Buying A House In 2014 - LoanLove.com Weighs In On If This Is Still A Good Idea
SAN DIEGO, Dec. 27, 2013 /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 discussing the pros and cons of buying a house in 2014.
The Loan Love article says, "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."
The reasons that the article gives that make purchasing a home in 2014 a good idea for most house hunters include the facts that:
- Interest rates are still low
- It is still less expensive to buy than to rent in the long run
- There will be reduced competition for qualified borrowers
- There are new safeguards which will soon be put in place
- And foreclosed properties are getting rarer
Regarding interest rates, the article 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."
The article also gives some advice to potential home buyers, concerning a predicted dip in competition for qualified mortgage borrowers. Loan Love says, "Recently, the Consumer Financial Protection Bureau drafted regulations that are expected to go into affect January, 2014. The standards for qualified mortgages are going to be a lot tougher, meaning those who do qualify will face less competition. Taking the time to give a little extra TLC to your credit over the next few months can mean getting the house you want at a lower price than you might expect"
Finally, Loan Love explains one very good reason house hunters should consider moving to buy their home as early as possible. The article 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 on LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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