It’s nice to hear that Americans are learning from the mistakes of the past. According to DSNews.com, ING Direct says a recent survey it conducted shows consumers have learned a powerful lesson from the mortgage meltdown-save for a downpayment.”
According to their survey, 42% of Americans “think homes purchased with a bigger downpayment in recent years could have reduced the proliferation of foreclosures and prevented the sharp economic downturn.” Now I’m curious as to what the other 58% thought. Anyhooo, what matters is that a lot of people are tired of the trouble that debt can get them in to. I freak out when I have $200 on my credit card, I can only imagine what it’s like to be tens of thousands of dollars in debt.
Apparently, the survey also reveals that “more than 40 percent of homeowners may refinance this year because of historic-low mortgage rates. Homeowners surveyed indicated that they are seeking new options from the 30-year mortgage product. Nearly four in 10, or 37 percent, said they are likely to consider a mortgage that allows them to make bi-weekly payments to pay off their mortgage faster, without pre-payment penalties.” Well now we’re talking! I thought for a moment that shying away from 30 year mortgages was going to mean looking into ARMs or something. Happy to see it was bi-weekly payments instead. Good on ya, you 37%! If you can handle bi-weekly payments, you’re going to be free as a bird in a few years!
I think it was the great Ben Franklin once said: A penny saved ain’t gonna get you shit. But if you continue to put away some money instead of buying jet skis and shoes, you might just be able to truly afford a home one day.
In other news, The Team Aguilar Website is happy to have a new feature on the website. For any area property search you click on, you will be presented with a Google Map that shows the location of the all the homes for sale in that area. You can click on each one and get property details. In addition, there are 360 degree street views available when you click on the Orange Home icon, and you can click on the yellow and black icon to get school information.
Check it out for yourself…
Here’s what it looks like: