Now is the Time to Buy

Mortgage rates are extremely low. Now is the time to buy or refinance a home. Here’s why you should act now:

A drop in rates provides a tremendous opportunity to refinance and reduce your monthly mortgage payment and potentially save thousands of dollars over the life of your home loan. It’s also a great time to buy a new home.

First-time homebuyers are eligible for an $8,000 tax credit, which does not have to be repaid unless you sell your home within three years.

Repeat or move-up homebuyers are eligible for a $6,500 tax credit if they have lived in their primary residence for five years or more.

These tax credits are available to buyers who sign purchase agreements on a new or existing primary residence between November 7, 2009, and April 30, 2010. Buyers have until June 30 to close on their new homes.

If you’re still sitting on the sidelines waiting for housing prices to hit bottom, you should consider that what might be gained from a further drop in housing prices could easily be lost by a rise in interest rates.

Rates continue to be volatile and this opportunity might not last long. Do not wait until next week. Call me today to get prequalified. Whether you are looking to buy or refinance, I am here to help.

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor. We are not a law firm, nor a CPA firm.

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Posted via email from Wisdom For You Today

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