Interest Rates For Mortgages Reach Record Low ~ Time To Buy A Reno Home

Interest Rates For Mortgages Reach Record Low ~ Time to Buy A Reno Home!

June 2012

You can buy a home with a 30 year fixed mortgage rate around 3.75% right now or you can buy a home with a 15 year fixed  mortgage rate for just under 3% . Freddie Mac announced recently that these low rates were the result of the problems in the European economy that are causing long-term treasury bonds to fail (It’s complicated).

Low Interest Rates Time to Buy A Reno HomeThis is great news for anyone who may be renting and waiting for the right time to buy a home.

In most instances, your monthly mortgage payment will most likely be less then your monthly mortgage payment. For example, the average cost to rent a single family home in Reno, NV, let’s say a three bedroom, 2 bath, 2 car garage home is around $1,600 a month.

The average home price of a home this same size is $180,000. If you were to purchase a $180,000 home with an interest rate of 3.65%, your put 3.5% down for your downpayment, your monthly payment would be around $1,111.

This includes principle & interest, taxes and insurance. As you can see, this is the time to buy a Reno home! Buying is better than renting from just the financial savings part of home ownership!

First time home buyers ~ now is great time to buy a home! What are you waiting for. Contact me today to find out about all of the wonderful First Time Home Buyer Programs that Nevada has to offer. With rates as low as they currently are today, you can’t afford not to!

Call me today, 775-846-5424 to find out more and get started on your Reno Home Search! 

Interest Rates For Mortgages Reach Record Low ~ Time To Buy A Reno Home

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