Buying a Foreclosed Homes in Today’s Market

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Published: Wednesday, June 25, 2008

Interest rates on long-term, fixed, and adjustable mortgages are at historically low levels. The rate on a 30-year, fixed mortgage is hovering just below 6 percent, while, by comparison, interest rates were hitting 8 percent and higher during the last market downturn in the late 1990s, and were between 10 and 12 percent at the height of the last housing boom in the 1980s. Lower interest rates make it easier to qualify for a loan, and your monthly payments are more affordable. Although the Feds have cut the prime lending rate, that has little affect on long term interest rates. Thus, if the economy stabilizes as intended as a result of the rate cuts, long term mortgage rates could actually increase. Thus, we have a window right now that is at an excellent advantage to buyers.

With this mortgage finance opportunity at hand, now is the time to buy a home in Riverside County! In recent years new home construction lead to the boom contributing to increased home resale & home values throughout Riverside - the current foreclosure market condition has cut those high prices by nearly 40-60% less than previous listing prices.

What this means for a Home Buyer? A solid loan package with a low cost mortgage not only because of the current interest rate but, homes once listing for $400-500,000 are now being listed as foreclosed homes for $200-300,000 contributing to a smaller mortgage loan and giving you the high potential to gain equity value when the market rises.

Save Even More on Your Riverside County Foreclosure Writing Off Interest.

Category: Greatland Realty Blog

Published: Monday, December 29, 2008

Save Even More on Your Riverside County Foreclosure Writing Off Interest.

Category: Greatland Realty Blog

Published: Wednesday, December 24, 2008

How the Credit Bureaus Determine Your FICO Score.

Category: Greatland Realty Blog

Published: Friday, December 19, 2008