Are you a home buyer in today’s real estate market?
Did you know there are 3 dates coming up that can really affect the cost of your home?
Well, that is why you have me, to keep YOU informed! So what are these 3 dates and what will happen?
Dates and Actions:
1. On April 1, 2010, the up front cost of FHA mortgage Insurance will increase from the current 1.75% to 2.25%.
This will increase the closing costs by 1/2%. On a $200,000 purchase that will cost the buyer $1,000. By taking action now, a home buyer will save money!
2. On March 31, 2010, the Federal Reserve will cease their purchase orders for Mortgage Backed Securities, (loans). Interest rates will increase due to a lack of demand with the Fed on the sidelines. Rates could go up from 1 to 1.5% some expert suggest.
This could increase the interest part of a buyer’s home payment by 30%. Why pay more through higher rates, buy a home today!
3. On April 30, 2010, the First Time Home Buyer Tax Credit will expire. You will have to be under contract by that date to qualify. This should create a mad rush for homes in April.
If you are looking to buy a home, why wait and miss out on the tax credit, buy a home today!
Working hard here at The Cameron Team keeping you up to date on what matters in the real estate world!
Jeff Cameron
480-502-7699
Jeff@TheCameronTeam.com
480-652-2004