Mortgage Lending at its Highest for Six Years

The real estate market has taken a hit over the years and the changes to the industry have made it harder to get a mortgage, but promising figures are starting to come out as the job market improves and consumers are becoming increasingly confident in the current market.

Morgage lending has reached its highest amount since 2007, when the housing market dropped and the mortgage industry began taking a hit. The reasons for the increased number of mortgages are clear: first-time homebuyers are being attracted to the low prices available on houses and the current low interest rates, which are still low enough to be worth locking in a great rate before it can increase.

Although the number of mortgages has increased, paying the interest alone is not enough. It is still necessary to save up money to work on the loan amount after taking the loan. An interest-only loan is only suitable for a short-term basis.

Despite the challenges to the housing market, the increased number of mortgages is making it clear that the lending market is seeing a positive upward trend. To learn more about home loans in California, contact Avis Lending.

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