Paying Room & Board? It may be cheaper to buy.

Money Magazine recently reported that college tuition is increasing faster than the rate of inflation. If you have high school-aged children, buying a condo could be less expensive than paying for room and board for the next four or five years – especially with the tax break and charging rent from your children’s friends. Perhaps downsizing to a smaller home makes more sense now with the children gone. Either way, you may want to tap into your home equity to manage this time of tremendous change.

Interest rates are at their best levels in five months and are near the lows of late last year. If you’re thinking about buying a home or capitalizing on your home equity, you have many options available to address all the big changes that may impact your financial success.

Rates at a Glance
30-Year Fixed
Mid 6’s
15-Year Fixed
Low 6’s
5/1 ARM
Low 6’s
3/1 ARM
High 5’s
1-Year ARM
Mid 5’s
These rates do not reference a specific loan program; rather, they reflect general market conditions, which are subject to change.

© Copyright 2006. All About News, Inc.

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