As we are going into a new year and still climbing out of the financial stresses over the last few years largely due to the implosion of financial markets, it is worth asking the poignant question: "how do we financially move forward in successfully purchasing real estate?" Again, there are no clear and easy answers and everyone may have unique circumstances they are wrestling with in order to keep a roof over their heads. With national homeownership rates having dropped to 65.9% (end of 3rd Quarter of 2011) compared to 73.8% (end of 2000) and a 3% drop from the most recent high of 69.2% in 2004. This means that 1.1 million households & families within the US no longer own a home. (*Taken from National Mortgage News published 11/2/11.) With the hope of turning the corner and increasing rates of homeownership, the real question buyers may really be asking is "what type of loan should I get?" Brushing off our financial stresses & fears (many of which are valid), buyers need to remain nimble and flexible given the unknowns of the future and of so-called "job security." The myth of the 30-year fixed mortgage being the only true loan product may be crumbling. In a recently published book titled "All the Devils Are Here" by Bethany McClean she outlines how this specific loan product (30-year fixed) may have actually contributed to some of the financial situation we are still recovering from. With a "food-for-thought" conversation, listen to the attached podcast from Planet Money c/o NPR with a recent interview of Ms. McClean and co-author Joe Nocera to gain a little more insight into how we got where we are... To Listen to NPR Podcast CLICK HERE. To Read more on National Mortgage News Report CLICK HERE.