Last Chance for buyers to lock in low mortgage rates this year.

This may be the last chance for buyers to take advantage of such low mortgage rates this year.
For a quick example, if you borrowed about $365,000 dollars right now, it would cost you monthly about $2,200 with taxes and with a 3.75% mortgage rate for 30 years. This is on a one Family two bedroom ranch/ bungalow in Middle Village, New York purchase.
If you rented the same home, the rent would be $2500 dollars and you still have to pay heat, electric, and water. Apartment rentals have reached new highs all over Queens and Brooklyn today.
At least with a Mortgage and Ownership of a Home you have a terrific write off yearly.
If you have children or expect to have children in the future, you can place a pool in your yard, and enjoy all the benefits of owning a home. Yes home prices keep going up but so do the rents for apartments.
If you leave $25,000 dollars in a bank, you probably collect an interest rates of less than 1% yearly. Owning a home has an extra advantage which is, the average appreciation on your home yearly is about 8%. On a $500,000 dollar home that comes to $40,000 in appreciation. That's a big deal for couples, because the average couple do not save $40,000 dollars per year.  Some can not save $4,000 in a year today.

Ways to make it happen. If your parents still own a home, but do not have a mortgage, they can get a home equity loan to help with that down payment you need. With a Home equity loan for about $100,000 dollars would cost them about $400 monthly.
Another way is a small reverse mortgage on their home. They owe the amount and must pay it back when the home is sold, but in this case they do not have to pay a monthly payment for the amount borrowed.

I get a great joy in helping people buy homes for the past 37 years. Where there is a will there is a way. If you ever have any questions, feel free to call me any time. Google my name. I have written hundreds of articles to help client over the years. I earned my reputation.

Jim Turano /Broker*Diverse Real Estate*347-837-9206 09/15/16