Did you know, the Federal Reserve has cut the interest rate they charge banks 1.25% over the past few weeks?
Have you talked with your mortgage person lately? With every 1% mortgage interest rate reduction the typical mortgage payment drops 9%. This can make a huge difference in the home you can afford. For example, if you thought that the highest home price you could afford was $500,000 you could move that number up to $545,000 with a 1% mortgage interest rate cut, and still have approximately the same mortgage payment.
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James Boyer REALTOR, Serving the towns of the Midtown Direct Train Line, from South Orange NJ, Summit NJ, to Chatham NJ, and on out to Morristown NJ. For Professional and Experienced representation, give me a call at 973-647-0253.
2 responses so far ↓
1 showstopper // Jan 31, 2008 at 12:48 pm
So does that mean that my payment on a home would be 9% less for the same price of home?
Why do all those things show up under Tags, like Chatham NJ Real Estate, Summit NJ Real Estate, Midtown Direct …
2 Curtis Reddehase (3 comments.) // Jul 16, 2008 at 8:48 am
but the home rates do not always follow the fed rate more so the bond. so sometimes there will be a difference in what the buyer will see
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