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Distinctive Country Properties
860.435.9891 |
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10.15.09 I received some specific mortgage rate information last week and reprint some of it here for readers to ponder. The source is courtesy of Luxury Mortgage in NY. One program, which I DON'T endorse, is an interest only plan. A 30 year fixed jumbo mortgage up to $1million was @5.75% with no points last week. A 30 year fixed up to $729K was 4.875%; 30 fixed to $417K was 4.75%; and a 15 year fixed jumbo mortgage was also at 4.75%. All were available with zero points. Other plans, I don't recommend, included a 10 year interest only loan at 2.125% with 1PT, a 5/1 at 4.25%, and a 7/1 at 4.625% both with zero points. The interest only loan is dangerous for a couple of reasons. First there is NO PAY DOWN of the principal, so one could get in big trouble if values (continued to) slide; Second, with no principal pay down, you don't increase the equity value holding of your property, other than by normal market appreciation, and this is no longer a guaranteed 'happening'; at least for awhile. This company also has NO income verification loans available and an assortment of other plans that do not make sense to me. Also all the above apply for NY sales, however as I said a couple of weeks ago, base rates at many levels are almost at historic lows nationally, but I don't think it will last too long.. Finally, what a great Fall Festival weekend Salisbury had!!! The weather was mostly perfect and the Town was alive with vibrant activity. Bravo to all the great people who made it work. ©2009 R. Leech features.
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Robinson Leech Real Estate 318 Main Street | P.O. Box 1627 | Lakeville, Connecticut 06039 Phone 860.435.9891 | Fax 860.435.9400 | info@robinleechrealestate.com
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