Tips for securing a mortgage
18.05.12
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KUSA - The American dream is changing. Home ownership in the U.S. is at a 15-year low.
The latest Census data shows the number of Americans who own their homes dropped a full percentage point over the last year to 65 percent this quarter. That's the lowest rate since 19-97.
Some people say that it's become tough for them to secure a mortgage or the down payment needed to buy a new home.
Jerra Ryan, a mortgage lending professional and president of the Colorado Mortgage Lenders Association says lending standards will remain tight in 2012. But she says that doesn't mean folks can't snag a mortgage with an attractive rate.
There are some tips that will help people stay on top of the game when trying to secure a mortgage.
Study your credit. Know where you stand. Know how much you can afford when it comes to payments. Shop around. If you're refinancing, consider a refi with no closing costs.
Source: 9NEWS.com
Time To Trade The Lease For A Mortgage?
18.05.12
This week, the U.S. Census Bureau announced that in the first quarter of 2012, the American homeownership rate hit its lowest level in 15 years. During the housing boom, millions more Americans bought homes, bumping the rate to nearly 70 percent. Now, that buying spree has been replaced with millions of foreclosures, and most of those gains have been lost.
As the homeownership rate keeps falling, it has also become a very good time to buy a house. Very low interest rates, courtesy of the Federal Reserve, and falling prices are making it even cheaper to buy a house these days. Meanwhile, rents are rising around the country.
Ibeliz Rosa, 34, says she's been noticing the prices. Rosa works for a state adoption agency in Boston and her husband is a police officer. She says her landlord is raising her rent again this summer, up to around $1,600 a month for a two-bedroom apartment, and with two young kids, it's starting to get crowded.
"Our rent is like a mortgage right now," Rosa says, "so that also motivated us to get the goal that we wanted, which is a single home."
Source: NPR
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