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POSTED: Tuesday, May 19, 2009 - 8:30am

UPDATED: Wednesday, February 17, 2010 - 3:23pm

Lower interest rates & home prices give buyers more for their money...

Many first-time homebuyers are cashing in on low interest rates and a fat government tax rebate.

Heidi and Clay Frenzel are first-time home buyers who found many silver linings in the current recession.

One of them was falling interest rates.
"It helped us to buy more home in a better neighborhood," said Heidi Frenzel.

Sheri Wise at Dallas-based PrimeLending helped the Frenzels with their home loan.

"They were actually able to go up in price, sale price for the house, because interest rates dropped over probably one point," Wise said.

That one percentage point made a big difference in the Frenzels' monthly mortgage payment.

"I would say at least $300 on the mortgage itself," said Clay Frenzel.

The Frenzels also cashed in on an $8,000 tax rebate for first-time homebuyers.

They have already received their check and know how they plan to spend it: a dream kitchen.

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