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Market Spotlight: Four New Regional Programs for Borrowers
A quartet of new regionally focused programs for current and prospective homeowners have been announced this week. Westerly, Rhode Island-based Washington Trust has expanded its RI Community Lending Program with the addition of I Luv RI Home Improvement Loans as home...
Mortgage Application Activity Drops by 1.3%
The VA share of total applications dropped to 15.4% from 18.3%. Continue Reading Mortgage Application Activity Drops by 1.3%
Additional Reading: Top Mortgage Industry News & Headlines
First Home Mortgage Corp. Rolls Out Down Payment Assistance Program
Under this program, the buyer contributes 1% and First Home Mortgage contributes 2% (up to $5,500) towards the down payment and/or closing costs. Continue Reading First Home Mortgage Corp. Rolls Out Down Payment Assistance Program
Freddie Mac Extends Mortgage Assistance to Very Low Income Borrowers
The funds can also be used to cover closing costs, escrow and mortgage insurance premiums. Continue Reading Freddie Mac Extends Mortgage Assistance to Very Low Income Borrowers
Household Debt Reached $17.5 Trillion in Q4 2023
Mortgage balances rose by $112 billion from the previous quarter and stood at $12.25 trillion at the end of December. Continue Reading Household Debt Reached $17.5 Trillion in Q4 2023
Don’t Get Caught Off Guard by Closing Costs
Source: Keeping Current Matters --- As a homebuyer, it’s important to plan and budget for the expenses you’ll encounter when you purchase a home. While most people understand the need to save for a down payment, a recent survey found 41% of homebuyers were surprised...
7 Things Today’s First-Time Homebuyers Should Consider
In today’s market, things are a little intense for first-time home buyers. But just because house prices are skyrocketing and interest rates are higher than what they were a year ago doesn’t mean buying a home is out of reach for you. In this article, we help walk...
How to Shop Around for a Mortgage Loan
Source: House Logic --- Whether you’re shopping for new bed sheets or a new car, the drill is usually the same. Hit the reviews, check with friends, and scope out the best deal. After all, who wants to buy a car that racks up repair bills right away? Yet when picking...
VA loan misconceptions continue to climb in aggressive real estate market
Source: Spectrum News --- TAMPA, Fla. — As the real estate market in the Bay Area and across the country remains extremely aggressive, for our veterans it’s becoming even more difficult as they try to use one of their service benefits — the VA loan. Ten months ago,...
This Utah metro area ranks near top of the nation for home price increases
Source: Deseret News --- A new national housing report has again placed Utah’s capital city among the top in the nation for housing markets with the biggest home price increases. Salt Lake City ranked among the top five of 51 metro areas across the nation for the...
A LOOK AHEAD FOR THE US LUXURY REAL-ESTATE MARKET
Source: International Banker --- Many market predictions come out at the start of a new year, and if the last couple of years have taught us anything, it’s that the crystal ball of real estate is never crystal clear. Still, with 2022 well underway, we can confidently...
Panicked Over Rising Interest Rates? How Homebuyers Can Still Get a Great Mortgage Today
Source: Realtor --- This real estate market is unlike anything we have ever seen before. With too few homes for too many buyers, bidding wars are common, driving up prices. Adding to the pressure, mortgage interest rates have shot up, and just crossed the 4% threshold...
No Stopping This Train
Source: Scotsman Guide --- Technology has been uniquely poised for more than 15 years to transform the time-consuming and paper-centric process of closing a mortgage, but it’s taken a major event — a global pandemic — that requires physical distancing to really get...
The Fed makes its move – and more rate hikes are coming
Source: Housing Wire --- The Federal Open Market Committee on Wednesday raised the federal funds rate for the first time in four years, marking an end to the easy money that gave rise to the hottest mortgage market in U.S. history. The FOMC, as was predicted, raised...
Mortgage stress set to rise with interest rates and recent home buyers will be hit hardest
Source: ABC --- Interest rates are already rising in many countries and are almost certain to rise in Australia sometime this year. But how prepared are heavily indebted households, especially those who just paid top dollar for a home in the past couple of years? Up...
