by Bruce Walker
According to the United States Census Bureau, there are approximately 75 million homeowners. Although the mortgage crisis was a significant factor to the 2007/2008 financial collapse and the entire U.S. economy, owning a home is still part of the American Dream, even if there is a remarkable amount of risk involved.
The American Housing Survey, commissioned by the Department of Housing and Urban Development (HUD), published interesting data in 2004, including statistics and figures on home ownership, housing costs, people’s views of their neighborhoods and characteristics of homes and their owners.
Some of the data highlights include renters occupying more than 30 million housing units, the number of owner-occupied units with four or more bedrooms increased by roughly one million to 18.7 million between 2001 and 2003 and the median value of owner-occupied homes was $140,000.
Close to a decade later, the housing landscape has dramatically transformed. The subprime mortgage crisis has led to 1,000 foreclosure actions in the U.S. every hour during the working day, homeowners forking over $750 million in mortgage payments for non-existent housing value (amount of mortgages that vanished when the bubble burst) and values in home will have lost more than half a million dollars each hour.
Indeed, these are troubling numbers and perhaps even confusing. However, the process of obtaining a home could be more intimidating and frightening. Since the collapse of the housing bubble, some companies have captured a market that seeks to make the home buying process simpler and easier, all at the comfort of your sofa.
Network Capital Funding Corporation, a company that helps individuals purchase a home and/or refinance current mortgage loans, works with customers to make the loan process better. Following the mantra of not earning your business “until after your loan is closed and you are completely satisfied” and generating more than $35 million in sales, it was ranked No. 46 on Inc. magazine’s 30th annual Inc. 500, an exclusive ranking of the country’s fastest-growing private companies.
Located in Irvine, California and founded in 2002, Network Capital Funding Corporation specializes in jumbo loans (mortgages for big homes up to $2 million), government-funded affordable loan programs, fixed-rate mortgages, home equity loans and adjustable rate mortgage.
Named as one of the Best Places to Work in Orange County by Orange County Business Journal and Best Companies Group, it has gained additional footing in the mortgage market because of its technologically-advanced methods. Working with technology partners Oracle, Redhat, Microsoft and Cisco, it provides a home loan delivery platform to make the process as convenient as possible. Whether you’re on vacation, at work or relaxing at home, you can sign the documents electronically anywhere in the nation.
When former President Bill Clinton’s administration urged financial lenders to make hazardous loans during the 1990s in order to “make homeownership more affordable for lower-income Americans and those with a poor credit history,” the mortgage market was inevitably going to collapse. With tightened regulations, more restrictions and enhanced scrutiny, owning a home has become a lot harder to do. However, with a lot of competition out there by firms like Network Capital Funding Corporation, owning property can be straightforward.