Tom Spaniel

Preston Hollow Financial Services, Inc

  • Home
  • About
    • About Us
    • Privacy Policy
    • Recovery Fund
    • Terms of Use
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Reviews
    • Google Reviews
    • Facebook Reviews
  • Services
  • Apply
  • Blog
  • Contact

You Closed On A House: Do You Or Your Lender Own It?

July 8, 2022 by Tom Spaniel

You Closed On A House: Do You Or Your Lender Own It?You were able to find a house and successfully close on it, so congratulations on becoming a homeowner! Then, you pause for a second and think: does your lender own your house? Some people believe that if they only put 20 percent down on a house, the lender actually owns the other 80 percent. Does this mean that your lender still owns a large portion of your house? This is not the case, but there are some caveats that you need to keep in mind.

Your Name Is On The Title

First, you are the one who owns the house. Your name is on the title, so you assume all of the benefits of owning the home. For example, if your home goes up in value between now and when you sell your home, you alone benefit from the capital appreciation of your home. Your lender isn’t suddenly entitled to more money just because your home is more valuable. You are the owner of your home, and your lender’s name should not be one anywhere on the title.

You Are Under A Legal Obligation To Pay Back Your Loan

Even though you own your home, your lender still has an important legal interest in your home. You are under a legal obligation to pay back your lender, and your lender can start legal proceedings if you do not pay back your loan. For example, if you fall behind on your mortgage payments, your lender can take legal action to repossess your house. This is called foreclosure, and you can be forcefully stripped of the title of your house. Stay on top of your mortgage payments to prevent this from happening.

After The Mortgage Is Paid Off

After the mortgage is paid off, your lender can no longer start the foreclosure process because you do not owe any additional money. On the other hand, other entities could foreclose on you if you do not pay your bills. For example, the government could take your home if you do not pay your real estate taxes from time to time. The laws vary from state to state, so try to familiarize yourself with the laws in your area.

Filed Under: Mortgage Tagged With: Home Ownership, Lenders, Mortgage

The Majority Of Millennials Plan On Buying A House In The Next Few Years

June 7, 2022 by Tom Spaniel

The Majority Of Millennials Plan On Buying A House In The Next Few YearsDuring the past year, the housing market has been on fire. There are not a lot of houses for sale, many people are interested in moving, and there is a rising demand from the people who put off moving during the coronavirus pandemic. Furthermore, Millennial demand is picking up, which will only make the housing market even hotter. Recently, a survey found that approximately two-thirds of people who qualify for Generation Y are thinking about buying a home in the near future. Many of them have improving financial circumstances, and they are looking for a way to build wealth and settle down. 

A Majority Of Millennials Are Now Homeowners

Millennials make up approximately 43 percent of all new home purchases so far this year, which is up from 37 percent in 2021. In addition, Millennials represent approximately 20 percent of the United States population, and they represent the fastest-growing segment of homebuyers in the country. Furthermore, approximately 53 percent of all Millennials now own their own home. Many Millennials have become homeowners by purchasing homes that require updating. As a result, many Millennials are spending money renovating and upgrading their homes.

Has The Housing Market Hit Its Peak?

Even though a lot of Millennials have become homeowners, there are many who are still struggling to afford the cost of a house. With rising mortgage interest rates and home prices, it will only become more difficult for them to do so in the future. Some people are wondering if the housing market has peaked. If a price correction takes place, it could make it easier for Millennials who have not yet purchased a house to do so. Even though it is impossible to predict the future, some financial experts believe that the housing market is headed for a correction.

More Homes Are Needed

One of the reasons why housing prices are so high is that there are not a lot of new houses being built. A shortage of labor and materials has made it difficult for construction companies to keep up with demand. If construction companies are able to start building more houses, it could increase the supply of homes on the market, reducing prices overall.

 

Filed Under: Mortgage Tagged With: Home Ownership, Millennials, Mortgage

  • 1
  • 2
  • 3
  • 4
  • Next Page »

Contact Tom


Loan Officer
Preston Hollow Financial Services, Inc
CALL (214) 802-9266

NMLS #228693
GET A RATE QUOTE  

Top Dallas Mortgage Brokers
Expertise.com

Reviews

Connect with Me!

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Browse Articles by Category

Quick Links

  • Recovery Fund
  • Privacy Policy
  • Terms of Use
  • Contact
nmlsconsumeraccess.org
Equal Housing Lender

Our Location


13709 Braemar Dr
Farmers Branch, TX 75234

Copyright © 2023 · Powered by MySMARTblog