Real Estate Information Archive

One of our favorite loan specialists, David Arocho from Bank of America Home Loans, just sent over the unbelievable specials the BOA is offering right now.   

For a new purchase, closing within 30-45 days, the 30-year fixed rate ($100-$417K) is 4.125%.  The 20-year fixed rate is 4.00% and the 15-year fixed rate is $3.75!

The Jumbo 30-year fixed rate is 5.125%

These rates have no points or origination fees!

The minimum score on all conforming loans with less than 20% down or 20% equity is not 680.  Scores between 700 and 739 may be slightly higher than those of the special rates being offered.

Of course, all rates are subject to change at any time without notice and are for borrowers who qualify via credit, ratios and standard program guidelines.

The important thing to note is that these are historic rates -- even more beneficial to buyers than the first-time-buyer tax credit of $8,000 from earlier this year!  Between these fabulous rates and the rock bottom real estate prices in the Columbus area, you won't find a better time to buy a home!

To contact David Arocho about this -- or refinancing your current mortgage -- call him at 614-781-3434 ext. 275 or email him at david.arocho@bankofamerica.com.

by Nicki Campbell

In case you are wondering if this is a good time to buy a home, this graph should help to put things in perspective!

To help you make a valid comparison, consider this:

Monthly payments on a $200,000 (30-yr) loan in 1981 at 16.5% would have been $2,770.  Today, at 5.09%, your monthly payment would be only $1,084.

Conversely, if you could afford a monthly payment of $2,770, you could have borrowed $200,000 in 1981;  today, you could borrow $511,000!  That translates to being able to buy a $555,000 house today with 10% down for the same monthly payment as a $220,000 home (with 10% down) in 1981!

This graph is courtesy of Brad Rich of Wells Fargo Mortgage.  You can reach him at 614-888-2038 or Brad.R.Rich@wellsfargo.com.

I know you have heard this many times in the past year or so but IT IS AND IT IS RIGHT NOW!

Mortgage rates are at an all time low, the economy is improving and home prices are as low as they, by all economic indicators, are going to get.

If you are an investor and can fix up and hold a property for apporximately 11-12 months and the price is over $200,000, do it now.  If you an investor and wish to purchase a property at $200,000 or less and can have it ready to market in 30-60 days, do it now!  If you are a first time buyer, take advantage of the stimulus $8,000 credit-- BUY NOW!  If you are buying "up" to a higher price range, talk to your Realtor, now may be the time.

If you fall into another category, keep your eyes on our blog and columbusnorth.com and we'll keep you posted!!! Please contact me at 614-264-8906 or at jlabuda@kw.com I'd love to chat with you about real estate.