Today’s Lowest Mortgage Interest Rates – First Time Home Buyers Save with $8000 Government Tax Credit
Posted on | April 30, 2010 | Comments Off
Today’s lowest mortgage interest rates are around 4.85% for well qualified borrowers seeking a 30 year fixed mortgage. Many first time home buyers are saving money with the Government $8000 tax credit combined with low mortgage interest rates. Home prices are very affordable, mortgage rates are low and there is a tax credit available which makes buying a new home very enticing for first time buyers.
Before assuming that everyone will qualify for mortgage rates this low it is very important to understand that you will need a credit score above 740 and a low debt to income ratio to have any opportunity to borrow a large amount of money at low interest rates. Without being a solid borrower of money you are not going to get low mortgage interest rates.
The first time home buyer tax credit will expire today, April 30th, 2010, so it would be very wise to take advantage of this today before the opportunity slips away. By saving this $8000 you could sink equity into your home or possibly use the money for much needed renovations.
Author: Jeremy North