Move To Patchogue.com

Patchogue Village Rental Available 2Br 1Ba Upper Level Apartment with updated kitchen and bath $2200/mth includes heat & hot water... No Smoking, No Pets, Permitted for 4 Occupants See more

3D Printer, Laser Engraver, and more! All at the Patchogue-Medford Library

Save The Stage! Virtual Concert, Auction, and more. https://www.vbtlive.org/

I often hear potential home buyers say they want to wait until home prices come down Here is why that doesn't work... Let's say you are in the market for a $40...0,000 home with $10k property taxes. If you have a 640+ credit score, you can qualify for an FHA mortgage at 3.5% ($14,000) down payment. Closing costs are roughly 5% ($20,000). You would be looking at a monthly payment of approximately $2875 all in, with approximately $34,000 out of pocket. Now... let's forecast out based on the chief economist for the National Association of REALTORS projections... That same $400k home next year is now $432k and interest rates go from 2.83% to 3%. Out of pocket expenses go to $36,720 (increase of $2,720) Monthly payment increases to $3,067 Wait even longer, until 2022 and that same home is now $455,760 and rates hit 3.5% Out of pocket expenses go to $38,740! Monthly payment increases to $3,305!! Wait 2 years and you could be looking at $430 more per month, $5,160 more per year, $159,540 more over the life of the loan! Or, buy now, and gain $55,760 in equity! That's like picking up another part time income without having to do the work!

So sad to see another one of Patchogue's great spots close its doors. SUPPORT LOCAL BUSINESSES!! They need you now more than ever!