Now that we are seeing a rebound in the housing market, it is time for a new home buying strategy says Suze Orman. "Financial advice needs to change according to what is happening in the economy," she says.
In today’s economy, with interest rates still low, relatively speaking, and home prices leveling out, Orman says potential homebuyers no longer need to make a down payment of 20 percent. "I’m fine if you can get a mortgage with 10 percent down," says Orman. In addition, she still maintains that:
•You get a 30- or 15-year fixed mortgage
•You qualify for a 4 percent to 4.5 percent interest rate