High-income borrowers obviously have financial advantages when it comes to seeking a mortgage. But they're also more likely to pursue strategies that help them find the best deal, strategies their fellow borrowers might do well to adopt.
The American dream is the belief that, through hard work, courage, and determination, each individual can achieve financial prosperity. Most people interpret this to mean a successful career, upward mobility, and owning a home, a car, and a family with 2.5 children and a dog.
Did you take out a home equity line of credit 10 years ago? If so, you're not alone. These loan products, better known as HELOCs, were popular in 2006 and 2007 as home values soared and homeowners looked to tap into their growing equity.
Homeowners insurance isn’t as price-competitive as auto insurance, making it one of those things you have to buy — mortgage lenders require having homeowners insurance set up before a home loan is finalized so that their collateral is protected — but something that many people are likely to shop for once and then forget about it.
The security of online information transmission has never been safer. Consumers, constantly busy, can sit down and fill out information at their leisure, while lenders are able to work without the high overhead of a traditional brick and mortar business.