5 Reasons to Shop for a Home Loan – Even with Bad Credit
by: Editorial Staff
It has been a tough ride for the housing market even by tough standards. Things went a little too well about a decade ago, it was too easy to get a loan, banks were falling over themselves to get people into a loan, and we all paid a price for that overindulgence. Things are looking a lot better again, but in a safe and manageable way, of course the borrower has to make good decisions, but options are back for those looking for bad credit home loans, and the market is sitting in a great place to return to it or jump in for the first time.
1. House prices are going up. Many, almost all, of the metro housing markets have seen considerable gain in home values due to a healthier economy and low housing inventory. In short, things are a little better, and there are too few houses to satisfy those that want to move.
2. Interest rates are great. Put simply money is cheap right now. Anyone that tells you differently must be young enough to still be in grade school. Most people over 30 remember when 6 was a great rate (over 40 thought 8 was good, over 50 thought 10) so these rates in the 4’s are to be jumped on.
3. Banks are back (or are pulling to shore now). An improving economy, rates that have ticked up a bit, and improving house values have made housing a safe bet for bank money. There has been safer bets, with better returns for banks over the last few years, but now they are seeing good signs to get back into housing.
4. Loosening Credit Guidelines. This could almost be 3.1 from above as it is in step with the return of the banks. More banks means competition, and it also means loosening guidelines because the banks are willing to take on a little risk for the greater returns. In short, what could not be done 12 months ago is being done today.
5. Nostradamus. Unless French, and an apothecary, no one can tell what the future holds. Things may continue (and should frankly) to improve in the housing market but the truth is now may be as good as it gets.
Find out today what you can do, what the future holds for you. Contact us, and make progress while things are so favorable.