Buying a House Now Makes Sense

Buying a home in Miami today just makes sense. The special combination of low prices plus really low interest rates means you save on both counts. Mortgage rates are the lowest they have ever been since they started keeping track. Did you get that? The lowest. And home prices are back to what they were 10 years ago in many areas.  Anyone able to take advantage of this will look back in 10 years and pat themselves on the back.

People are always asking me “are banks lending money these days?”  They’re always surprised when I answer with a resounding, “YES!”  Here’s the deal, they’re lending money to people who can prove that they are creditworthy.  That means the person must have verifiable employment (those stated income loans are long gone, thankfully), a good credit score and history plus some funds to put down and reserves left over.

Doesn’t that sound like common sense?  It is.  What happened during the Miami real estate boom was pure crazyness.  People were qualifying for loans because requirements were non existent.  You had a pulse?  You got a loan.  That’s not a very responsible way to lend money, is it?

If you’re one of those with decent credit, you can benefit by qualifying for a loan and buy what could be the best deal ever.  But don’t take my word for it.  Bloomberg Businessweek is saying the same thing.  They’re even using words like epic.  Epic Home Deals Await the Creditworthy.  That’s their article title.  And they’re not exaggerating either.  It really is epic.  Awesome.  Incredible even.  Well, you get my drift.

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These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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