Found 3 blog entries tagged as mortgage rates.

Mortgage Rates for Chicago real estateThe buzz is all about low mortgage rates when it comes to Chicago real estate right now. In 12 of the 13 weeks from mid-April through mid-July 2012, long-term home loan rates matched or hit new lows. Prospective Chicago home buyers are coming off the sidelines like they haven’t in years in search of a new home thanks to record-low interest rates that will help keep their monthly payments low. But how do you take advantage of them?

First off, your credit matters big time here. Only those with the a credit score in the top tier will be able to take advantage of these historically low rates. It also pays to stay in the know with regard to how mortgage rates are fluctuating. That way, you can jump in when the time is right. Keith Gumbinger, a vice president…

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Cost of Home Ownership Based on Both Price and Mortgage Rates

The total cost of home ownership is a point that buyers do not always consider when purchasing a home. Buyers will often get hung up on the purchase price of a house, with negotiations going back and forth over just a few thousand dollars and neither side willing to give in.

Purchase price is short-term while cost is long-term. While it is important for a buyer to understand price trends and the direction home values are headed, a factor of equal importance is the long-term cost of home ownership. Both the price and the interest rates must be calculated into the long-term cost.

Rising Interest Rates Increase the Cost of Home Ownership  

Cost of Home Ownership on 30 yr.Fixed Mortgage

 CNN Money stated in a recent article that…

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Historically low interest rates and what it means to your monthly payments.

Interest rates are continuing to go down. As of this month they are close to 3.4%. It is a historic number and if you are in the market looking to buy you should consider taking advantage of low rates. This assumes you have good credit, a strong down payment and can qualify for the monthly debt obligations. The slide below shows you how much a $100,000 mortgage would cost you in principal and interest (P&I) over the last ten years given the interest rate.

Let us say you want to buy a condo for $360,000. You decide to put down 20% and borrow $300,000. If you multiply $443 * 3 your payment for principal and interest would be $1330.44. If you look at the P&I payment on a…

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