Annapolis Md Homes and More: How to save thousands when you purchase a home

How to save thousands when you purchase a home

This is such a great reminder post written by a dear blogging friend. When purchasing a home think hard about your financing. You can save yourself thousands when you choose the financing that best suits your long term plans.

How to save thousands when you purchase a home

 

Obtaining the best price is not the only way to save a lot of money when purchasing a home. Selecting the best mortgage financing can save thousands of dollars when home buyers focus on the best options.

Mortgage interest rates are at the lowest levels for 2014 and all of the regular rates are attractive. However, if you can handle a 15 year mortgage rather than a 30 year mortgage, the savings are in the thousands of dollars and the obligations will end at an earlier date.

If you are only expecting to be in the area for five years or less, there are even more money saving options with adjustable rate mortgages. This is not rocket science. Don’t select the 30 year mortgage if other programs will satisfy your family needs.

 

Freddie Mac reports the following mortgage rate national averages for the week ending Aug. 21:

  • 30-year fixed-rate mortgages: averaged 4.10 percent, with an average 0.5 point, dropping from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.58 percent.
  • 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.6 point, dropping from last week’s 3.24 percent average. A year ago, 15-year rates averaged 3.60 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.5 point, dropping from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.21 percent.
  • 1-year ARMs: averaged 2.38 percent, with an average 0.5 point, rising from last week’s 2.36 percent average. A year ago, 1-year ARMs averaged 2.67 percent.

Source: Freddie Mac

 

 Photo: Butterfly, Butterflies Live! Exhibit, Lewis Ginter Botanical Garden, IMG 0973

Butterfly, Butterflies Live! Exhibit, Lewis Ginter Botanical Garden, IMG 0973

Photograph by Roy Kelley

Roy and Dolores Kelley Photographs

Roy and Dolores Kelley Photographs

Roy Kelley, a real estate broker since 1960, has retired from his position as Associate Broker with RE/MAX Realty Group in Gaithersburg, Maryland. The needs of past clients and referrals will be met by long time associates. 



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About the Author Martha Brown- As a third generation Annapolitan I love to write about my experiences in and out of the real estate market. Licensed since 1992 all with Long & Foster I am a Certified Residential Specialist (CRS) and a Seller Representation Specialist (SRS) whose passion is homes in the Annapolis MD area and surrounding communities. My goal is to help my clients understand the real estate market and to then make sound real estate decisions. 

 

Martha can be reached  at 410-260-2800 ofc or 

martha@homesaroundannapolis.com.

When searching for Annapolis area homes for sale

there is no better place than

www.HomesAroundAnnapolis.com

 

Have a real estate question?? 

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All Photographs and/or written material and content produced by Martha Brown. All Rights Reserved and may not be reproduced or reprinted without express written permission of

Martha Brown of Long & Foster Real Estate.

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Annapolis, MD 21403

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Comment balloon 2 commentsMartha Brown • August 22 2014 05:50PM

Comments

I just want something with aprinciple that I can pay off as quickly as possible.

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) almost 4 years ago

Thank you very much for the re-blog!

Have a wonderful weekend!

 

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) almost 4 years ago

Participate