Many homeowners regret not refinancing earlier, survey finds

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

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

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 […]

Why a bridge loan can give buyers an advantage in bidding wars

Real estate shoppers who’re struggling to buy a home due to the intense competition in the market might want to consider using a bridge loan to give themselves an edge. A bridge loan enables buyers to fund their next home purchase before they sell their current home. It enables them to waive the sale of […]

Cash-out refinancing hits highest level since 2008

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 […]

FHFA extends relaxed rules on employment verification and home appraisals

The relaxation of lending and appraisal standards for loans backed by Fannie Mae and Freddie Mac has been extended for another month, the Federal Housing Finance Agency announced last week. The FHFA put its eased standards in place due to the COVID-19 pandemic to help lenders and appraisers keep loans on track amid social distancing […]

Is a Long or Short Term Mortgage Better for your Finances?

Image Source: Pexels Choosing the right mortgage is an integral part of the home buying process, and there are many options for you to consider. One of which is choosing between a 15-year or 30-year mortgage term. Both of these options have their positives and negatives, which we’ll discuss in this article. What you choose […]

How to Pay Off Your Mortgage in a Few Short Years

The Urban Institute and other reliable sources say that more than 26.9 million Americans own their homes outright. It’s the second American Dream – the dream that comes after buying a home in the first place. Think about how much your life would change if your home were paid off in the next five years. […]

Consider APR when shopping for a mortgage, experts say

Mortgage rates at their current record lows offer some serious savings for both home buyers and people looking to refinance. But experts say a low mortgage rate is only one part of the equation, as people also need to consider the loan’s annual percentage rate to take into account other costs such as upfront fees. […]

Borrowers turn to credit unions as banks tighten up on lending

Lending from credit unions is growing as borrowers seek out more options to finance their home purchases. Between the end of 2019 and September 2020, membership of credit unions increased by 2.8%, or 3.37 million, and total membership now totals 125.11 million, according to a report by CNCB. Moreover, credit unions’ loan portfolios have grown […]