Facilitation of the Home-Buying Process
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The purpose of this thesis was to develop a consumer education approach for a real estate and mortgage brokerage organization that would facilitate the home-buying process for both consumers and real estate professionals. For many consumers seeking to buy a home or to refinance an existing real estate mortgage, the negotiations, the loan selection, and the mortgage application and qualifying process are sources of both confusion and anxiety. The development and implementation of an effective consumer education approach for real estate consumers will take the mystery out of the process of buying a home or refinancing a mortgage, and, in turn, will reduce the levels of anxiety caused for consumers by these activities.The setting of the problem investigated through the conduct of this project is a real estate and mortgage brokerage located in Orange County, California. The organization is a major player in the real estate sales and mortgage initiation and refinancing processes in Orange County. The real estate and mortgage broker that is the target organization in this project serves hundreds of consumers each year. These people, together with the 24 real estate sales persons and mortgage specialists who work at and out of the target organization, all are involved in the problem associated with consumer education for home buyers and home owners seeking refinancing of mortgages.
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e restricted from raising the interest rate more than a specified amount in any given year. The most desirable interest rate cap of this type is a maximum increase of one-percent per year in the residential mortgage interest rate.
4. It is important for the home buyer that the lender be restricted from raising the interest rate above a specified level over the life of the mortgage. The most desirable interest rate cap of this type is a maximum increase in the mortgage interest rate over the life of an adjustable rate mortgage of nor more than six-percentage points higher than the initial mortgage interest rate.
When protections such as those described above are structured into the terms of an adjustable rate mortgage, and when a home buyer can afford to make higher monthly payments than the initial monthly payment level required by an adjustable rate mortgage, and adjustable rate mortgage can be a good choice. In other conditions, a fixed-rate mortgage is preferable.
The mean initial equity level for all new mortgages approximates 10 percent (Harris, 1994). Higher initial equity levels are required for conventional mortgages and for adjustable rate mortgages than are required for FHA (Federal Housing authority) and VA (Vet
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Some common words found in the essay are:
Mortgages Real, Option Alternatives, Description Alternatives, Statement Objectives, Veterans Administration, History Background, Purpose Thesis, Definition Terms, Bank System, Orange County, real estate, target organization, real estate mortgage, estate mortgage, consumer education, adjustable rate, rate mortgage, adjustable rate mortgage, mortgage broker, estate mortgage broker, home buyer, target organization project, organization project, real property, broker target organization,
Approximate Word count = 4662
Approximate Pages = 19 (250 words per page)
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