StreetWise can help you understand home mortgages so you can do it with confidence.
One of the significant causes of the global Great Recession that began in 2007 can be traced to irresponsible mortgage lenders. They gave exotic home mortgages to unsophisticated consumers so they could package and sell those loans to investors at a profit. Most of those consumers did not understand what they were buying and ultimately could not afford them. When the payments on many of these loans shot up, consumers defaulted on the loans. That created a flood of foreclosures which pushed down home values across the country.
Responsible lenders like DCU did not follow these predatory practices. In fact, through our StreetWise program we tried to warn members against many of these mortgage schemes.
Fortunately many of those bad actors are out of business, the housing market is gradually recovering, and many of the predatory practices have been outlawed.
For most people, a home is the most expensive thing they will every purchase in their lifetime and a mortgage is the biggest obligation. It can be complicated and a little scary. In this section of StreetWise, we'll help take some of the mystery out of home financing, help you figure out if you can own a home, and do it within your means.