Thursday, December 30, 2010

Home mortgages

Historical U.S. Prime RatesImage via Wikipedia
There are a lot of people who are scared of applying for a home loan mortgage especially with today's financial crisis. Some actually think that they will never have the chance to buy their own homes for most banks are now gun shy of approving any type of loans.

This is not true. In fact, truth be told, banks are desperate to find clients who are looking for home loans. There are too few clients who come in to buy homes and they are left holding the deeds of the properties that they had to foreclose, and they have the money to release. They also need the money from the monthly amortizations paid out by clients.

Because of the real estate crash, there are hundreds of thousands of homes up for sale, rent or lease. Unfortunately, no one is buying, renting or even leasing these properties. This means that the banks left holding the deeds are losing money. They need the clients to be interested in these properties so they could also earn profits.
This is the very reason why a lot of banks are now offering such ridiculously low prices for their properties, they are also offering very low interest rates. This means, they are trying to attract the home buyers to apply for home loan mortgages and they will not stop at anything to succeed.

If you are one who is interested in buying a home and you fit the requirements of the banks, now is the best time to buy the properties. The prices are very low, the interest rates are lower and the monthly payments will also be lower. Not only that, there is a surfeit of properties marketed that it may take a while to choose one from so many. It is only up to you to apply for the property that you are interested in.
Enhanced by Zemanta

No comments: