In order to analyze the market value of owned homes by housing tenure we have broken the national population into the following categories:
This analysis shows clearly that home owners without a mortgage have seen the greater percentage increase in the total market value of owned home as compared to homeowners with a mortgage. Between 2003 and 2010, we see that the market value of the owned home for a homeowner without a mortgage rose almost 34% compared to 28% for a homeowner with a mortgage. However what is important to note is that back in 2003 the market value of the average home owned by a homeowner with a mortgage was $198k and the value of one owned by a homeowner without a mortgage was $154k and seven years later the market value of a homeowner with a mortgage was $254k and the value of a home owned by a homeowner without a mortgage was $206k.
We strongly believe that since homeowners with a mortgage are able to borrow more money they can obviously afford to buy larger homes compared to folks who look to buy homes without a mortgage. Further, as folks age, they tend to pay off their homes and many times even downsize from larger homes to smaller ones and thus while they may no longer have a mortgage, the market value of their homes also tend to be lower.
Clearly, for a mortgage broker like Real Estate Funding Solutions, having a lot of homeowners with mortgages implies the opportunity to refinance these mortgages when the interest rate scenario becomes more favorable. Homeowners without mortgages may be candidates for home equity loans for home improvement projects or even reverse mortgage loans as they retire.
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