More Home Buyers are Reaching for ARMs

The demand for homes remains robust. Despite 30-year mortgages being firmly above a 5% interest rate, mortgage applications for home purchases increased 5% in mid-May. That’s not surprising because springtime is the busiest season for home purchases. What is different this year is that buyers are turning to adjustable rate mortgages in higher numbers than

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Higher rates may prompt homeowners to stay put, but how will that impact inventory?

Approximately half of American homeowners who currently have a mortgage enjoy a rate of less than 4%. Given that interest rates are now closer to 5%, experts say this could prompt many to stay put, possibly resulting in more pressure on the already-low inventory of homes for sale. The thinking is that homeowners who’re locked

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Why A Mortgage Broker Is Necessary For First-Time Home Buyers

Mortgage brokers serve as a conduit between customers and lenders, and they can make a significant difference in your search for the ideal loan.  If it’s your first time buying a house, you should know that you will be making a considerable investment. Thus, working with a mortgage broker can benefit you in many ways. 

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3 Key Differences Between Conventional & Physician Mortgage Loans

Physician mortgage loans are a particular loan class exclusively available for physicians and medical residents. A few factors can make home loans more difficult than you would expect for a person who works as a doctor.  If you’re a physician or a dentist, you may have a high student loan balance as a newly graduated

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Buying a House While in Chapter 13 Bankruptcy

One of the frequently asked questions during today’s booming housing market is can I qualify for a mortgage during Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a court-approved debt repayment plan where their debts are restructured over a period of three to five years. The individual pays a fraction of their debts to creditors under

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As interest rates rise, adjustable-rate mortgages may appeal to more buyers

Although adjustable-rate mortgages are known to be riskier than their fixed-rate counterparts, some home buyers may want to consider them as interest rates keep on rising. So-called ARMs typically come with a lower initial interest rate than a 30-year fixed-rate mortgage will start with, with the rate subject to change after a defined period of

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Black Knight says millions of borrowers still have time to refinance

New data from Black Knight shows that more homeowners took advantage of current low mortgage rates over the last year to refinance and save money. However, it said there are around 5.9 million homeowners who’re yet to do so. Black Knight defines a refinance candidate as any 30-year fixed-rate mortgage holder with a maximum 80%

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How to Find the Best Mortgage Rate in the USA?

Your mortgage is going to be one of the biggest financial decisions you’re likely ever going to make. So when getting a mortgage, it’s important to do it right. And by right, we mean getting the best mortgage rate possible for your personal circumstances. Getting an inexpensive mortgage rate with low interest will allow you

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Urban Institute calls for rental payment history to be used in mortgage underwriting

A new report has argued that rent, utilities and telecommunications payment data should be used in mortgage underwriting to improve racial equality and help more people from minorities to become homeowners. The report by Michael Stegman, a non-resident fellow at the Urban Institute and former senior policy advisor in the Obama-era White House, and Kelly

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Fannie Mae & Freddie Mac to raise loan limits to almost $1 million in some areas

Prompted by a massive rise in home prices over the last year, Fannie Mae and Freddie Mac are reportedly planning to revise the maximum size of the mortgages they’re prepared to back next year. According to the Wall Street Journal, the government sponsored entities are willing to increase their loan limits to almost $1 million

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