When they are carefully planned, loans can work in your favor. For instance, when you take out a new mortgage on your home and consolidate your high interest credit cards into that loan, you can make real progress on eliminating debt. By getting rid of the high interest monthly payments, many property owners can make extra payments on the loans on their homes and retire those as well. Fortunately, many of the loans that property owners have do not have any penalties for extra payments or early payoffs.
Home and investment loans provide the resources that many people need to reach their lifetime goals. From owning your own home to making sure that you are able to make your dream become a successful business, it often takes considerable financial resources to make these things happen.
The Right Home Loan Often Provides the Help That You Need to Reach the Dream of Home Ownership
Buying a house is often the biggest investment that most Americans ever make. If you get trapped into the wrong kind of loan, however, you can find your goals a real challenge to achieve. Finding the right mortgage company and by working with the best loan officers you can find the financing that will help you achieve your goal of owning your first home. Consider these facts and figures about the loan industry and the impact that it has on the economy of the nation:
- Approximately 35% of home buyers were also first-time buyers, according to the 2016 National Association of REALTORS Profile of Home Buyers and Sellers.
- 59% of all buyers used conventional loans to finance their home, according to the 2017 Home Buyer and Seller Generational Trends report.
- Although the cost of living has gone up 30% in that time period, data from 2016 indicates that household income has grown by 28% in the past 13 years.
- 28% of investment buyers are very likely to buy another investment property within the next two years, according to the 2017 NAR Investment and Vacation Home Buyers’ Survey.
- Showing an increase from $143,000 in 2015, in 2017, investors typically purchased a median-priced property of $155,000.
- Approximately 63% of home owners are delinquent in their mortgage payments and are not aware of services that mortgage lenders can offer to individuals having trouble with their mortgage.
Managing the loans that you get for your first home or your first business is important. By making sure that those loans are working for, instead of against, you can help you achieve every dream that you have for home ownership, as well as businesses.