A New First Time Buyer Program in Cambridge MA Real Estate?
A new first time buyer program is available in Cambridge MA and Arlington MA and, frankly, every community in the Greater Boston Area. If you are buying real estate in any of these communities you are able to avail yourself of this new incentive program without any special qualifications or paper work.
The new incentive program is...insert drum roll here.... the reduced interest rate. What? You say you have heard that one before? Well, hold on one minute, this is serious (and far more beneficial than the first time buyer incentive that sent everyone scurrying to purchase property in the Spring).
Interest rates had been hovering at 6.25%. For a $350,000. mortage with a thirty year term, your payments would be $2155./month.
Interest rates are now as low as 3.875%!!!! These are "historic lows". For the same mortgage amount and term, your payments are $1645./month.
That is a savings of $509/month or $6110./year - for every year you own!
Math is not my thing, but even I can see that with reduced prices, and these rates it really is a great time to buy an Arlington MA single family, a Cambridge MA condo, a Medford MA multi family or whatever suits your needs.
To see what is currently available in the market visit www.avenue3re.com. Or, prepare yourself to buy with our Better Buyer Kit.
Prepared by Karen Lilley, Principal, Avenue 3 Real Estate