Home Purchase Mortgage Calculators
Mortgage Program Calculators
According to a recent report from the U.S. Commerce Department, the rate of homeownership hit a 26 year low of 63.8% in the first quarter of 2015. The 63.8% figure represents a slight drop compared to the 64.5% homeownership rate reported by the U.S. Census Bureau for 2014. The homeownership rate peaked at 69.0% in 2004 and has been declining over the past eleven years.
Part of the explanation for the drop in the homeownership rate is the increase in the number of households that are renting, which increased by more than 1.8 million households as compared to the first quarter of 2014. One of the reasons for the increase in the number of renting households is that more young people are moving out of their parents’ houses and into their own places. In many cases, renting a house can be the first step before you buy a house so the jump in rental households is a positive indicator for the homeownership rate in the future. The report, however, also points to the many significant challenges that persist for prospective home buyers including the ability to save for a down payment, tighter credit and lending standards and a tenuous although improving job market. This is especially true for first-time home buyers, a segment of the population that continues to represent a declining portion of the real estate market. Additionally, millions of past homeowners that lost their homes to foreclosure or default during the real estate market collapse face the added challenge of trying to qualify for a mortgage with damaged credit. All these factors combine with a more complicated mortgage process to make buying a home less attainable for more people.
All these reasons are why we developed FREEandCLEAR and make it available to users for free. We cover programs designed to help first-time home buyers get a mortgage and also outline how past credit challenges impact your ability to get a mortgage. Additionally, our Mortgage Calculators help you understand what size mortgage you can afford while our Mortgage Process Guide offers money and time-saving tips and insights. We understand that the mortgage process can be overwhelming and frustrating so we provide borrowers with the best tools and resources in the business to help them achieve their mortgage goals. We believe that smarter, more empowered borrowers make better decisions when they get mortgages. By offering borrowers the best tools, resources and rates we hope to reverse the current trend and help more people realize their dream of owning a home.
FREEandCLEAR Mortgage Expert