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Despite economic uncertainty, the historic low interest rates make today one of the greatest times to buy a home. The advantages of the extremely low rates far outweigh the advantages of waiting and hoping that purchase prices will go down.
For the last 60 years, interest rates have averaged about 9%. In today’s market, we’re seeing interest rates in the low 4% range on 30 year fixed mortgages, and even in the low 3% range on a 15 year fixed mortgage. That is more than half what the average rate has been over the last four decades! So what does this means for you as the consumer and home buyer? Simply put, your buying power has gone up tremendously. For example, in the 1970’s and 1980’s when the 30 year interest rates were at 9%, a $500,000 mortgage would leave you with a mortgage payment at about $4500 a month. Today, with a 4.5% rate, this leaves you with a mortgage payment of about $2500 a month. That’s a $1500 a month savings, which allows you to qualify for that much more! Not to mention that you would also be saving about $500,000 in interest payments over the life of the loan.
Now you can see how waiting and hoping for a %10 drop in home prices (or $50,000), doesn’t outweigh the advantages of saving close to half a million dollars in interest. The catch right now is that the media has portrayed it very difficult for you as a consumer to get a home loan. At Samuel Scott Financial Group, we have no problem getting people home loans. What we always suggest to the consumer is, to get everything in writing, and that includes the rate that they’re being quoted. With the new laws in place, every lender out there has to honor the rate they quote a consumer in writing; if they don’t, the lender can get shut down.
Todd Pianin, President of Samuel Scott Financial Group, has a long standing reputation in Los Angeles and San Diego as being extremely knowledgeable and one of the best in the business. Todd has 15 years of experience in the mortgage industry and has been listed as one of the top 100 mortgage originators in the United States in both 2005 and 2006 in “Mortgage Originator Magazine”.
Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer satisfaction and the way they tailor the residential loan process to every individual client. Todd “Samuel” Pianin and Brian “Scott” Reynolds founded the company on the principles of long lasting relationships, and a sincere honest approach to every single individual we serve. Consistent and reliable, Samuel Scott Financial Group has been selected as The Best Mortgage Company in San Diego for the 5th straight year by readers of local publications.
President: Todd Pianin
Vice President of Sales: Russ Schreier
Mortgage Advisors: Christian Alvarez, Dean Brown, Mark Buchanan, Mitch Palmer, Brian Reynolds, Debra Roberts, Mark Robertson, Alex Scoma, Brian Shaw, Keith Sims, David Talbott.
Samuel Scott Financial Group is licensed by the CA Dept. of Real Estate license #01458652 and NMLS identifier 235584. ©2011 Samuel Scott Financial Group. All rights reserved.