As the COVID-19 pandemic forced businesses to close and employees to take refuge at home last March, the Board of Governors of the U.S. Federal Reserve System took unprecedented action, lowering the benchmark interest rate to functionally zero percent.
Realtors estimate there are currently over 10,000 tiny homes here in the good old U.S.A. This housing trend seems to show no sign of slowing down anytime soon.
Private mortgage insurance, or PMI, is in essence just like other forms of surety. The insurance company agrees to cover the risk to the lender if the borrower stops making monthly payments.
The word "alternative" can mean different things in the world of home loans. It may simply refer to a funding business that does not operate out of a brick-and-mortar facility; instead, lending is conducted entirely online.
A mortgage is either a tool to obtain financial security and prosperity…or it is a burdensome budgetary albatross that demands feeding month after month. The role of the home loan is really a matter of how a household manages debt and orders priorities.
Being a homeowner has long been associated with the American dream. However, there are many individuals who would love to own their own home, but feel that they cannot afford it. A key concern could be an inability to come up with money for a down payment.
The COVID-19 pandemic has drastically affected many people's ability to keep up with their bills. If you fall too far behind, your lender may place your home into foreclosure allowing them to reclaim ownership of the home.
From the start of the application process to the final settlement, hi-tech computing and telecommunications make the entire proceeding go faster and be more responsive to borrowers, at least compared to 20 years ago.
To prevent commerce from crumbling altogether, the Board of Governors of the Federal Reserve System lowered its benchmark lending rate effectively to zero. Given the current state of the economy, however, this action may just jump-start the mortgage business with new applications.