Now is an amazing time to look at purchasing a home.  We have seeing some historic interest rates these past few months and they only seem to be getting Better and Better.

 10/30/11 Interest Rates

FHA $100,000 - $271,050

30 Year   4.375%

15 Year 4.00%

Conventional $100,000 - $417,000

30 Year   4.5%

15 Year       3.875%

VA $100,000 - $417,000

30 Year      4.375%

15 Year    4.00%

 

Mortgage loan of $150,000 at 5.5% for 30 years $156,606 $306,606 Less $8,000 tax credit $298,606

Mortgage loan of $150,000 at 4.5% for 30 years $123,610 $273,610 Less1% interest savings $240,614

Mortgage loan of $150,000 at 5.5% for 15 years $70,613 $220,613 Less$8,000 tax credit $212,613

Mortgage loan of $150,000 at 4.5% for 15 years $56,548 $206,548Less 1% interest savings $192,483

At today’s lower interest rate of 4.5% compared to the prevailing rate of 5.5% available with the $8,000 tax credit, buyers net a savings of almost $58,000 over the life of a thirty year loan or just over$20,000 on a 15 year loan.

Seriously--NOW is the time to buy! 

Lubbock Luxury Homes for Sale