Guest post written by Dan Green, Executive Vice President, Marketing, Mortgage Cadence, LLC.
Mortgage Cadence is the NAFCU Services Preferred Partner for Mortgage Processing and Fulfillment Services.
Last week remarked one of life’s momentous occasions. They occur for everyone, and in everyone’s life there are those we never forget. Mine? My daughter and her husband became first-time homebuyers.
“What’s the big deal”, you might be thinking. Thousands of former renters become new homeowners every day. Millions every year. Moreover, her father, me, is a mortgage guy. Of course my daughter bought a home. What else would she do?
Ten years ago, I would have wholeheartedly agreed with you. Even seven years ago. Less than that, not so much. The truth is, as the housing crisis unfolded and the economy plunged deeply into recession, the American Dream became simply that for many people. The pundits thought, and there’s much been written over the past five years: we had seen the end of homeownership in the US. As the theory went, people would choose to rent instead, keeping their mobility and employment options open while incurring less financial risk.