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Mortgage has been identified as a popular mode of gaining ownership of a house or property whereby timely principle repayments and interest payments result in the transfer of ownership at the end of the mortgage period. Mortgage usually involves payment of an initial deposit at the start of the contract which due to recessionary phase has been significantly increased by the banks making it difficult for potential property owners to get a mortgage.

Credit Crunch 2008

The credit crunch that hit the American financial institutions in 2008 ultimately led to … [Read the rest]

The biggest lesson learned by American home buyers during the Great Recession is that it is extremely unwise to sign a mortgage that is beyond your means to pay back. A contributing factor to the astronomical number of foreclosures over the past few years is that borrowers were seduced by questionable mortgage products into buying a house that was barely within their means to pay under the best of circumstances. As soon as times got tough, those mortgage payments became impossible to meet.

If you are considering heading into the … [Read the rest]