We previously talked about Forbearance as an option for anyone negatively impacted because of COVID-19. Forbearance is one of the most common options for those who cannot make their mortgage payments on time. Typically, once a loan is out of the agreed timeframe of forbearance, the borrower is expected to pay a “balloon payment,” or …
Special measures have been taken to help account for challenges facing the real estate market due to COVID-19. Here are the temporary flexibilities in place to facility the continuation of transactions for buyers.
In 1999, a couple of friends who worked as loan officers decided that they could do more. The mortgage industry needed something new and better. The time was right to prioritize the client experience. They knew that doing better meant putting the best team together. They wanted to create a company that would set standards; …
The Federal Housing Finance Agency has announced that it is increasing the maximum conforming loan limits for mortgage loans beginning in 2017. A mortgage loan is considered “conforming” when it is eligible to be acquired by Fannie Mae and/or Freddie Mac. (Mortgages are often sold to Fannie or Freddie so that a lender has the liquidity/money available …
Your home’s mortgage payment is based on the price of the home (minus the down payment), and the interest rate for the loan. Both prices and interest rates will likely rise in 2016. Home Prices CoreLogic anticipates a national 5.2% home value increase for the next year. The percentage varies by state, with WA, CA, NV, UT, AZ, NM, FL, and …
Lately, our US economy has needed stimulation to return closer to the equilibrium point of enough money via taxation to enjoy full employment, limited inflation, and adequate tax revenues to run the government. The Federal Reserve Bankers (“The Fed”) buy/hold US treasury bonds/securities when they desire to stimulate the economy, and sell those same treasuries/bonds …
Mortgage bankers and Realtors are warning that it could become even harder for borrowers to qualify for a home loan early next year as the industry faces a barrage of new rules. Regulators are preparing to release the language of two rules taking effect in January to set standards for non-abusive lending and require banks …
If you spend any time online, you have surely seen the many ads offering free credit scores. I also get several pieces of junk mail in my mailbox and see a lot of commercials for these different services. It sounds like a good deal, except credit scores are never really “free”. You will pay one …
I had an interesting conversation with a young professional the other day. He told me that he only had four more days to select his lender and that his dad’s business partner told him to call me. He lived outside of our market so I wasn’t sure if he wanted me to do his loan …
The Federal Housing Administration announced plans to increase the cost of up-front mortgage insurance premiums beginning on April 1, FHA Acting Commissioner Carol Galante said yesterday in a call with news reporters. What does this really mean for you the consumer? It will cost a little bit more upfront to buy a house. The current …
