Although the real estate market was not immune from the effects of business shutdowns and curtailments in 2020, neither was it hobbled: unprecedented low mortgage rates; strong millennial demand; and the flight from city to suburbs hastened buying and selling in America.
On February 16, 2021, President Biden announced the mortgage forbearance program would be extended through the end of June. This announcement has taken immediate pressure off millions of American homeowners that have been adversely impacted by the pandemic.
Although it has its own set of problems -- and has not become widespread as quickly as advocates had hoped -- cryptocurrency, exemplified by Bitcoin and others, is nevertheless making inroads into world and U.S. commerce. It is even closing in on mortgage finance and property conveyance.
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.