Asked by Sjea, 60102 • Wed Jun 17, 2009
I am a 1st time homebuyer and aware of the $8000 tax credit and how it can be used as an additional downpayment past 3.5% or interest buy-down. My question is though which is a better deal. We are looking at a possible new townhome in Morgan Hill, McHenry and will probably be between $160,000-175,000. Does buying down interest rate in this price range help drop the monthly mortgage down. Are we talking a few dollars or a few hundred dollars. I know I was approved at 5% interest rate. Also how much can you buy down? .25%?1%? And how expensive is it do buy down these percents?
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