Mortgage Rate Locks Increase 19% in March
Mortgage interest rates go up and down daily, sometimes hourly. A rate lock means that the interest rate won't fluctuate from what you were offered and closing. As mortgage rates rise, borrowers are opting to lock their rates during the underwriting process rather...
Mortgage Rate Locks Increase 19% in March
Mortgage interest rates go up and down daily, sometimes hourly. A rate lock means that the interest rate won't fluctuate from what you were offered and closing. As mortgage rates rise, borrowers are opting to lock their rates during the underwriting process rather...
Vacation Home Slowdown 2022: It gets tougher to buy a second home
A new report from Redfin shows that demand for second homes and vacation homes is falling, and they call it an early sign of the housing market slowing down. The company says that increases in mortgage rates and fees for second home loans are making it more difficult...
Homeowner’s Assistance Fund: Get help with Fannie Mae and Freedie Mac loans to avoid forecloure
Homeowners with mortgages backed by Fannie Mae or Freddie Mac are eligible for a two-month extension to avoid foreclosure if they apply to the Homeowner Assistance Fund, according to an announcement on April 6, 2022, by the Federal Housing Finance Agency. Mortgage...
Mortgage delinquencies rise as foreclosure starts increase by 541%
Mortgage delinquencies are on the rise, and our national delinquency rate has just risen for the first time in 9 months, according to the latest report from Black Knight. The number of properties that are 60 or more days past due or in foreclosure reached over 1...
Elon Musk Takes Out Risky Adjustable Rate Mortgages on 5 Properties
Elon Musk is a well-known entrepreneur and billionaire who is best known for his roles in Tesla and SpaceX. He has plenty of money, but recently he took out several very large mortgages on five properties in California. When he borrowed this money, Musk faced some big...
Lease Option to Purchase: A great way to buy a home
If you want to buy a home, but don't have enough money for the down payment or if you are having credit problems, then there is another option. It's called the lease option or lease-purchase plan to buy a home. It's also a way for those homeowners who want to sell...
FHA borrowers hit hard by rising mortgage rates
Rising mortgage rates on FHA loans are driving up monthly payments, making it harder for many to afford. FHA loans have long been touted as one of the most effective ways for first-time homebuyers to get a mortgage. But with rising interest rates — and a lingering...
FHA 40 Year Loan Modification Program
The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) are seeking to initiate a new 40-year loan modification program to help mortgage borrowers and lenders streamline the loss mitigation process. The proposed rule,...
Demand for Second Homes Declines As Mortgage Rates Rise
A new Redfin report says the rush to purchase second homes dropped in February to its lowest level since May 2020. Though demand is still up 35% above pre-pandemic levels, the vacation housing market will cool as rates rise. The Redfin report shows that vacation home...
Energy-Efficient Mortgage (EEM): Make energy-saving improvements to your home
The Energy-Efficient Mortgage (EEM) program is designed to offer a financial incentive to homeowners who make energy-saving improvements to their homes. The goal of the Energy-Efficient Mortgage program is to encourage homeownership while also promoting energy...
Mortgage Rates Rise for Week Ending April 1, 2022
U.S. mortgage rates jumped again this week, according to Freddie Mac's Primary Mortgage Market Survey of April 1st. The 30-year fixed-rate mortgage rose to 3.29% from 3.21% last week and 4.07% a year ago; the 15-year fixed rate moved up to 2.61% from 2.57% and 3.26%,...
How much mortgage do I qualify for?
Figuring out how much mortgage you can afford is a process that involves several steps. Once you have gone through all of them and have thoroughly examined your financial situation, you can have a much better idea as to how big of a loan you can afford, and in turn,...
Private Mortgage Insurance (PMI): Learn the cost and how to avoid paying it
If you do not have a 20% down payment to purchase the home, you will more than likely be subject to paying private mortgage insurance (PMI), which will be figured into your monthly mortgage payment. PMI protects the lender in case you default on your loan and don’t...
Commercial Property Crash 2021-2022
In 2004, Donald Trump told CNN, “I love bad markets!” In a Trump University audiobook, he had said “I sort of hope” the real estate market crashes. “How you react to the so-called housing bubble can be a barometer of your business personality. Are you the type of...
Foreclosure Filings Increase 68 Percent Nationwide
There is a foreclosure crisis that is starting to surge across the nation. As soon as the government mortgage forbearance programs designed to help homeowners deal with the economic fallout of the Covid-19 pandemic expired, the grave reality of the current housing...