Buying A Home In 2014 - LoanLove.com Gives Some Borrower Advice
SAN DIEGO, Jan. 1, 2014 /PRNewswire-iReach/ -- LoanLove.com labels itself as "NOT another boring, stuffy, "fall asleep in your chair" site about loans". The website distinguishes itself by providing in-depth information about loans in a casual and often entertaining way, with the goal of helping borrowers find loans that they will love. Loan Love has quickly become a trusted destination for current new and expert loan advice, by empowering their readers with first-class knowledge, valuable resources, and connections to top-rated industry professionals. One of the website's recently featured articles continues to help borrowers by offering some advice on buying a home in 2014.
Loan Love starts by explaining how the real estate industry has changed over the past few years, starting with the mortgage struggles that started in 2007 to 2008. At that time, not many people were buying homes and in fact those who did have homes were struggling to stay in them. Distressed sales and foreclosures rose and the value of homes dropped to the point where homeowners owed more on their homes than they were actually worth. Rising unemployment also added to the trouble and left a lot of home owners in a very bad situation.
The article stays, however, "…things eventually began to turn around. The Making Home Affordable initiative was launched in 2009, and a series of interest rate drops over the next few years, started to making buying more plausible, especially for first time home buyers. By 2011 the turnaround had started to become notable. Still, many people wanted to hold old for the best interest rate they could get. They needed to see the values of their existing homes climb back up to the point where they could profit, or at least break even on that earlier investment."
The article goes on to explain, "Despite the fact that interest rates are creeping, many are still finding themselves house hunting for many reasons, and that the home buying "sweet spot" has not quite passed. Buying a house in 2014 is still a good idea, and here's some reasons why."
One of the reasons that is given as to why purchasing a house in 2014 is a good idea is the fact that interest rates are still relatively low. Loan love says, "Since more people have been buying homes over the last couple years, home prices have been edging upward, In August 2013 those prices rose faster than they had in seven years. But mortgage rates are still low, as of November, 2013 average mortgage rates were still less than 5% for a 30 year fixed rate. Historically, rates have been as high as 18%, in 1981, and the rates were near 8% in the end of 2007, as the housing crisis broke out."
Other reasons given are that:
- It is cheaper to buy long term
- There will be reduced competition for qualified borrowers
- New safeguards will soon be put into place
- There will likely be fewer foreclosures
Regarding the last point, Loan Love says, "With stiffer credit requirements for obtaining a mortgage in 2014, fewer homes will be available at low foreclosed or short sale prices as time goes by, and in future years homes will be almost exclusively at market value. Buying sooner rather than later may give you more options to snag a bargain home."
For more information, please read the full article at LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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