Definition: The Mortgage 45 Day Shopping Window refers to a period of time during which lenders offer attractive terms for homeowners to purchase their first home or refinance existing mortgages. This term was introduced in 2013, following the collapse of sub-prime mortgage markets and the increasing demand for affordable housing solutions. In this shopping window, lenders offer borrowers options such as low interest rates, flexible payment plans, and special financing structures designed to make homeowners' first home purchases more affordable. The term is often used interchangeably with the term "preference period," which refers to a set of pre-agreed-upon terms that are typically offered to potential buyers in the course of an open house or homebuyer presentation. The mortgage 45-day shopping window can help borrowers find the ideal property and make the purchase process smoother, as lenders may be offering attractive financing options during this timeframe. However, it is important for homeowners to carefully consider their financial situation, credit score, and other factors before deciding whether to take out a mortgage or refinance. In summary: - Mortgage 45 Day Shopping Window: A period of time during which lenders offer attractive terms for homeowners to purchase their first home or refinance existing mortgages - Definition: The term refers to the period of time during which lenders offer attractive financing options, often designed to make new and existing borrowers more affordable.
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