Recently in the news, you've likely heard about rising down payments for mortgages. The QRM rule (qualifying residential mortgage) being debated right now is a risk management issue. The government wants to avoid another mortgage meltdown. So lawmakers are looking at all the factors they say went into the first bubble-burst. One of these factors is risk. So right now, they're looking at anyone with past credit problems or delinquencies, and requiring them to put 20% cash down on the mortgage. That means on a $150,000 mortgage, a buyer would need $30,000. Think about that...do you have that kind of cash available? Even a home selling for $80,000 would require $16,000 in cash to secure the mortgage. Imagine how long you would have to save-up in order to have this kind of money.
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