Chris Tesch
Bryan and College Station real estate, luxury homes, advice to Bryan home sellers and College Station Home Sellers. Advice to Bryan home buyers and College Station home buyers.
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Interest rates are down sharply from their recent highs of 6.5% (still not historically high as us Baby Boomers remember well!). Interest rates recently have gone as low as 5.5% and tend to fluctuate day to day.
The federal government is still contemplating their proposal to guarantee loans on new purchases in turn for banks charging no higher than 4.5% interest.
How would this affect you? In looking at a 250K loan financed for 30 years your payment for interest and principle only at an interest rate of 6% would be $1498.88. In contrast, if that interest rate were lowered to 4.5% the payment (again I stress principle and interest only) would be $1266.71 or a savings of $232.17 per month.
These loans would still come with conditions. Credit scores would have to be reasonable (probably over 650) and it certainly wouldn't mean a return of the no down payment loan, but it would help some folks get into a new home that were having difficulty before.
For information on current interest rates for Bryan and College Station homes call today (979)574-1084 for Chris or (979)575-7765 for Coti.
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