Mortgage Industry News
Homebuyers’ Monthly Payments Hit All-Time High as Mortgage Rates Rise, according to Redfin Report
The typical homebuyer’s monthly payment hit a new all-time high of $2,563 this week, up 29% from $1,988 a year ago, according to a new report from Redfin, the technology-based real estate brokerage. That’s dampening demand and preventing many would-be sellers from...
Real estate comps: How to find them
Source: Yahoo! Life --- Real estate comparables — known as comps for short — are one of the most important tools used to determine how much a home is worth. Whether you’re trying to price your home for sale, buy a new one or just gauge how much home equity you’ve...
Mortgage rates will fall to 4.5% in 2023? That’s the estimate from Fannie Mae. Here’s what that means for homebuyers
Source: CNBC --- Mortgage rates are projected to decline next year — but that doesn’t mean prospective homebuyers should necessarily delay a purchase for the prospect of lower financing costs. The rate on a 30-year fixed mortgage will fall to an average 4.5% in 2023,...
What Is a Lis Pendens?
Source: Investopedia --- What Is a Lis Pendens? A lis pendens is an official notice to the public that a lawsuit involving a claim on a property has been filed. Lis pendens is connected to the concept that a property buyer must assume any litigation that exists...
How Hard is It for Self-Employed People to Get a Mortgage?
Source: Yahoo Finance --- Many people dream of being their own boss. And with good reason –multiple studies link self-employment with higher job satisfaction and enhanced physical wellbeing. As of July 2022, 16.4 million out of 158.1 million Americans were...
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