Bank of America announces $0 origination fees for low-income borrowers



As lenders struggle with the impact of reduced home sales on the mortgage business, some banks are coming up with new ways to make their offerings more attractive to borrowers. The Bank of America for example, recently said it would give “eligible borrowers” up to $10,000 to be used towards their down payment or closing […]

Report: Lenders snubbing low-end borrowers



People in the low- and middle-income bracket are increasingly struggling to obtain smaller mortgages, according to a report in the Wall Street Journal. The report says that “low-end borrowers” are seeing their mortgage applications denied at higher rates than those who apply for bigger loans, even though many of those borrowers have a similar credit […]

FHA bids to clarify mortgage origination rules



The Federal Housing Adminstration is trying to boost the mortgage industry by clarifying lending certification requirements in order to create more choices for borrowers, especially first-time buyers and those from ethnic minorities. The announcement comes at a time when the number of banks that participate in the FHA’s single-family mortgage insurance program is declining. HousingWire […]

Ginnie Mae warns against repeated refinancing



Although many lenders continue to advocate the apparent benefits of refinancing on a mortgage, Ginnie Mae has come out with advice to the contrary, suggesting that repeated refinances could actually be harmful to many borrowers and investors. Ginnie Mae, which is a government-backed entity similar to Fannie Mae and Freddie Mac with a focus on […]

U.S. homeownership rate falls for first time in two years



The U.S. homeownership rate fell for the first time in two years to just 64.2% in the first quarter of 2019, down from 64.8% in the previous quarter, according to newly released Census Bureau data. Experts believe the falling rate might have something to do with rising home prices and a wobbling economy. Lower housing […]

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. […]