Underwater Loans In The U.S.
November 8, 2014 1 Comment
More than nine million homes in the United States alone are deeply underwater as of Dec 2013. Homeowners living all across the country find that they cannot depend on their homes to retain the value given when originally purchased. Many Americans blame this trend on the recession that left millions of people out of work and thousands of U.S. companies closing. As the housing market fluctuates, it causes changes in the value of various homes.
An underwater mortgage is essentially a home that is worth less than the loan on the home. A mortgage is a natural part of buying a home today. Various lending programs let future homeowners make a small down payment and borrow money to pay for the rest of the balance. Some lenders also give borrowers the right to roll the down payment into the loan itself and pay little to buy the home. Other loans allow borrowers to borrow a larger amount that they need to cover the cost of repairs to the property, new furniture or closing costs. Read more of this post
Home loans are one of the most common types of loans in the United States today.The US has many home loan options which make home ownership and investing in residential properties easy.In addition to the conventional fixed rate and adjustable rate mortgages found world-wide,there are VA Loans,FHA Insured loans and HomePath Mortgages that offer simpler and cheaper ways to purchase residential properties.
wealthymatters 