More Home for your Money in 2009

Between lower interest rates and current market values you can mortgage at almost 20% more home today than a year ago for the same monthly payment and get probably get additional 10% or more in home based on current market values.

• In 2008 rates for a 30 year fixed were at 6.5%
• In 2009 rates for a 30 year fixed are 4.75%.
• In 2008 a $344,000 loan at 6.5% costs $2174.31Monthly
• In 2009 a $417,000 loan at 4.75% costs $2175.27Monthly.

Using the rates above and assuming a loan amount of $300,000 with monthly taxes and insurance of $400;

• In 2008 a buyer must earn $91,848.16 to qualify for the loan
• In 2009 a buyer must earn $78,597.68

These numbers were provided by Frank Sommese of American Bank & Trust. Frank can be reached at

312 388-2176 or fsommese@AMBANKQC.COM.

Now is the time to buy. It is one of the most favorable times for qualified buyers.