If you live in Prince William County of Virginia be prepared for the power outages.
NOVEC has a great new system to record power outages. When you call from the phone number that is registered with NOVEC the system determines the outage location immediately. Your registered phone number with NOVEC can be either a landline or a cell number. If you do not have an updated phone number registered with NOVEC and want to report an outage the process is longer because it done manually.
Update or add your phone number with NOVEC by calling 703-335-0500 or 1-888-335-0500, and follow the menu directions. Be sure to have your NOVEC account number handy when you call.
Real Estate News & Updates from Gainesville, VA
Thursday, July 14, 2011
Thursday, July 7, 2011
All real estate professionals are saying now is the time to buy a home.
All real estate professionals are saying now is the time to buy a home. “Top ten, top five, and top three reasons to buy a home now list” are popping up everywhere. But why are we being told to buy a home now. The ANSWER is the lowest mortgage interest rates in 50 YEARS.
I will use my childhood home as an example. My parents purchased this home in April 1980 their mortgage rate was 16.4% and purchase price was $36,000 with a down payment of $7,000 (20%). My parents’ monthly payment was $397.
A home today, priced at $250,000 with a 20% down payment and a mortgage rate at 4.36% the monthly payment would be $997. The price of a home in 2011 is 7 times more expensive than 1980; however, with current low mortgage rates the monthly payment is only 2.5 times more a month.
Let’s take the today priced home and add a few “What If’s”.
The home price stays the same at $250,000, with a 20% down payment but the mortgage rate goes up to 6.36% monthly payment is now $1246. Buy at lower rate monthly savings of $249.
Home price drops to $225,000, with a 20% down payment and the mortgage rate stays up at 6.36% monthly payment is now $1121. Buy at lower rate monthly savings of $124.
Both scenarios show lower mortgage rates equal lower monthly payments. Not to mention these monthly payments compare nicely to rentals in my region. No one has a crystal ball and can forecast the future. So we don’t know when the rates will go back up. I just don’t want anyone to miss this great opportunity. I feel like the low mortgage rates is the Return of “Halley's Comet”.
All monthly payments are the amount borrowed plus interest only.
I will use my childhood home as an example. My parents purchased this home in April 1980 their mortgage rate was 16.4% and purchase price was $36,000 with a down payment of $7,000 (20%). My parents’ monthly payment was $397.
A home today, priced at $250,000 with a 20% down payment and a mortgage rate at 4.36% the monthly payment would be $997. The price of a home in 2011 is 7 times more expensive than 1980; however, with current low mortgage rates the monthly payment is only 2.5 times more a month.
Let’s take the today priced home and add a few “What If’s”.
The home price stays the same at $250,000, with a 20% down payment but the mortgage rate goes up to 6.36% monthly payment is now $1246. Buy at lower rate monthly savings of $249.
Home price drops to $225,000, with a 20% down payment and the mortgage rate stays up at 6.36% monthly payment is now $1121. Buy at lower rate monthly savings of $124.
Both scenarios show lower mortgage rates equal lower monthly payments. Not to mention these monthly payments compare nicely to rentals in my region. No one has a crystal ball and can forecast the future. So we don’t know when the rates will go back up. I just don’t want anyone to miss this great opportunity. I feel like the low mortgage rates is the Return of “Halley's Comet”.
All monthly payments are the amount borrowed plus interest only.
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