4 Mortgage Mindsets That Might Be Holding You Back

A mortgage can feel unsettling because it represents the largest borrowing amount and a basic need: shelter. Anxiety is common, but problems arise when emotional reasons for mortgage choices are not examined alongside the math. Certified financial therapy emphasizes being honest about why decisions are made, because hidden motivations can trap people in unhelpful patterns. After the Great Recession, falling home prices and rising unemployment left many homeowners owing more than their homes were worth, leading to foreclosures. Market failure then damaged trust in the system and in personal judgment, making what once felt safe feel risky and painful. Lived experience can inform decisions, but fear may not always be the most reliable guide.

"No surprise we can feel anxious, uncertain or even fearful when it comes to managing a home loan. But it's important to keep those feelings in perspective. Problems come when homeowners don't think about the emotional reasons they're making a decision, as well as the actual math, says Christine Hargrove, certified financial therapist and assistant director of the Love and Money Center at the University of Georgia. "That's when people really get stuck ... not being fully honest, even with themselves, about why they're making the choices they're making with the mortgage.""

"Getting to the root of why you think a certain way about your mortgage can unlock a more objective mindset - one that frames your home loan as a workable financial tool that serves you, not the other way around. Mindset 1: "Once bitten, twice shy""

"During the Great Recession (2007-2009), home prices plummeted and the unemployment rate doubled, leaving many homeowners upside down on their mortgages and unable to make payments. No, this isn't another Stranger Things reference - the term "upside down" means your home's value is less than the total amount owed. In the years that followed the housing crisis, millions of Americans had no choice but to foreclose. And when the market fails, you lose more than just your home."

""You lose your trust in the system; you lose trust in your own judgment; you lose that ability to relax," Hargrove says. "Suddenly, what you thought was a form of safety has actually become a major risk for you and a source of pain." While these lived experiences are a valuable resource - and shouldn't be dismissed - the fear may not be your most reliable decisio"

Read at SFGATE