In 1981 the average 30yr fixed interest rate was 16.63%. If you bought a $85,000 home your P&I payment (which would not include taxes or insurance) would have been $1,186 a month. Today a $85,000 P&I payment would be $394 a month. To further illustrate, if you bought your home in 2006 for $125,000. The average 30yr fixed interest rate that year was 6.5% making your P&I payment $790 a month. You can move up to a $170,500 house today without changing your P&I payment.
As your agent, I seek to provide you with financial awareness of where you stand as a buyer and/or seller within the market place. In terms of this, I offer a number of services which I have listed below. Also provided for your convenience are current Cedar Rapids real estate interest rates, and a mortgage calculator.
- First time home buyer specialist.
- The city of Cedar Rapids has refunded the $6,000 First Time Home Buyers Grant program with limited funds. If you are ready to begin your homeownership experience, I'm ready to help at every new and exciting step.
- New construction professional.
- The third round of our new construction grant homes in Cedar Rapids is under way. The grant is up to 25% of an approved unit for income-qualified applicants. Are you ready to build that home of your dreams? I'm ready to help bring it to life.
- Refinance consultant.
- Wondering if you should refinance? The answer depends on your situation. We can look at the numbers and see where you stand. Some financial institutions like Collins Community Credit Union have programs that allow for loan modifications. This could be a possible alternative and cost far less than a typical refinance. You've got options. Let's explore them.
- Provide information on Conventional, Non Prime, FHA, VA ($5,000 Grant for veterans from the State of Iowa), 203K Rehab, ARM, Interest Only, Contract, First Time Home Buyer Programs, Grant Programs, 100% Financing, New Construction, Investment, and Cash Deal mortgage.
- Knowledgeable on fixed or variable rate mortgages.
- Support with poor credit | good credit situations.
- Provide bankruptcy or foreclosure advice.
- Assist with hard to prove income.
- Aid in credit repair.
- Provide an Estimate of Proceeds for sellers and/or an Estimate of Cost for buyers.
- Calculate possible tax advantages that could reduce your monthly payment and increase take home pay each month.
- Provide In-depth financing | mortgage qualification assessment of price range and monthly payment.
- Supply information on financing | mortgage options and assist in acquiring financing | mortgage.
- Provide credit score(s), analysis, and information.
| CONVENTIONAL LOANS |
|
GOVERNMENT LOANS |
|
| 15 Year Fixed |
3.375% |
FHA 30 Year Fixed |
4.500% |
| 30 Year Fixed |
3.875% |
VA 30 Year Fixed |
4.500% |
| IFA "First Home Buyer" |
N/A |
|
|
| Construction Loan |
6.000% |
|
|
| 5/5 Adjustable Rate |
5.000% |
|
|
| 7/1 Adjustable Rate |
N/A |
|
|
| 10/1 Adjustable Rate |
4.000% (No Origination) |
|
|
Interest rates subject to change without notice. Interest rates quoted with 1% Origination Fee. Interest rates based on 30 day lock.
- Click here to view a 30 year history of mortgage | interest rates. (PDF)
Mortgage Calculator
Use this simple mortgage calculator to give yourself an idea of how much your monthly mortgage payment will be.