San Diego, CA (PRWEB) December 19, 2013
LoanLove.com, a borrower advice website that claims it is “NOT another boring, stuffy,
"fall asleep in your chair" site about loans” has been helping home buyers and owners find the right loans for their unique situations since April of this year. As a trusted destination for current news and expert loan advice, Loan Love empowers homeowners with first-class knowledge, valuable resources, and connections to top-rated industry professionals. With news of impending mortgage rates hikes in the coming year, many potential borrowers are probably asking the question “Should I buy a house in 2014?” Loan Love helps to answer this question in a new article.
The new Loan Love article, titled “Buying A House In 2014 Is A Smart Move… (Here’s Why)”, explains, “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 article goes on to explain that one of the reasons purchasing a new home in 2014 is not a bad idea is because interest rates are still relatively low. It 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.”
Another reason that buying a home in 2014 will be the best option for many is because it is definitely cheaper than renting a home when it comes to the long run. Loan Love says, “Everyone knows that paying rent does not build equity and is not a true investment the way a home is. If you plan on moving on within a couple years, renting may actually be more affordable than buying a home, but for those who plan to stay put for five years or more, buying is the better value.”
An additional reason that many potential borrowers should consider getting a house in the coming year is the fact that there will be reduced competition when it comes to bidding for homes since new regulations will make qualifying for a mortgage harder. This can actually be a good thing since those who take some time to improve their credit over the next few months, and qualify for a mortgage, will face less competition when putting in their bid on a home. There will also be more safeguards in place soon, which will protect borrowers and lenders alike, and guarantee that fees will not be too high.
The last point that the article has in favor of purchasing a house in 2014 is the fact that foreclosed properties are going to be harder to find as time goes on. 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 on purchasing a home in the coming year, please visit LoanLove.com to read the complete guide.