Common Mistakes People Make When Applying for a Mortgage

Today, most homeowners still acquire properties through a mortgage loan. Studies show that over three-quarters of home purchase applications are approved. That leaves around 25% faulty and erroneous ones.  The good news is that you can avoid most of the mistakes people make when applying for a mortgage. Being aware of missteps can not only improve your […]

Mortgage firms’ customer satisfaction grows despite remote work shift

With mortgage rates at an all-time low, U.S. home sales have risen to a 14-year high. Now, some existing homeowners are racing to take advantage of the super-low rates too, resulting in a 200% rise in refinancing applications this year. As such, mortgage lenders have faced a hectic schedule at a time of increased business, […]

FHA extends mortgage forbearance deadline

Homeowners who have an FHA-insured mortgage and are facing financial hardship due to the COVID-19 pandemic have been given an extension until Dec. 31 to submit an initial request for forbearance. The US. Department of Housing and Urban Development said last week it has decided to extend a deadline that was originally set to expire […]

Mortgage rates fall again but credit availability gets tighter

Mortgage rates are at an all-time low, but that’s just too bad for the thousands of potential home buyers who’re missing out on the action due to tighter lending standards. According to Bloomberg News, housing credit availability has reached its lowest level since February 2014. Back in January of 2019, Ginnie Mae, which is a […]

Economists blame low mortgage rates for rising home prices

Home prices have risen by double-digits in recent months, and that’s all the more bewildering during an economic crisis like the one we’re going through now. Experts say the reason could be the 30-year fixed-rate mortgage, which hit a record low average of 2.81% just last week. “The combination of what could be the lowest […]

Tips for Obtaining a Mortgage During Retirement – You Need a Strategy

You’ve been working all of your life and living within your budget. You’ve never had trouble qualifying for a mortgage because your credit rating was high, your debt-to-income ratio was good, and you bought a house that you could afford. Now you’re fully retired and want to sell the old family home that still has […]

400k borrowers are “needlessly delinquent”, study finds

Around 400,000 homeowners who’re struggling to pay their mortgages due to the COVID-19 pandemic have failed to take advantage of forbearance programs that could help them, despite being eligible, a report from the Urban Institute has found. Homeowners with federal mortgages are allowed under the Coronavirus Aid, Relief and Economic Security Act to defer mortgage […]

Millennials underestimate the cost of a down payment

More millennials have been motivated by the COVID-19 pandemic to think about buying a home, but do they have enough money saved to go ahead and buy one? That was one of the questions posed by Point2Homes in a recent survey, which found that 74% of millennials, aged 25 to 40, say they’re interested in […]

1 million mortgage borrowers haven’t asked for forbearance

Research shows that a little over a million homeowners who are at least 30 days past due on their mortgage payments haven’t entered into a mortgage forbearance program or engaged with their lender about some other form of assistance. The research came from Black Knight, a mortgage data company, the Wall Street Journal reported. The […]

Study finds that 75% of homeowners could reduce their mortgage payment through refinancing

With the 30-year fixed-rate mortgage at an all-time low, the pool of homeowners that could benefit from refinancing and lower their monthly mortgage repayment has increased dramatically, experts say. In fact, some 75% of homeowners, or around 19.3 million, could benefit, according to data from mortgage software and analytics firm Black Knight. That’s the largest […]