An email about waiting to buy or not waiting … the numbers
Thought you would like to see an actual email exchange one of our lenders (Deborah Ginac with CapStar Lending here in Austin) had with one of our clients this week on the topic of waiting to buy or not waiting … we think this is a valuable e conversation:
I had a call yesterday from Rachael. She said you two met and you are not sure if you want to move forward and purchase something right now, or wait until you save some more money. You need to be comfortable with the decision you make, but I wanted to make sure you understand the how today’s low rates effect your payment. This is why it is such a good time to buy, besides good deals and the $8,000 tax credit. For instance…
On a home purchase of $160,000 with you spending approximately $10,000, your payment would be $1,281 at a rate of 5%. If you wait to close and spend approximately $20,000 your payment would be $1,224 at 5%. So you save $57. If the rates go up to 5.5% your payment would be $1,269, and at 6% it would be $1,316.
On a home purchase of $180,000 with you spending approximately $10,000 your payment would be $1,430 at a rate of 5%. If you wait to close and spend approximately $20,000 your payment would be $1,382 at 5%. So you save $48. If the rates go up to 5.5% your payment would be $1,434 and it would be $1,488 at 6.0%.
I wanted you to have the numbers to make your decision.
Give me a call to discuss!
The Nelson Project . Keller Williams Realty . austin . tx . 512.794.6608 . www.thenelsonproject.com
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