Well of course the housing market is slumping it has just gone thou a boom and the market is correcting itself . Although housing prices will never be
as cheap as they use to be the market was still artificially high. Now is a great time for first time home buyers to enter the market
If you don't follow these guidelines when buying a house chances are you will run into trouble .
- Bear in mind that interest rates will change and may be higher after your fixed home loan needs to be renewed.
- Read the small print and make you understand what you are signing up for.
- Avoid small private lenders . Mainstream or larger banks are more likely to work with the customer if they encounter unforeseen circumstances .
Larger banks are less likely to be effected by economic rough times.
- Can you afford to meet mortgage payments if the unforeseen happens and you get some lee way from the bank ?
All of this can be summed by saying don't live beyond your means.
We are in a period of economic slow down and as usual people who live above there means have been caught out this is hardly the end of the world.
If you cant afford a house don't buy one.
[edit on 13-3-2008 by xpert11]
[edit on 13-3-2008 by xpert11]
