A home isn’t something most people would buy on impulse. Considering it’s one of, if not the largest purchase a person will make in his or her lifetime, being absolutely sure of your decision is imperative. There was also a time when an impulse mortgage was feasible, but most of us know what the results of that were.
With many housing markets around the country returning to levels prior to the recession and showing increases in value, the new mortgage market may be more stringent, but it’s also a lot easier to understand thanks to the significant efforts to try and simplify the process. Your options are now limited mostly to an adjustable or fixed rate while negative amortization and hybrid loans have fallen out of favor.
As the country’s population shifts, lenders also adjust to appeal to the broadest demographic of borrowers. For example, millennials are considered a key demographic as they shift from renters to homeowners. As a means of appealing to millennials, lenders are adopting mobile and online mortgage options.
If you’re looking for a mortgage, always do your homework thoroughly. If a lender is trying to pressure you into a mortgage and says it will go away if you don’t act now, it usually means that lender isn’t working for your best interests.
This real estate and financial update is brought to you by FreeValues.com, the number one provider of free home values on the web. We provide free house values as well as useful information for sellers.