Home ownership is at a nearly 50-year low.
That’s bad news for the economy as a whole, but it’s even worse news for those individuals who typically would be home owners, but for some reason they aren’t yet. Many of these folks are renting. The money that should be building their real estate equity is building equity for a landlord.
This has a negative impact in both the short term and long term. A robust construction industry is vital to the health of our communities and when people aren’t buying houses, that hurts construction – even when those first-time buyers aren’t buying new homes.
You see, homeownership is a progression much like car ownership is. You start out with a smaller home, build equity and then often sell and move on to a larger, more expensive home. Some place along the line, that larger home may be a new home. But if fewer people are getting into the starter homes, then fewer people are creating demand for the new homes and that hurts the construction industry.
Home ownership and long-term security
Later, when people are facing retirement, if they haven’t been homeowners for a fairly long period of time, they won’t have the equity they need to help fund their retirement. This will put a bigger burden on government services and frankly, everyone’s standard of living will be hit.
And this is why it’s so important to get into home ownership as soon as you can. Company pension plans have all but disappeared. Social security is little more than a mere safety net to keep you from starving. Building equity through home ownership has always been the way most Americans accumulate wealth and set themselves up to enjoy their retirement years.
Some folks today who would like to join the homeowner ranks have been hurt by poor credit scores. However, if they could just solve that initial problem, they would be in a good place to start building financial security.
A California hard money lender
We help individuals and families like that at Evoque Lending. We provide shorter term hard money loans to people who have had difficulty with banks and conventional lenders. You could almost think of our First Trust Deed loans as “jumper cables” that get you back on the road and soon you’re going under your own power.
We understand that you can’t capture people’s ability to make their monthly payments by looking at a single number on a credit report. We look more deeply than that. We also want to make sure that you have sufficient equity in your property to be sure that it’s important to you.
Further, unlike conventional lenders and banks that usually have some anonymous approval board that makes the final decisions, at Evoque Lending we do everything locally. This allows us too give you a decision within 24 hours and get you your money in as little as seven to 10 days.
Dedicated to service
With more than 15 years of experience, we appreciate the fact that we’re here to serve you. Some banks make you feel like they’re doing you a favor by giving you the privilege to apply for a loan. That’s not the attitude at Evoque Lending. We know that sometimes dealing in real estate can be stressful for people. We’re here to relieve that stress, not add to it!
If you think a hard money loan on Los Angeles real estate, Orange County real estate or San Francisco area real estate may be able to help you realize your financial goals, give me a call, send me an email or complete our short online questionnaire.
We’ll do everything we can to help out.