Carrington Mortgage Services Suggests Gathering the Right Tools to Enter the Housing Market

SANTA ANA, Calif., March 9, 2015 /PRNewswire/ -- As the housing market continues to pick up steam, more and more consumers are stepping off the sidelines and looking to enter the game with a home purchase of their own. But many are not sure of what the next steps might be – and whether they are financially ready for such a move.

With unemployment continuing to decline and the economy steadily improving, many consumers are starting to move beyond covering their most basic needs to looking at their overall financial health – and where a home mortgage might fit into that. Buying a home is often the largest purchase of a consumer's life, and that's why it's critical for consumers to be educated not only about the entirety of the home-buying process, but also about their personal financial picture.

Buying a home is often a disjointed process – from searching online for a house to seeking out a real estate agent to securing the financing necessary to acquire the home. Many potential homebuyers simply are unsure of where to start and how to make their dream home their own. That's why The Carrington Companies have created a series of tools to walk potential homeowners through each step of the home-buying process, from prequalification for a mortgage to locating the home that's right for them to understanding the complexities of their particular mortgage. These tools help ease the way for homebuyers, by first giving them a snapshot of the type and size of mortgage for which they would qualify, and then educating them on what that mortgage could mean to their overall financial health.

Although access to credit has been tight since the financial downturn, Carrington Mortgage Services is committed to serving the underserved in the housing market – particularly those with lower credit scores and first-time homebuyers. These consumers often face the most difficulty in qualifying for home loans, but Carrington offers a variety of loan types for buyers at all credit levels, as well as The Carrington Loan which provides an easy and transparent process for the consumer.  The Carrington Loan offers no upfront financing, appraisal and closing costs.  This means no surprises for the consumer, the real estate agent or settlement partners. Carrington starts the home buying journey with the company's pre-qualification tool HomeQualifier, so consumers can see quickly and easily if buying a home is a possibility for them, as well as just how much home they can afford.

The company also created an industry-leading program, MyLoanDetail, an online resource designed to help consumers review their loan and see where it fits into their overall financial picture. In the process, consumers will improve their financial literacy, as the program walks consumers through mortgage terminology and basics, as well as a review of the borrower's particular mortgage details and payment information. Included in this review is a look at the borrower's current monthly and annual income, the expected monthly mortgage payment, and payment options, as well as budgeting direction for non-housing related expenses and other debt payments. With this information in hand, consumers can better understand not only the mortgage they are undertaking, but the entirety of their financial situation, as well.

As rents continue to increase and the housing market to stabilize, many consumers will consider buying a home to better meet their housing and financial needs. Although this is a complex process, it need not be an arduous one. Armed with the right tools and education, consumers can feel confident about entering the housing market and making the dream of homeownership a reality.

Christine Stricker
Office: (949) 517-7313
Mobile: (714) 873-4275
[email protected]

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SOURCE Carrington Mortgage Services, LLC

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