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New mortgages allow renters to buy with tiny down payments

Posted by   /  November 30, 2017  /  Real Estate  /  No Comments

By Laura Kusisto | Realtor.com The down payment has been a big obstacle in recent years for renters looking to buy their first homes. A new mortgage offering aims to ease the burden. Home Partners of America, a rent-to-own company, is offering a new mortgage product to tenants that applies some of the appreciation in their home’s value […]

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Isn’t it a PITI?

Posted by   /  November 21, 2017  /  Real Estate  /  No Comments

It’s not just a new lid on MID that may impact demand for for-sale real estate. Fewer may also qualify for a mortgage. By John McManus | Builder Principal, interest, [property] tax, and insurance. This set of four financial quantities together form the basis for how mortgage applicants qualify–or not–for a loan to buy a home, […]

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The 15-year mortgage: Pros and cons

Posted by   /  November 17, 2017  /  Real Estate  /  No Comments

With a 15-year mortgage you’ll own a home much faster and save a lot of money, but you’ll need to budget carefully for the higher monthly payments. By Marilyn Lewis | Nerdwallet A 15-year mortgage is the dream home loan for home buyers who can afford the much higher monthly payments and want to shred […]

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Freddie: Housing bubble fears too inflated

Posted by   /  November 13, 2017  /  Real Estate  /  No Comments

RealtorMag Mortgage financing giant Freddie Mac devotes its entire November Insight report to exploring the warning signs from last decade’s housing price bubble and weighs it against the current housing market. Economists, however, are quick to say today’s market is not currently overheating. READ ON:  

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Mortgage rates drop following GOP tax bill

Posted by   /  November 10, 2017  /  Government and Politics, Real Estate  /  No Comments

Zillow via Builder The prime 30-year fixed mortgage rate quoted on Zillow dropped eight basis points over the past week, following House Republicans’ release of the tax reform bill. The 3.73% average is the lowest level reached since the end of September, according to Zillow data. Zillow reports: Of particular relevance to the mortgage market […]

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Black Knight: Housing affordability strong despite rising prices

Posted by   /  November 8, 2017  /  Real Estate  /  No Comments

Market grows more affordable since July HousingWire Home prices continue to increase, yet affordability actually improved since July, according to the latest Mortgage Monitor report from Black Knight. As of September, the average homeowner needed 21.4% of their median income to purchase a home. This is actually down from July’s post-recession peak of 21.7% and low […]

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MBA weekly survey: mortgage apps fall 2.1%

Posted by   /  October 12, 2017  /  Real Estate  /  No Comments

mortgage refinancing

Interest rates rose across all mortgage loan types over the week ending October 6th. By Mary Salmonsen | Builder Mortgage applications decreased by 2.1% on a seasonally-adjusted basis over the week ending October 6th, 2017, according to the Mortgage Bankers Association’s Weekly Survey and Market Composite Index, a measure of mortgage loan application volume. On an unadjusted […]

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Millennials’ new weapon in bidding wars: A parent’s home equity

Posted by   /  October 10, 2017  /  Real Estate  /  No Comments

Parents refinance their own homes to help their children compete as all-cash buyers in hot housing markets. When the purchase closes, the children pay the parents back. By Leigh Kamping-Carder | The Wall Street Journal  Call it the mortgage merry-go-round: Parents refinance their home to fund the full cost of their son or daughter’s desired home. […]

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Fewer Boomers are mortgage free

Posted by   /  October 6, 2017  /  Real Estate  /  No Comments

Though younger members of the cohort are paying home loans off faster, the group is behind its predecessors. BUILDER Paying off the mortgage, once a widespread rite of passage for homeowners approaching retirement, has become less common in recent years. Concerns are mounting that the increasing prevalence of housing debt among older homeowners could compromise […]

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Lender helps mortgage borrowers crowdfund down payment

Posted by   /  October 6, 2017  /  Real Estate  /  No Comments

Builder Since saving enough for a down payment is difficult for many Americans, one lender if offering a creative solution to customers, reports MarketWatch staffer Jacob Passy. CMG Financial, a privately-held mortgage banking firm, has launched HomeFundMe — a pilot crowdfunding service that’s the first to receive approval from Fannie Mae and Freddie Mac READ ON:

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