Posted by Leonard Steinberg on September 21st, 2012

Interest rates are at record lows, so financing a property today is more affordable than ever. Here are some disturbing facts to absorb:

1)  Is everyone who has a mortgage and takes the tax deduction part of Mitt Romney’s 47%?…..the mortage deduction is a government subsidized handout….basically. I know many New York real estate owners who take this ‘handout’ who would never vote for Obama…. How disgraceful and stupid of Romney not to see this and a host of other government handouts and ‘breaks’ that benefit more than just Obama voters….and how absurd of Obama to ‘feel’ for the poor 47% when so many of them are not poor at all. Both look ridiculous!

2)  Yes, mortgage rates are super-low….but QUALIFYING for a mortgage is much, much tougher (a good thing!)….so ultimately the beneficiaries of low interest rates are primarily the wealthy. Some of the requirements to qualify for a mortgage these days border on the absurd, and the appraisal process has become a bit of a joke.