Mortgage servicers are preparing for a wave of delinquent mortgages and possible foreclosures to hit the market, but say they have already taken steps to mitigate their impact. The U.S. government made mortgage forbearance available to any home loan borrowers in the early days of the COVID-19 pandemic, and those who took up the option
Fannie Mae chair warns against cash-out refinancing
June 29, 2021 by
Housing industry experts have been pretty vocal about the benefits of refinancing a mortgage lately, saying homeowners can benefit from current low interest rates to save potentially hundreds of dollars a month on their loan repayments. But Sheila Bair (pictured), chair of the board of directors at Fannie Mae this week warned that refinancing is
Benefits of Private Mortgage Lenders
June 22, 2021 by
When most homeowners seek a mortgage, they go to a bank, credit union, or other financial institution, but sometimes, these lenders won’t lend them money for a variety of reasons. When looking for a mortgage broker Barrie homeowners who are having a hard time getting approved for a loan may want to consider a private
Zombie foreclosures rise despite existing moratorium
June 1, 2021 by
Research shows that so-called “zombie foreclosures” are emerging in much bigger numbers again as distressed homeowners abandon their properties in the belief that they will soon be repossessed. Around 1.4 million residential homes in the U.S. stood vacant in the second quarter, amounting to 1.4% of all homes, ATTOM Data Solutions said in a new
Foreclosure activity to resume in July, some banks say
May 31, 2021 by
Some of America’s biggest banks have said they’ll start resuming foreclosures on delinquent mortgages this summer when COVID-19 forbearance programs expire. The Mortgage Bankers Association says over 2.1 million American homeowners are still in forbearance plans that suspend their mortgage payments and protect them from eviction. Meanwhile, around 1.8 million more are not in forbearance
Many homeowners regret not refinancing earlier, survey finds
May 6, 2021 by
A large number of homeowners have expressed regret that they missed out on the 2020 refinancing wave, which saw many take advantage of record-low interest rates to reduce their monthly mortgage payments. A new survey from LendingTree found that 36% of homeowners who missed the chance to refinance say they regret not doing so. Many
FHFA launches new refinancing program for low-income homeowners
April 30, 2021 by
Low-income homeowners who may have missed out on last year’s refinancing boom are to be given a second chance, the Federal Housing Finance Agency has said. This week, the FHFA announced an upcoming program for low-income homeowners with government-backed mortgages to refinance at a lower rate in order to reduce the amount they have to
It’s getting harder to be approved for a mortgage
April 9, 2021 by
Some buyers might struggle to gain approval for a home loan as lenders are starting to tighten their credit standards. The Mortgage Bankers Association said that mortgage credit availability, which is a measure of lender’s willingness to approve a home loan, is now at its lowest level since 2014. “Because mortgage credit is more difficult
Cash-out refinancing hits highest level since 2008
March 17, 2021 by
So-called cash-out refinances are surging in popularity, hitting heights that haven’t been seen in over a decade, since the Great Recession of the 2000s. Economists say they’re not concerned by the trend though, as the housing market is still going strong and home prices are rising. During the Great Recession, cash-out refis grew at a
