Helping homeownership happen

Posted by at 1:11 pm

Mortgage lending is one of the linchpins of the greater economy, boosting housing and construction, as well as many collateral jobs. It’s because of this economic inter-dependency that so many are concerned about today’s “low” home-ownership rate of 63 percent. While it would be nice to see it even higher, most in real estate would at least love to see a return to the “halcyon” days of 2004, an epic boom at 69.4 percent. Even the 50-year average of 65.3 percent would be a huge improvement. In the beginning In 2016, the solution to putting housing back in high gear seems to be in the hands of Millennials. People younger than 35 have always been the most active group of first-time buyers, historically making up about 40 percent of the total. But today, that number is 32 percent. Perhaps not a jarring difference at...
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May 20th, 2016

Truth in mortgage ads

Posted by at 11:22 am

When you start shopping for a new home loan or refinance, you’ll probably also take more notice of the overwhelming number of ads for various mortgage products all over TV, radio and the Internet. Who’s watching? Remember, federal law says anything promised in a mortgage ad has to be a true representation of what the product actually is. And while the Federal Trade Commission (FTC) and The Consumer Financial Protection Bureau (CFPB) are the designated watchdogs for violators, you can train yourself to listen for advertisers that bend the rules, but don’t break them. War of the words By artfully adding qualifying words, they can make anything that sounds like a promise into a pretty neutral statement. Advertisements for the “lowest rates,” seem too good to be true – and they are. Listen carefully, and you’ll hear phrases like “start...
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Millennial madness

Posted by at 1:11 pm

The National Association of Realtors says people under the age of 34 led the nation in home-buying for the third year in a row in 2015, landing about 32 percent of American home sales. Still, homeownership among those between 25 and 34 is nearly 10 percentage points lower than a decade ago. What gives? Some of it has been a matter of choice. For the first time in more than 60 years, more than half of all adults under 30 have never even made a mortgage payment. Today’s Millennials wait longer to get married and have children, factors that are the primary drivers of homeownership. But many choose not to buy out of a sense of responsibility, not selfishness. Concerned about the weight of their crushing student debt, many live with friends and family – saving up to make a home purchase...
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