Mortgage Equity Hits Nearly $7 Trillion
Mortgage Equity Hits Nearly $7 Trillion
Mortgage Equity Hits Nearly $7 Trillion
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November 27, 2010 (Jeff Alan)
home-equity-image
It’s hard not to get caught up in all the negative news about the housing market and the mortgage loan business today. It seems like all we hear about is underwater home loans and foreclosures. You’d almost think that every American has negative equity or that no one can qualify for a home.

But the truth of the matter is there are still over 100 million households in America that collectively have nearly $7 trillion in equity. According to the latest statistics by the Federal Reserve, Americans still have a whopping $6.96 trillion of home equity remaining even after the Great Housing Crash of 2007-2010.

In fact, the statistics reveal that nearly 20 million homes have a net worth of over $350,000 in equity. And if the recent trend of homeowners paying off more of their debt continues, we can expect that number to continue to grow.

And is there anyone out there that can still qualify for a home? According to statistics available from Fair Isaac, the folks that created the FICO score, on average today’s consumers are paying their bills on time. Less than half of all consumers have ever been reported as 30 or more days late on a payment. Only 3 out of 10 have ever been 60 or more days overdue on any credit obligation. 77% of all consumers have never had a loan or account that was 90+ days overdue, and less than 20% have ever had a loan or account closed by the lender due to default.

And although these numbers are high by historic standards, consider the times we live in. When the dust has settled and the economy gets back to historic norms and the Great Recession becomes nothing more than a memory, hopefully we can learn from the lessons that got us where we are today and prosperity will come to all.

Tags: mortgage loan, underwater home loans, negative equity, home equity, federal reserve, net worth, homeowners, debt

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Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

November 27, 2010 (Jeff Alan)
home-equity-image
It’s hard not to get caught up in all the negative news about the housing market and the mortgage loan business today. It seems like all we hear about is underwater home loans and foreclosures. You’d almost think that every American has negative equity or that no one can qualify for a home.

But the truth of the matter is there are still over 100 million households in America that collectively have nearly $7 trillion in equity. According to the latest statistics by the Federal Reserve, Americans still have a whopping $6.96 trillion of home equity remaining even after the Great Housing Crash of 2007-2010.

In fact, the statistics reveal that nearly 20 million homes have a net worth of over $350,000 in equity. And if the recent trend of homeowners paying off more of their debt continues, we can expect that number to continue to grow.

And is there anyone out there that can still qualify for a home? According to statistics available from Fair Isaac, the folks that created the FICO score, on average today’s consumers are paying their bills on time. Less than half of all consumers have ever been reported as 30 or more days late on a payment. Only 3 out of 10 have ever been 60 or more days overdue on any credit obligation. 77% of all consumers have never had a loan or account that was 90+ days overdue, and less than 20% have ever had a loan or account closed by the lender due to default.

And although these numbers are high by historic standards, consider the times we live in. When the dust has settled and the economy gets back to historic norms and the Great Recession becomes nothing more than a memory, hopefully we can learn from the lessons that got us where we are today and prosperity will come to all.

Tags: mortgage loan, underwater home loans, negative equity, home equity, federal reserve, net worth, homeowners, debt

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

November 27, 2010 (Jeff Alan)
home-equity-image
It’s hard not to get caught up in all the negative news about the housing market and the mortgage loan business today. It seems like all we hear about is underwater home loans and foreclosures. You’d almost think that every American has negative equity or that no one can qualify for a home.

But the truth of the matter is there are still over 100 million households in America that collectively have nearly $7 trillion in equity. According to the latest statistics by the Federal Reserve, Americans still have a whopping $6.96 trillion of home equity remaining even after the Great Housing Crash of 2007-2010.

In fact, the statistics reveal that nearly 20 million homes have a net worth of over $350,000 in equity. And if the recent trend of homeowners paying off more of their debt continues, we can expect that number to continue to grow.

And is there anyone out there that can still qualify for a home? According to statistics available from Fair Isaac, the folks that created the FICO score, on average today’s consumers are paying their bills on time. Less than half of all consumers have ever been reported as 30 or more days late on a payment. Only 3 out of 10 have ever been 60 or more days overdue on any credit obligation. 77% of all consumers have never had a loan or account that was 90+ days overdue, and less than 20% have ever had a loan or account closed by the lender due to default.

And although these numbers are high by historic standards, consider the times we live in. When the dust has settled and the economy gets back to historic norms and the Great Recession becomes nothing more than a memory, hopefully we can learn from the lessons that got us where we are today and prosperity will come to all.

Tags: mortgage loan, underwater home loans, negative equity, home equity, federal reserve, net worth, homeowners, debt

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.