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Home Loan Confusion Continues
Unfortunately, most Americans still do not understand how home loans work and how to take advantage of the wide array of programs available. The way I see it, people are still confused about mortgages in general and real estate finance, in particular.
Just last week, a friend of mine told me he was buying a house. He was pre-approved for a loan, he said, and I was very happy for him. You see, he is young, just 25, and he is embarking on the American Dream of home ownership. So, I asked him about the type of mortgage he was getting. He said, "I don't know. I was just approved, and I haven't even signed any papers, yet."
He did have the house picked out, though. Although it is all too typical of a response, I found myself still surprised that my friend didn't know anything about the loan he was being pre-approved for. As another acquaintance recently pointed out, the right loan program can make hundreds of dollars of difference in your monthly payment. This person will save $6,048 this year using an adjustable rate mortgage over that pesky fixed rate that so many people desire.
For some reason, home loan confusion continues to run rampant in America. Most likely because the average American is ignorant of how mortgages work. This is not an attack on American's intelligence. It's okay to be ignorant; it is not, however, okay to remain that way, when you know you are entering a complex financial transaction.
Avoid this problem. Educate yourself. Learn all you need to know about real estate finance with the wealth-building system, Winning the Mortgage Game.
Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and also learn how to gain financial independence through proper real estate investment strategies. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com
MORE RESOURCES updated Wed. June / 07 / 2023
Today's Mortgage, Refinance Rates: June 6, 2023 | 30-year Rates Increase 1.7% Since Last June - Business Insider
Today's Mortgage, Refinance Rates: June 6, 2023 | 30-year Rates Increase 1.7% Since Last June Business Insider
With high interest rates, does it make sense to buy that house now? ABC 10 News San Diego KGTV
It May Cost More to Refinance a Mortgage Than You Think Yahoo Finance
The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics -
UK mortgage borrowers face painful refinancing, warns think-tank Financial Times
This Is the No. 1 Thing to Remember About Higher Mortgage Rates The Motley Fool
Compare Today’s Refinance Rates | U.S. U.S News & World Report Money
How to get a low-cost mortgage refinance Yahoo Finance
What is mortgage refinancing and how does it work? Yahoo Finance
Interest-Only Loans Helped Commercial Property Boom. Now They ... The Wall Street Journal
Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage ... - Federal Reserve Bank of New York
Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage ... Federal Reserve Bank of New York
What Is A Home Equity Loan? Zing! Blog by Quicken Loans
Fixed rate cliff spurs record mortgage refinancing MacroBusiness
Will Mortgage Rates Go Up After the June Fed Meeting? The Mortgage Reports
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders - CNBC
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders CNBC
How does mortgage refinancing work? CBS News
Should I Refinance My Mortgage? - Buy Side from WSJ The Wall Street Journal
Here’s how sharply mortgage refinancing has dropped off Yahoo Finance
Today's Mortgage, Refinance Rates: May 29, 2023 | Rates Still High Business Insider
Today’s 30-year mortgage refinance rates hit lowest levels in 15 days | Oct. 28, 2022 - Fox Business
CFPB Launches Effort to Spur New Opportunities for Homeowners ... - Consumer Financial Protection Bureau
CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau
Analysis | It Will Pay to Wait to Refinance Your UK Mortgage The Washington Post
Why Older People Can’t Get New Mortgages The New York Times
Small Business Loan Refinance Bankrate.com
Should you refinance your mortgage to pay off debt? New York Post
VA refinance rates - current VA loan refinance rates today Business Insider
Current 15-year refinance rates today Business Insider
Refinance Closing: An Overview Zing! Blog by Quicken Loans
What Credit Score Is Needed To Refinance a House | Chase Chase News & Stories
Compare Current 30-year Refinance Rates Business Insider
7 Refinancing Programs for Seniors Total Mortgage