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13 March 2011

83// Real Estate Loans

I am not the best, not even a really credible person to ask when it comes to economy.  I may have passed my Economics subjects with high grades back in college but I am no expert.

From what I understand, our economy or our value of currency is at a good state.  So much that well-known and reputable banks are offering real estate loans for bad credit with an interest rate fixed for a year.  With an interest so low, a lot of people who have been wanting to purchase homes are making their way to the banks to apply for it.

The way I see it, it is definitely a come-on to consumers.  Nobody knows for sure the inflation rate the year after and in the coming years.  Consumers might be in a for a shock and may not end up living in their homes.  Banks, they really do not have the heart.  I have never heard of  a bank that is lenient in terms of rules.  They have  a lot unreasonable rules.  Case in point, you are an account holder and you cannot easily withdraw money from your account aside from your mother branch.  How silly is that?

It makes me think, are they not centralized?  Do they not know how to balance finances that getting money out of a bank from an account holder from a different branch is challenging?  They have crazy rules.

But anyway, going back to real estate loans, I think it's easier (maybe unwise) to just get a loan that is higher and fixed for a number of years than getting lured to something which will definitely just benefit the bank after a year.  They may give low interest rate for a year because after that, they will get your property and sell it.  Consumers end up with nothing.  It's like saying goodbye to the money you have deposited to the bank, to the house and to the dream of owning a place to call your own.

Never be tricked by banks.  They are mean.

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