Home Loans & Cars

I had an eye-opening exchange with my friend, Dean Loux, from Wells Fargo Bank last week. Here's the bottom line for you:

• The media is very poorly explaining what is going on with home loans today.
• If you have good credit and even a modest...and sometimes limited...down payment, you can still get a home loan easily.
• With interest rates at almost record lows, it's a great time to either build a new home or buy an  existing home. 
• This opportunity is not going to last. 

Another interesting tidbit from the auto industry:

• Car loans are also very loan and deals abound on payment plans.
• Because of the past auto stimulus, there is a shortage of used cars which has driven up the cost of used cars. 
• Great if you want to sell a used car. Bad if you want to buy a used car.
• The good news is there are some great deals on new cars. And some surprises. A leading consumer publication rated a Hyundai model as the best car under $20,000 that gets at least 35mpg. 
• "Green" [hybrid] cars are not selling as well as expected. Guess why? Regular ol' gas cars are now getting really good gas mileage. 
• Still...run the numbers as I did. It may not pay to get rid of your already-paid-for gas guzzler and get a new one. Unless the gas guzzler is in old age ready for the retirement home.