Low Rate Home Loans - Information Everyone Should Know
Posted by Sharib Mirza on July 26th, 2016
If you've got plans to buy a home, you know that interest rates have been extremely low over the last couple of years or so and continue to stay that way. This gives you plenty of time to find a property that is exactly what you're looking for, gives you time to save up the down payment and other fees and even gives you time to sort through all of the different mortgages that are available. Since today's economy is so volatile, everyone is wondering just how long low rate home loans will be available. The answer to this isn't as simple as you'd think.
As most of us know, the main instability factor in the economic downturn that had such a devastating effect on not just the U.S. economy but the world economy was the questionable lending practices of several major banks for housing loans. Because of this, the housing market crashed leading to lots of foreclosures, very few new builds and the price of existing homes dropped dramatically. Prices have dropped so dramatically that they're the lowest they've been in a decade and many people feel that now is the time to take advantage of a low rate home loan to buy.
While interest rates have been low to try to bolster the economy, the question remains since the economy is still weak, how long will interest rates remain low so people can take advantage of a low rate home loan? Experts differ in their opinions but most concur that interest rates will remain low for years to come, perhaps for the next decade. They all point to a myriad of factors to highlight their assertions that loan rates won't be increasing anytime soon.
Many news and human interest shows like Good Morning America and The View have had segments exploring what is going on in the housing market and hosts have asked virtually the same question as the title of this article. The answers they get state that because of the huge hit the housing market took and because of the failures and mergers of so many banks that required bail-outs that the market is just now starting to recover. Because of this, some feel that low rate home loans will continue to be available until 2015 at least, while others feel that low rates will still be available until 2020 or even longer.
As of today, you'll find lots of mortgage companies with the best loan program that will eagerly give you a loan with an interest rate of just over three percent which is significantly lower than rates were in the 90's and early 2000's. Since these rates appear to be locked in place for the foreseeable future, it may well be time to take advantage of a low rate home loan and buy that dream home you've always wanted.
Article Source: http://EzineArticles.com/6429603
About the AuthorSharib Mirza
Joined: July 1st, 2016
Articles Posted: 19
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