How To Finance A $1 Million Home
San Diego, CA (PRWEB) July 31, 2006
It used to be that a million-dollar home was a mansion on the hill, but today such homes are more and more common, says Peter G. Miller, author of The Common-Sense Mortgage and a columnist syndicated in more than 80 newspapers.
"Million-dollar homes that used to be in the 'upper brackets' are increasingly affordable," Miller explains. "The reason is not that lots of people are receiving huge wage increases, instead buyers of million-dollar properties are typically long-term homeowners who have piled up massive amounts of equity as home values have risen."
Figures from the federal government show that typical home values increased nationwide almost 300 percent during the past 25 years. That means many buyers who bought a first home in their 20s and 30s and are now in the 40s and 50s often have household equity worth hundreds of thousands of dollars.
Just in the past five years average home values have doubled in such areas as the Florida, California, the District of Columbia, Hawaii, Maryland and Nevada.
"If you combine home equity with solid credit and a good income, a million-dollar home is readily affordable for a surprising number of people," says Miller.
Blend massive equity with low-risk financing and many long-term homeowners can easily purchase a million-property. In fact, says Miller, in some areas, buying a million-dollar home may actually mean downsizing.
"Over time the marketplace has changed," Miller explains "Today when we speak of 'upper-bracket' properties in many areas, we mean homes valued at several million dollars and sometimes $30 million, $40 million and even $50 million.
But what's really changed, Miller says, is the nature of our housing stock.
"Census figures show that typical new homes have increased in size from 1,660 square feet in 1973 to 2,434 square feet in 2005. Combine bigger homes with inflated dollars and it becomes easy to see why so many homes today are priced at seven-figures and above."
Miller's complete article, "How To Finance A $1 Million Home" explaining how to buy a million-dollar property can be found without cost or registration at Mortgage Lenders Plus.com, a site which allows consumers to comparison shop 100's of lenders. The article explains how long-term property owners are using FHA, VA and conventional financing to buy million-dollar properties.
About Peter G. Miller:
Peter G. Miller is author of The Common-Sense Mortgage and a columnist syndicated in more than 80 newspapers. He is currently a featured columnist on Mortgage Lenders Plus.com.
About Mortgage Lenders Plus.com:
Established in 2000, Mortgage Lenders Plus.com provides a unique online destination for borrowers seeking to finance or refinance real estate. Mortgage loan requests worth nearly $10 billion have been processed on the site, and that number grows each day. The company is not a lender, broker or escrow agent; instead it provides an unequaled marketplace where you can match your needs and wants with nearly 200 competing mortgage lenders. For news about loans, lenders, equities and home values, please visit http://www.mortgage-lenders-plus.com .
Robert D. Schliff
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