Nov
28
Here’s an interesting article on how mortgage rate adjustments have changed lifestyles. A few years ago people were using their homes as ATM’s; taking out cash at will to buy things. I was never a big proponent of racking up debt at the expense of your home’s equity. Here’s why: Mortgage market hangover could choke holiday sales
However, I doubt a lack of equity will really curb the appetite to purchase “stuff.” To put things in perspective on Saturday I ventured to Best Buy to check out flat screen (LCD/PLASMA) televisions. The ones with $1000 up to $5000 price tags. The section was full of people all wanting to buy this high ticket item including myself. While I was enamored with the “kick ass” picture quality and slick design, I opted against buying a new television. It’s basic logic, whenever I buy something I feel the need to use it to justify the purchase. As it stands, other than sports I rarely watch television so buying a television would force me to watch television.
Visa wasn’t happy with my decision, but I’ll bet that he was happy with this past weekends results. Visa should change their marketing slogan, “It’s everywhere you want to be” to “No equity, we’ve got you covered.”
Is your rate too high? If you're looking to compare mortgage rates or to get a rate quote on a FHA loan start hereFile this under: debt, mortgage, purchase, rate
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