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 May 21, 2008

Reasons to Buy a Home
In the beginning of the year, good news mostly fell on mortgage front. Interest rates are, for the most part, at historically low rates. This is good news to the economy because it shows that lenders have faith is a healthy real estate market.
However, loan terms are changing, which forces the person borrowing the money to have different obstacles than what they would have had to go through a year ago.

The time of no money down is seemingly scarce in the current market. Many companies are calling for a mininum of 3 percent down.

At six percent financing, it is a great time go buy a home or condo in La Jolla, or anywhere in San Diego. Just be prepared to have a more significant down payment, a bit more paperwork and if you ever plan on refinancing you will be required to have more equity.

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