Are Americans Against Mortgages? by Denis Smykalov of Wolsen Real Estate

Real estate expert Denis Smykalov, broker-owner of Wolsen Real Estate in Miami comments on why many Americans might be against or neutral on mortgages for home buying.

Here are some potential factors he can comment on:
High Interest Costs: The cumulative interest paid over the term of a mortgage can be substantial. Over a 30-year mortgage, a homeowner can end up paying more than the original loan amount in interest. This can make the overall cost of homeownership quite high, and some people may be averse to this.

Long-Term Financial Commitment: A mortgage is a long-term financial commitment, often spanning 15 to 30 years. This level of commitment can be daunting for some, especially given the uncertainties of life such as job loss, health issues, or other unexpected events that might affect one's ability to make regular payments.

Fear of Foreclosure: If the mortgage payments can't be met, the lender has the right to foreclose on the home. The housing crisis of 2008, where millions of Americans lost their homes due to foreclosure, is still fresh in many people's minds. This fear can make some people hesitant about taking on a mortgage.
Flexibility and Mobility: Renting provides more flexibility for relocation compared to owning a home. For those who frequently change jobs or prefer not to be tied down to a particular location, avoiding a mortgage may make sense.

Financial Instability or Uncertainty: Many Americans have unstable income or work in industries with significant uncertainty. For these individuals, the steady income required to reliably pay a mortgage may not be guaranteed.

Preference for Debt-Free Living: Some people prefer to live without debt as a matter of principle or for peace of mind. They may aim to save enough to buy a home outright or choose other living arrangements that don't involve a mortgage.

The Availability of Alternative Housing Options: Some Americans might prefer alternative housing options such as co-housing, renting, or living with family or friends, which do not require taking out a mortgage.

Negative Experiences: Those who have had negative experiences with mortgages, such as difficulty securing a loan, problematic lenders, or hidden fees, might be wary of entering into such agreements again.
Denis says, "Each individual's circumstances and preferences will heavily influence their view on mortgages. While a mortgage can be a powerful tool for securing homeownership, it's not a one-size-fits-all solution."

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More about Denis:
Denis Smykalov built his career in the real estate industry over the last nine years by following his passion for being innovative, people and bringing the two together in the ideal environment. Achieving this goal so young, Smykalov decided to open an office in Sunny Isles Beach and became the owner of Wolsen Real Estate. With business on the rise, at one point there were 65 agents. Now there are 25 agents, a marketing department, social media department sales department and 3 assistants that have successfully helped bring in almost 80 million dollars in sales this year. His most notable accomplishments with Wolsen Real Estate were two crypto transactions. One was a resale at Marina Blue for $465,000, pre-construction at Waldorf Astoria for over $2.5 million as well as a villa sale on Hibiscus Island for $19 million.

This release was published on openPR.