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First Family Mortgage Can Save You Money

Conrad Thompson with First Family Mortgage can save you money. Call 425-0105 in the Huntsville, AL area.

Homeownership stalls as nation adds more renters, Census Bureau reports

The current homeownership rate might be a good number when you consider affordability and lifestyle, says Greg McBride, CFA, Bankrate chief financial analyst.

“We saw what happened when it climbed into the high-60’s during the housing boom, so that went too far, and not everyone should be a homeowner. Some need mobility and career flexibility, while others have changing family dynamics or financial limitations that make homeownership untenable,” McBride says.

The hike in rental activity could actually boost homeownership rates down the road, says Ralph McLaughlin, deputy chief economist of CoreLogic. He explains that one reason for flat homeownership rates is that more people are becoming renters, which was likely driven by younger people forming their own households, and that’s a positive indication of financial confidence.

“At some point, we expect these new renters to eventually become homeowners,” McLaughlin says.

Can a family member leave another family member a house with a 1st mortgage still on it in their will?

my mom has a home that she is still paying her first mortgage on, she says that if she passes away she wants to leave me the house in her will so that I would keep it in the family. Would the bank allow that to happen?

The bank would need to be paid off in full before you get the house. You cannot take over another person's mortgage.

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