I don’t watch the news much anymore because it gets me to yelling at the TV. Not the most productive use of my time. News is funny in that it can be spun to sound true regardless of the facts. This is one of those things that gets me riled up a bit. Low down payments were NOT the cause of the mortgage melt down.
Here is an article that has more fact than spin if you want to understand it better.
Personally, I think one of the biggest reasons for the melt down and upside down home owners was the Home Equity Line of Credit or 2nd mortgages. I used to see it all the time where folks borrow money to buy things they don’t need to impress people they don’t know. Using our homes as ‘piggy banks’ caused us to borrow over a $Trillion for stuff like big screen TV’s and hot tubs. That trend halted with the collapse of values but since we have recovered must of what was lost I am starting to hear ads for ‘loan consolidation’ and HELOC again. Not a great thing and I hope most of us have learned a lesson.
If you are thinking about buying a home and are concerned about low down payments, I have some great folks that can help. Call me and we’ll get you connected.
Thanks for listening,
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