[Q] - To test Nancy Pelosi’s hypothesis that after eight years of
President Bush the economy is in far worse shape than it was under
President Clinton at a time of “budget surpluses,” I went to Lending
Tree to see what kind of mortgage terms I could get to buy my first
home today. . . .
So what kind of offer did I get today in the midst of this
horrible financial crisis? I got four offers, the lowest of which was
a 15-year fixed-rate VA mortgage of 6.0%, zero points and zero down,
yielding a monthly payment of $948.20. Yes, that’s right, as bad as
everyone says the economy is today, I can get the same mortgage as I
had twelve years ago for about $250 a month less than I was paying 12
years ago in the midst of a “great” economy.
But what about the rise in prices of real estate, you might argue?
Good question. So I checked Realtor.com to see what my old house might
cost today. While that particular home isn’t currently on the market,
another home with the same floorplan and in the same division is
listed at $139,000. Plugging that amount into the 6.485% effective
annual percentage rate of the mortgage I was offered today and I could
buy my old home again today for $1,209.69 a month–about a dollar less
than what I was paying for the same home in 1996. -
http://www.bobkrumm.com/blog/?p=1940
Caution: Don't try this in California.
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