Study: Mortgage lenders make it tougher for same-sex couples



Same-sex couples are much less likely to be approved for a mortgage than heterosexual couples, according to a new study by researchers at Iowa State University’s Ivy College of Business, which was published in the Proceedings of the National Academy of Sciences. The researchers found that same sex couples’ approval rate for a mortgage was […]

Renters more likely to be ‘cost burdened’ than homeowners



Renters are much more likely than homeowners to be struggling to make ends meet, according to new research from CoreLogic. The challenge faced by renters is that the monthly cost to rent a single-family home has risen enormously since 2005, while the monthly repayments and interest on a mortgage have actually dropped over the same […]

Should I Use An Adjustable Rate Mortgage To Finance My Home?



When you purchase or refinance your home, in your quest to find the best mortgage rates, you may may be offered an adjustable rate mortgage as an option to a fixed rate mortgage. Your mortgage officer may suggest an adjustable rate because the initial interest rate will be lower, making the monthly payment lower than […]

Bank of America offers up to $10K in down payment, closing fee assistance



The Bank of America has announced a new $5 billion affordable home initiative that aims to assist low- to moderate-income and multicultural buyers with down payments and closing costs. The BoA says it hopes its Neighborhood Solutions program will help more than 20,000 buyers enter homeownership within the next five years. The program includes both […]

How Mortgage Hunters Lower Closing Fees



Significant variation in closing costs is a major part of the process when considering which lender a homebuyer should go with. Often, mortgage buyers only consider which company will prequalify them and maybe the interest rate being offered. While those are important considerations, you can further reduce your purchase cost by shopping for closing costs. […]

FHA announces tougher underwriting standards for high-risk loans



New lending rules announced by the Federal Housing Administration this week could put as many as 50,000 mortgages a year in jeopardy, reports say. The FHA is the government body that insures mortgages for first-time buyers and also “high risk” borrowers with low credit scores and higher payments relative to their incomes. This week however, […]

Baby boomers could struggle to downsize from their ‘supersize’ homes



Baby boomers who have built “supersized” homes for themselves may find it difficult to sell when they want to downsize, according to a report in the Wall Street Journal. The report adds that some sellers are resulting to steep price cuts in order to attract prospective buyers. Around 15 years ago, just before the Great […]

Refinance Appraisals, What You Need to Know



If you have lived in your home for a while, refinancing your mortgage might be a great idea. Refinancing can help you to lower your monthly payment while possibly getting a lower interest rate. The advertisements for refinancing seem to be everywhere and of course, they make the process of refinancing your mortgage seem easy. […]

The Fed promises no more rate increases this year



The Federal Reserve says its decided to leave short term interest rates unchanged following its March meeting. It added that rates will likely not move at all for the remainder of the year, having previously raised them in five successive quarters dating back to late 2017. In fact, interest rates could possibly be lowered at […]

Fannie and Freddie automate mortgage applications for self-employed workers



Self-employed and freelance workers should find it easier to apply for a mortgage thanks to a newly automated system created by Fannie Mae and Freddie Mac. Previously, many self-employed and freelance workers have struggled to qualify for a mortgage, as they need to provide a ton of additional paperwork to prove their incomes. The process […]