Knowing “the lingo” is always key when doing anything of a financial nature. Be aware that deceptive mortgage advertisments in print media as well as offers that come through the mail will have phrases such as this:
“You’re eligible to take part in an exclusive interest rate reduction program”
“Very low payment amounts”
“Mortgage rates near 30 year lows”
“You’re paying too much!”
“Rates as low as 1%”
If you see any of these phrases, be extremely cautious. Check with your attorney, financial advisor or cleric to obtain contact information for a reputable lender. Visit my You Tube channel that you can find at www.olear.com to learn about shopping for a mortgage.
We don’t want you to take our word for this. Instead, here are excerpts from articles published last week by two of the country’s iconic financial publications: The Wall Street Journal and Forbes Magazine.
The Wall Street Journal: Why It’s Time to Buy
“Despite all the gloom, there are growing indications that it is a good time to buy… The long-term benefits of homeownership remain very much intact. For now, at least, you can deduct the mortgage interest on your taxes—a big perk for people in higher tax brackets. You get to paint your walls any color you wish, without having to clear it with a landlord. And assuming you can buy a home for about the same price as you can rent one, buying will give you the ability one day to live rent-free. Come retirement time, a paid-off mortgage means your monthly expenses are significantly reduced, and you have a chunk of equity to play with.”
Forbes Magazine: 9 Reasons to Buy a House Now
“If you’re planning to buy a house right now, the next few months may be the best time to buy… With a convergence of the factors (mentioned in the article) all of which are favorable to the prospective home buyer, there may not be a better time to buy than right now. It’s a buyer’s market, but like everything else in life, the bargain deals won’t last.”
Bottom Line
When the Wall Street Journal and Forbes have articles saying now is the time to buy, maybe it’s time to buy
