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The Current State Of Home Affordability
- 2. Can you afford to buy a today’s market? Buying a House is a very important decision in a person’s life and depends on many Factors. Knowing something about mortgage interest rates, average home prices and other home affordability data can help a lot.
- 3. Houses Price $383,250 In 2013
- 4. Median house price over the years New record median house price $500,000.00 $400,000.00 $300,000.00 $200,000.00 $100,000.00 $0.00 1940 1950 1960 1970 1980 1990 2000 2010 2011 2012
- 5. Mortgage Mortgage is a loan to finance the purchase of real Estate, with specified payment periods and interest rates . The borrower gives the lender a lien on the property as collateral for the loan. At the conclusion of the home loan process , you should carefully read all documents and get answers to all your question if you have any questions.
- 6. Mortgage Rates are going down Best Mortgage Rates as of Jan, 2013* An Increasingly competitive environment led lenders to lower mortgage rates. Source By: http://www.totalmortgage.com/mortgage-rates.asp
- 7. Foreclosure You should be aware of the consequences Foreclosure is legal, and often lengthy , process with several possible outcomes , including that Borrower sells the property or the lender repossesses the home. Delinquency Delinquency is the failure of a borrower to meet one or more scheduled monthly payments. Default Default occurs when a borrower is 90 or more days delinquent. Foreclosure become a possibility.
- 8. Foreclosure causes • Unemployment rates • Economic hardship • Aggressive lending practices • House price charges • Low underwriting standards
- 9. Some Useful Tips Before buying a house consider: Picking a house you can afford Consulting an experienced house inspector Choosing the right mortgage Getting professional advice Source By: http://www.smartonmoney.com/wp-content/uploads/2010/11/homeaffordability.jpg