $3,598.79
Or Buy Tomorrow

Purchase Price $575,000

ScreenHunter_02 Feb. 01 07.31

Down payment 20%
Loan Amount $460,000
Rate 6.50% fully Amortized for 30 years
Mortgage payment $2,907.51
Home Owner Insurance $56.88
Property Tax (L.A County) $598.96
Total PITI $3,563.35

The above scenario is based on net income of $8,000 and 45% overall debt to income ratios with credit scores above 720. It is strictly meant for illustration purposes. Rates are subject to change without notice

Lender Information
Edward Uriarte * Loan Consultant
(626) 8172449 dir. * (626) 4622270 Cell
This email address is being protected from spambots. You need JavaScript enabled to view it.

Remember, you have until April 30, 2010, to open escrow on your first time buyer purchase or your long-term owner sale/purchase to qualify for the federal housing tax credits. For all the details, go to www.federalhousingtaxcredit.com .

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