According to a recent report from Foreclosure-Response.org, borrowers are getting better about making their monthly mortgage payments.
As a result, lenders could loosen up underwriting standards for prospective borrowers interested in qualifying for a mortgage. In addition, the more the borrowers are able to stay out of delinquency, the better it could be for overall housing market and subsequently, the economy.
The report shows that the number of borrowers that are seriously delinquent on their home loans recently fell from 10.4 to 9.3 percent. This could yield an even further decline in the nation’s foreclosure rate since more borrowers are able to make their monthly payments.
Meanwhile, it was indicated that the cities with the highest rate of serious delinquent homeowners were all in California, Florida, New Jersey and Nevada.
Despite the improvements, some analysts feel that it will still take a considerable amount of time to return to the low delinquency and foreclosure rates seen prior to the housing bubble burst. However, the report stated that the industry is taking a step in the right direction.
By staying up-to-date on a fluctuating housing market, you’ll be able to make informed decisions when it comes to refinancing your home loan or qualifying for a mortgage. Using a home mortgage rate calculator provided by Freedom Mortgage to determine your best course of action could keep some extra cash in your pockets every month.
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