Saturday, October 31, 2009

Loan rates are still good

Loan rates for 30-yr conventional mortgages are still very low -- hovering right around 5%. It's easy to get lulled into a false sense of security about loan rates, as if they will stay low forever (or at least until you need them). If you are thinking about buying, remember that the interest rate you pay on your loan can greatly affect how much house you can buy and how much your monthly payments will be. You might be surprised at the the significant difference that even a quarter of a point can make.

Here is a table of current loan rates (subject to change without notice), along with a short editorial comment from Troy Chambers of Arboretum Mortgage.

"We have seen very little change in interest rates this week, and that’s a good thing! Rates are still very low, and many people are scrambling to cash in on the tax credit being given to first time home buyers. If I get a loan within the next 2 weeks, I will be able to get it closed in time for borrowers to take advantage of this credit. Let me know if you know of anyone who is in need of a refinance or a preapproval letter. I am able to produce them within 5 minutes!

Please contact me at anytime, day or night on my cell at 425-418-5103."

Troy Chambers
Arboretum Mortgage
Phone: 206-720-6628
Fax: 206-860-9340

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