Are your clients mortgage-literate?

Understanding the process and terms of a mortgage is critical for homebuyers' financial literacy

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

In 2004, Congress declared April as National Financial Literacy Month. For many, this means learning about managing credit-card debt and analyzing credit scores. But as more and more consumers take steps to improve their knowledge and understanding of personal finance, they should also consider how a mortgage might -- or might not -- fit into their overall financial picture. The real estate market is continuing its gradual recovery, and this past February, existing home sales increased 4.7 percent year-over-year, according to data from the National Association of Realtors. As the market stabilizes, many consumers are starting to consider purchasing a home, particularly first-time homebuyers and those in the millennial generation. For these buyers, it is especially important that they closely examine not only their personal finances but also all the fiscal responsibilities that come with buying a home, starting with the largest one: the mortgage. A mortgage is a complex financial ...