Mortgage Rates Fall Again! Now, you can own a 2 Bedroom Condo for $1,700 A Month. Read on to find out how.
In a statement made by Freddie Mac yesterday, the average rate for a 30-year fixed loan dropped to 4.12 percent, the lowest in the company’s records dating back to 1971. The average 15-year rate fell to 3.33 percent from 3.39 percent.
What does that mean for you, the buyer, in dollars and cents? Here’s and example.
248 Sumpter Street, a two bedroom condo in the Bedford Stuyvesant/Ocean Hill section of Brooklyn is listed at $239,000.
$239,000 - Offer Price
$47,800 – Down payment of 20%
$191,200 – Loan Amount
$926.00 – Monthly Mortgage Payment with 4.12% interest rate
$583 – Common Charge (includes heat, hot water, gas)
$80 – Electric
$125 – Taxes
$1,714 – A Month to own this condo
So for $1,714 a month you can own a 1,000 square foot two bedroom condo. That’s less than a lot of people are paying to rent a two bedroom apartment, and that’s not including they gas and electric charges.
The market seems very rocky now, but consider this, if you rent an apartment for a year for $1,700 a month you will have given your landlord $20,400 that you will never see again. If you own, when you sell your property, after holding on to it for several year until the economy recovers, you can get back the money you paid plus any profit. The times we live in are financially scary right now, but the opportunity to own for less than ever before is great.
If you’d like more information about buying a condo, co-op or townhouse in Brooklyn, give me a call today at the number below.




are not familiar with them. Visit on a Saturday night, during the day on a weekday and a weekday evening. Note the streets close to transportation. Note where the stores, post office, banks and what have you are. Get a feel for the area. Check the advertisements for apartments in local realtor’s window displays.



















