|By PR Newswire||
|December 31, 2013 12:59 AM EST||
SAN DIEGO, Dec. 31, 2013 /PRNewswire-iReach/ -- LoanLove.com labels itself as "NOT another boring, stuffy, "fall asleep in your chair" site about loans". The website distinguishes itself by providing in-depth information about loans in a casual and often entertaining way, with the goal of helping borrowers find loans that they will love. Loan Love has quickly become a trusted destination for current new and expert loan advice, by empowering their readers with first-class knowledge, valuable resources, and connections to top-rated industry professionals. One of the website's recently featured articles continues to help borrowers by helping to answer the question "Should I buy a house in 2014?"
The article starts by taking a look at the housing market over the past few years. It says, "When the mortgage industry began its major struggles in 2007-2008, there weren't many people looking to buy homes. In fact, many people were having trouble hanging on to the homes they had. Foreclosures and other distressed sales rose, and many of those who were able to stay in their homes were seeing the value of their homes drop to the point where they owed more on their home than it was worth. These facts, combined with rising unemployment left many home owners stuck between a rock and a hard place. But things eventually began to turn around. The Making Home Affordable initiative was launched in 2009, and a series of interest rate drops over the next few years, started to making buying more plausible, especially for first time home buyers. By 2011 the turnaround had started to become notable."
However, the article notes that 2013 saw a turn around in the decreasing interest rate trend. Now rates are creeping up again, but there are many who are still house hunting and looking for a good home loan. The reason for this is because the home buying "sweet spot" has not yet passed altogether. Loan Love still believes that buying a house in 2014 is a good idea for the following reasons:
- Interest rates are still low
- It is still less expensive to buy rather than rent in the long run
- There will be reduced competition for qualified borrowers in 2014
- More safeguards will be put in place in the coming year
- Fewer foreclosures means buyers should start looking now
Regarding interest rates, the article 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."
However, probably the most compelling reason to start looking for a home early in 2014 is the fact that foreclosed properties are becoming scarce. 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 buying a house in 2014, please visit LoanLove.com to read the full article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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