Dan Gilbert Quotes

Consider a 15- or 20-year fixed-rate mortgage instead of a 30-year, if you can afford the monthly payments - they may not be as high as you think.

Opt for a fixed-rate rather than an adjustable-rate mortgage.

Buying a home is exciting, but it's also a big financial commitment.

The way we finance homes in this country is slow, filled with middlemen, who run a nonstandardized evaluation process. This makes financing a home cumbersome and difficult.

Generally, there are three rules when it comes to borrowing money: You need to have good credit, proof of income and cash for a down payment. Most people have the first two, but it's the third that trips them up. And nowhere does that come into play more than the mortgage market.

Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?

One of the problems that we are confronted with is, when we decide to buy or build a home, we don't get a clear picture of what closing costs will be of that home.

Ignore the annual percentage rate when shopping for a mortgage.

Yes, Americans can still get credit for cars and trucks and refrigerators, and those businesses are doing well. But just try to get a home loan now.

The Federal Housing Administration has their leaflets there [The National Home Show] showing exactly how much it costs to build a house of this kind and what the monthly payments are. You pay twenty percent down and then pay the remainder over a period of twenty years, which should encourage home owning in this country on a much safer basis than has ever existed before for the average family.

God did not say that you should be able to borrow one hundred percent of the price of a house.

One of the biggest challenges is that once somebody realizes that they're ready to buy a home, then they realize that they haven't prepared properly, and it takes a while.

While I encourage people to save 100% down for a home, a mortgage is the one debt that I don't frown upon.

Buying a home today is a complex process, but that in no way excuses home buyers from their obligation for due diligence.

The only time I've ever taken out a loan is for the building work I had done at our house and I did that by extending the mortgage.

In America, people buy cars, and they put very little money down. They get a car, and they go to work. The work pays them a salary; the salary allows them to pay for the car over time. The car pays for itself.

You can refi your car loan just like you can refi your mortgage. It's even easier and less expensive. There's no appraisal process, and fees are minimal for a new car title. A couple of caveats: Most lenders require that the car be less than five years old and have a minimum loan balance of $7,500.

Potential home buyers have a two-step decision process. First, they determine whether they can afford to make a purchase - does their income safely cover their mortgage payment? Then they determine whether owning is a better financial choice than renting - are the costs of owning a home lower than the cost of renting it?

While a reverse mortgage can indeed be a viable way to generate income, it is very important to understand that after you take out a reverse mortgage, you will still be responsible for paying the property tax, the insurance premium, and all the maintenance costs for your home.

All homeowners in America may deduct mortgage interest on their first and second homes.

I still think buying a home is the best investment any individual can make.

If you rent, the rent goes up every year. But if you buy a 30-year mortgage, the cost is fixed.

Buying a house is not an overnight decision, and people can wait for 3 to 6 months.

People go into debt when they judge it beneficial to borrow money against their future earnings. Few can afford to buy a house outright, but many consider it worthwhile to take out a loan, which they will service and pay off over time, for the immediate privilege of living and investing in a house.

I got into real estate very much by accident.