San Diego, CA (PRWEB) December 20, 2013
LoanLove.com has been helping borrowers find loans they love since April of this year and has quickly become a trusted destination for current news and expert loan advice. As the company’s information says, Loan Love is “LoanLove.com is NOT another boring, stuffy, 'fall asleep in your chair' site about loans” as it provides access to first-class knowledge, valuable resources and connections to top-rated industry professionals, in an easy to understand and even entertaining way. A recent article featured on the Loan Love website continues to help borrowers to make the best decision by explaining why buying a home in 2014 is still a good option for many potential home buyers.
The article explains that, “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 given include the facts that:
- Interest rates are still historically low despite recent increases
- In the long run, buying a home is still cheaper than renting one
- Recent regulations will result in reduced competition for qualified mortgage borrowers
- New safeguards are soon to be put in place that will protect borrowers from exorbitant fees
- And the fact that there will be fewer foreclosures available soon means that home buyers should act quickly
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.”
So, while many borrowers who are thinking of purchasing a home in 2014 might be tempted to compare today’s rates with the record low rates of earlier this year, they should really have a longer term outlook and realize that today’s “higher rates” are not really that high when put into perspective.
Another of the greatest reasons that home buyers in 2014 should move quickly is that low cost housing due to foreclosures is predicted to dwindle. 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 on why 2014 will still be a good year for home buyers, please read the full article on LoanLove.com.