Mortgage Guide

gordons_19 asked:

Due to the sub prime mortgage crisis and the general unknown of the USA market right now how does that affect someone who is wanting to buy a home on a rent to own or lease to purchase type purchase? Will people be more interested in getting into their own home on a rent to own or will they be more wary of it because they might end up with a home that has depreciated in value a fair bit? Or do people still see a no money down, no credit check home purchase as their best way to get into their own house regardless if the value drops a bit? Of course, there’s a lot more to house value than just the market. So, how does everyone see the popularity of a rent to own home purchase for a potential homebuyer? A good idea for them or not? Thanks

Question posted courtesy of: Janice

Sustagurl2 asked:

I have heard as well as read, this year alone, 1 million Americans will lose their homes to foreclosure.

The mortgage industry uses so many terms most individuals don’t understand and today, I need clarity!

Maybe, just maybe if people were given a mortgage dictionary, if you will, prior to obtaining a mortgage, they would understand what they are about to pursue.

What do the words “sub prime” mean? Please explain to me, as if I were a ten year old!

Thank You Kindly!

Question posted courtesy of: Kristin