Cincinnati Mortgage Market Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC Mortgage Market Update: The Federal reserve has continued their current course to keep interest rates low in order to stimulate the economy. Current interest rates on a 30 year fixed rate mortgage are at historic lows, hovering in the high 4 to low 5 percent rage. The National Association of Realtors (NAR) has revised its forecast for Existing home sales in 2009, which have declined 3 percent from February to March. Even so, first time homebuyers are on the increase and are taking advantage of an $8,000 tax credit available to home buyers who have not owned a home in the last 3 years. First time homebuyers accounted for 53 percent of home transaction according to a recent survey. As it stands, the NAR is anticipating an annual volume of 4.53 million units sold for 2009. Finance Q and A: Q: How can I find information on the property tax liability? A: The total amount of the previous year's property taxes is usually included in the listing information. If it's not, ask the seller for a tax receipt or contact the local assessor's office. Tax rates can change from year to year, so these figures may be approximate. Tip of the Month: Many people ask about bi-weekly payment plans designed to reduce the interest paid out over the course of your loan. These programs help the borrower budget an extra payment a year, and over time this can knock years off the repayment schedule. Many people are surprised to learn that they can do this themselves without any special programs, simply by submitting an extra principle payment as they are able. By submitting an extra payment, you get the advantages of an early payout, without the extra contractual obligation. Contact your mortgage professional to determine the strategy that works best for you.  |
Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com | |
| | National Statistics Updated 5/1/2009 | | |
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