First-Time Home Buyers Should Act Fast!
There are a number of reasons why now is a great time for first-time homebuyers to purchase a new home.
B.C. First-Time New Home Buyers’ $10,000 Bonus Ends March 31, 2013: If you are a first-time homebuyer you may be eligible to receive up to $10,000* towards the purchase of a new home. The B.C. First-Time New Home Buyers’ Bonus is a one-time bonus payment worth up to $10,000 that is issued by the B.C. government to first-time homebuyers of newly constructed homes, such as those at Dwell.
This bonus is only available to purchases that complete prior to March 31, 2013. Details and restrictions may apply. Call Darcy of Nyrose & Associates from Coldwell Banker Horizon Realty today at 250-575-1946 to see if you qualify.
Mortgage Rates at an All-Time Low:
With mortgage rates continuing to be at an historical low, and economists predicting rates to rise later this year, it is a very good time to purchase a new home. What does that mean to a homeowner at Dwell? Here’s an example:
Home #3 – 1871 Ambrosi Road at Dwell, list price $319,900 (including net HST and the $10,000 builder incentive), with a down payment of 5%, will leave you with a mortgage of $303,905.
That $303,905 mortgage will carry for about $1,436 per month based on a 2.99%**, 5-year fixed rate over an amortization period of 25 years. If mortgage rates go to more normal levels as predicted to, say 5%, the same mortgage will cost you $1,767 per month. That’s a difference of $331 per month that you could be saving, plus you would be paying down the principal of your mortgage much more over the 5 years at the lower interest rate.
There has never been a better time to sit down and assess your own situation to see if buying a new home is a better option than renting in today’s real estate market.
Contact Darcy at 250-575-1946 or by email for more information about our townhomes at Dwell.
* The BC First-Time New Home Buyers’ Bonus is a one-time bonus payment worth up to $10,000 that is issued by the B.C. Government, which applies only to first-time home buyers of new homes. To be eligible you must purchase and close on a new home by March 31, 2013. Visit www.sbr.gov.bc.ca for more information.
**Prices and interest rates subject to change. Some conditions apply.