You’ll often hear the term “mortgage” used in conversation, and especially when discussing the market crash of 2008. If you’re looking to buy your first home, you will be more acquainted with the concept and must familiarize yourself with how a mortgage works. A mortgage is a loan that you take out when you are buying a home. Over the course of a set period of time, you will pay off this loan through a series of routine installments. Americans have been taking out and paying off mortgages for decades, but when did this become common practice?
Loans have been in society practically since the beginning of recorded history. The loan industry covers more than just home loans and can be used to purchase a wide variety of different assets. However, home loans are particularly significant because they provide middle and lower class citizens with the opportunity to purchase homes that they would otherwise not be able to afford. Initially, mortgages were issued exclusively by banks and were not readily accessible to all citizens. Only a select few were able to successfully file for a loan until Fannie Mae instituted under President Roosevelt changed the mortgage market and its influence is still significant today. Since then, receiving approval for a mortgage is far more common.
After the 2008 market crash, mortgages unjustly received a bad name. However, the market today is back to normal and precautions have been established to prevent any sort of mishap. Citizens may now safely take mortgages out with the full confidence of the lender as long as your credit score is good. To ensure that all those receiving mortgages fully understand the dynamics of what they are signing up for, lenders provide intricate details to educate the lendee in hopes to avoid misinformation and ultimately prevent another crisis.
Mortgages by Jill is the professional, personal, and passionate office that over the impressive span of 30 years has personally funded 2 billion dollars worth of mortgage loans. Jill is uniquely devoted to her clientele, whether they be first time buyers or previous clients looking to move into a larger home. It takes a professional with the adequate experience Jill boasts to help you navigate the rough terrain of the mortgage world, and see you safely through the process. As a result, Jill will protect your money, assets, and your home. Please get in touch with us today and learn how Jill’s unique services can help you!