Why I been wrong About the housing CRASH !!
If you were house hunting before the crash, you could choose between an array of loan products to keep your payments low such as an interest-only loan, a “choose-your-own-payment” loan, a balloon payment loan or an adjustable-rate mortgage (ARM) with an extremely high cap. If your credit score was low, you didn’t have money for a down payment or your income was erratic, you could get around all those obstacles with a no-documentation loan, sometimes for as much as 125 percent of the home value.
Now that a decade has passed, industry insiders look back at where we were, what we learned and where we go from here to ensure that the trauma of the housing boom-and-bust and the Great Recession are not repeated.
Today’s home buyers are in different world:
If you were house hunting before the crash, you could choose between an array of loan products to keep your payments low such as an interest-only loan, a “choose-your-own-payment” loan, a balloon payment loan or an adjustable-rate mortgage (ARM) with an extremely high cap. If your credit score was low, you didn’t have money for a down payment or your income was erratic, you could get around all those obstacles with a no-documentation loan, sometimes for as much as 125 percent of the home value.
Now that a decade has passed, industry insiders look back at where we were, what we learned and where we go from here to ensure that the trauma of the housing boom-and-bust and the Great Recession are not repeated.
Today’s home buyers are in different world: