You're Now Reading:
Older Homebuyers Using Savings for Down Payments
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Older Homebuyers Using Savings for Down Payments
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
Older Homebuyers Using Savings for Down Payments
Mortgage Calculator
Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

January 19, 2011 (Shirley Allen)
mortgage-senior-down-payment-image
As a consequence of the housing bust and the drastic fall of home prices, more and more older homebuyers who would have previously used the proceeds from their previous home to buy a new home are now having to rely more on their savings to put money down for their new homes.

The information is revealed in a joint study conducted by the Housing Council of the National Association of Home Builders and the MetLife Mature Market Institute from recently released housing data from the Census Bureaus’ 2009 American Housing Survey on the 55-plus demographic.

The study, titled “Housing Trends Update for the 55+ Market,” reveals that in 2007, 92% of Americans 55 or older who bought a home used money from a the sale of a previous home for the down payment on a new mortgage. In 2009, however, only 55% were able to take the same route when buying a home.

The organizations said previous studies showed most homebuyers in that age range depended on proceeds from a home sale to finance a new purchase.

The MetLife/NAHB data confirms a recent Fannie Mae survey showing that the demographics of home owners are changing, as the homeownership rate among young adults decreased 11% from January to December. The survey also showed people between the ages of 65 to 74 are 3.5 times more likely to own a home than a person under 25.

According to the study, more than two-thirds of 55-plus households own a single-family residence, which is well above the rate of younger households. Additionally, 9% of the same demographic own a multifamily property.

Survey respondents reported the main reason they move is to be closer to friends or relatives. The design and look of the building where they were moving came in second.

Also of concern is the long term effect that the loss of savings will have on senior’s retirement.

Tags: housing bust, home prices, homebuyers, new homes, savings, 55-plus, new mortgage

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 MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

January 19, 2011 (Shirley Allen)
mortgage-senior-down-payment-image
As a consequence of the housing bust and the drastic fall of home prices, more and more older homebuyers who would have previously used the proceeds from their previous home to buy a new home are now having to rely more on their savings to put money down for their new homes.

The information is revealed in a joint study conducted by the Housing Council of the National Association of Home Builders and the MetLife Mature Market Institute from recently released housing data from the Census Bureaus’ 2009 American Housing Survey on the 55-plus demographic.

The study, titled “Housing Trends Update for the 55+ Market,” reveals that in 2007, 92% of Americans 55 or older who bought a home used money from a the sale of a previous home for the down payment on a new mortgage. In 2009, however, only 55% were able to take the same route when buying a home.

The organizations said previous studies showed most homebuyers in that age range depended on proceeds from a home sale to finance a new purchase.

The MetLife/NAHB data confirms a recent Fannie Mae survey showing that the demographics of home owners are changing, as the homeownership rate among young adults decreased 11% from January to December. The survey also showed people between the ages of 65 to 74 are 3.5 times more likely to own a home than a person under 25.

According to the study, more than two-thirds of 55-plus households own a single-family residence, which is well above the rate of younger households. Additionally, 9% of the same demographic own a multifamily property.

Survey respondents reported the main reason they move is to be closer to friends or relatives. The design and look of the building where they were moving came in second.

Also of concern is the long term effect that the loss of savings will have on senior’s retirement.

Tags: housing bust, home prices, homebuyers, new homes, savings, 55-plus, new mortgage

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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.

January 19, 2011 (Shirley Allen)
mortgage-senior-down-payment-image
As a consequence of the housing bust and the drastic fall of home prices, more and more older homebuyers who would have previously used the proceeds from their previous home to buy a new home are now having to rely more on their savings to put money down for their new homes.

The information is revealed in a joint study conducted by the Housing Council of the National Association of Home Builders and the MetLife Mature Market Institute from recently released housing data from the Census Bureaus’ 2009 American Housing Survey on the 55-plus demographic.

The study, titled “Housing Trends Update for the 55+ Market,” reveals that in 2007, 92% of Americans 55 or older who bought a home used money from a the sale of a previous home for the down payment on a new mortgage. In 2009, however, only 55% were able to take the same route when buying a home.

The organizations said previous studies showed most homebuyers in that age range depended on proceeds from a home sale to finance a new purchase.

The MetLife/NAHB data confirms a recent Fannie Mae survey showing that the demographics of home owners are changing, as the homeownership rate among young adults decreased 11% from January to December. The survey also showed people between the ages of 65 to 74 are 3.5 times more likely to own a home than a person under 25.

According to the study, more than two-thirds of 55-plus households own a single-family residence, which is well above the rate of younger households. Additionally, 9% of the same demographic own a multifamily property.

Survey respondents reported the main reason they move is to be closer to friends or relatives. The design and look of the building where they were moving came in second.

Also of concern is the long term effect that the loss of savings will have on senior’s retirement.

Tags: housing bust, home prices, homebuyers, new homes, savings, 55-plus, new mortgage

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
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 MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
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.