Down Payments by State: How They Affect You
When you are considering buying a home, a huge factor you need to consider is the down payment. The times of no down payment loans are long gone, and when you put hard money on a loan, it is very important to know what it means for you. Our friends at the lending tree conducted a study (map below), and they calculated the average down payment of each state. As you can see, average rates are very close together, Oregon being the lowest in the entire region!
What that means for the buyer, is that lending standards are becoming more tight. Which in turn enables the buyer to be in more commited discussions when they are pushing out the details of the loan, because banks have a much smaller risk of "losing the farm" in case of foreclosure.
Overall, this is great news for the real estate economy as a whole. The great thing about this, coupled with the trend of the real estate market (see 2012, a year in review here), all systems are go, and we are ready to hit the new year along side you with force! If we can help in any way, please don't hesitate to give us a call and we will help you any way we can!
(to keep up with all market updates and what may be coming available in your area, go to Roblevy.com and click on the gray button titled 'newsletter'. Also, don't forget to 'like' our Facebook page at www.facebook.com/theroblevyteam)!