August 12th, 2011 11:00 AM by DRU SCOTT
In real estate, the first three rules have traditionally been; 'loaction, location, location'. Now we have to factor in terms like 'market collapse', 'double dip' and 'tightened lender restrictions'. It sounds confusing.
I want you to rest at ease. What is a bad situation for our economy and homeowners is great for buyers and those who have equity. The prices have dropped to historic lows, while interest rates are also at historic lows. It's a good time to buy or refinance to a lower rate.
The lender guidelines are almost identical to rules we worked under when I started in the lending industry. While they are not the relaxed guidelines that helped cause our crisis, they are not unreasonably hard. The lending guidelines are designed to help insure your success as a homeowner. Now might be an historically great time to invest in your dream home.