Quote:
Originally Posted by 68Cuda
Go look at historical rates from the 80's!
http://www.freddiemac.com/pmms/pmms30.htm
I remember my folks getting into a house at just under 10%.
What is "dangerous" about people shopping at these low rates is they listen too much to the realtors and some buy every bit of house they can "afford". Eight years ago when we moved here my bank told me they would loan me up to a certain amount. When they did my pre-approval letter for the realtor I asked them to drop that number more than 1/2. At the end of the day you still have to heat / cool / and pay taxes on that property! We knew what we wanted and needed, and the number we gave the realtor fit that. And, wouldn't you know, every house she showed us was just at or over that number! |
That's like blaming the bar for an alcoholic. I've been in the business for nearly 15 years. Many American's are wired to buy as much of everything as they can afford. I can tell you that today, buyer's are more economical with their decisions as many have been burned and learned a lesson or in position by being conservative in the first place.
I believe in representing my clients best interest. We go over the loan worksheet, I discuss the real costs of ownership, new vs old systems, not utilizing retirement funds, locations, crime statistics, and on an on. I know if I do my best at representing my clients, there will be plenty of money. Money is far from my primary focus. As with any business, there is a wide range of professionalism, experience, and integrity.