The website for Quicken Loans features an article defining a McMansion. Here is the definition:
A McMansion is a large, highly ornate house often found in planned communities. This term is sometimes used as a criticism of mass-produced homes that don’t follow strict architectural styles.
They are large homes on small plots of land and can be more prevalent in states like California, New York and Texas. McMansions provide a way for upper-middle-class Americans to inflate their economic status.
McMansions are often generic and made from low-quality materials, so they don’t hold up well over time.
You can compare this definition to my four traits of McMansions.
Here is the “bottom line” in the article:
McMansions get a bad rap and are often referred to in a disapproving manner, but there are advantages to purchasing one. It can be a good way to buy a larger home, and you may be able to live in a nicer neighborhood. However, these houses may also come with high property taxes and can be expensive to maintain, especially if they’re built with low-quality materials.
For a company interested in providing mortgages, does this encourage people to pursue McMansions or not? I suppose providing information is helpful. I imagine all the major mortgage companies have underwritten lots of McMansion mortgages and would like to do more.
If a Quicken Loans customer does not like a McMansion but wants a bigger home that is not a mansion, what kind of home should they go after instead?
Legally Sociable 