With mortgage rates being so low right now and house prices having settled down, this may be the best time in years to buy a home in Ledyard or Gales Ferry.
Mortgage rates in 2006 averaged 6.5% for a 30 year fixed rate mortgage loan. At 6.5% a $200,000.00 mortgage loan had a principal and interest payment of $1,264.00 per month. That same $200,000.00 mortgage loan in July, 2010 would have a rate of 4.75%. The payment for principal & interest would be $1,038.00, a difference of $226.00 per month or $81,360.00 over the 30 year life of the loan.
Take that information and factor in the difference in house prices ( I'll let Linda provide that information) between 2006 and 2010 and I believe that you will agree that this may be the time to make your move.
I look forward to helping you with your mortgage financing questions and needs.
Since 1980, Phil Turner has helped over 10,000 clients achieve the dream of homeownership. If you are planning to buy a home, please contact Phil. You'll find his professional service and years of experience exactly what you need in Eastern Connecticut's current housing market.
Phil can be reached at McCue Mortgage, located at 8 Union Street in New London, by calling (860)444-0650 or (800)781-1180 or By EMAIL.
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