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Don't be Greedy

In response to Fed actions, mortgage rates for a conventional 30 year loan are 4.75%. A $100,000 mortgage has a payment of $521.65. If rates decline to 4.50% the monthly payment declines $14.96 per month.


Choosing the exact time to lock a rate is risky. Do you lock in at 4.5% or wait until rates go to 4%? What if rates increase? Selecting the bottom is a difficult task. With such low rates and the tax stimulus package providing qualified first time home buyers a 10% rebate on their purchase, it is a perfect time to buy. The tax rebate of 10% is limited to the lower of 10% or $8,000. Your 2008 return can be amended to take advantage of this credit. Unlike the 2008 stimulus, this rebate does not have to be repaid if you maintain the home as your primary residence for 3 years.

Written on 2009-08-04

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