It's staggering when you think about the cost of living, especially if you're a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, over the next three years your property management company will effectively have reaped $36,000 of your hard earned cash. In most cases, you know your rent will go up every year, even if you live in an area that has rent control regulations. You're paying the mortgage for the property owner, when you could be building equity in your own real estate investment.
Mortgage Interest Rates* Rates as of Friday, 20th February, 2009:
Conforming APR Payment per Jumbo APR Payment per 30-Yr. fixed 5.000% 5.131% $5.37 5.750% 5.842% $5.84 15-Yr. fixed 4.625% 4.849% $7.71 5.250% 5.402% $8.04 7-Yr. fixed ARM 5.375% 5.509% $5.60 5.375% 5.465% $5.60 5-Yr. fixed ARM 5.000% 5.131% $5.37 5.250% 5.339% $5.52 3-Yr. fixed ARM 4.750% 4.879% $5.22 5.250% 5.339% $5.52 5-Yr. Interest Only 5.250% 5.383% $4.38 5.500% 5.590% $4.58
The tax deductions available to homeowners vary, but there are solid rules the IRS lines out for us. Real estate taxes, mortgage interest, pre-paid interest, and interest on construction loans are all things to take into consideration as tax benefits.
If you or someone you know is currently renting, I urge you to call me to discuss the many low- and no-down payment loan programs that are currently available to prospective home buyers. My team and I work cohesively with the borrower's financial consultant to ensure the client's long-term goals are met.
$1,000
$1,000
*Rates are subject to change due to market fluctuations and borrower's eligibility.
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Superior Home Mortgage Corp. licensed in DE, FL, GA: Georgia Residential Mortgage Licensee #14511, MD, MI, NY: Licensed Mortgage Banker - NY State Banking Department, NC, PA, SC, VA: Virginia State Corporation Commission License # MLB-566, & DC. Superior Mortgage Corp. licensed in CT, MA: Mortgage Lender License # MC3208, NJ: Licensed Mortgage Banker - NJ Department of Banking, RI: Rhode Island Licensed Lender & Broker, & TN. SHM Mortgage Licensed by the New Hampshire Banking Department |
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