The top 3 most and least affordable metro areas in the U.S.



Mortgage rates comparison website HSH.com has just published a new analysis showing the required annual salary needed to afford a median priced home in the nation’s top 50 metro areas. There’s good news for anyone living in Pittsburgh, Oklahoma City and Cleveland, which were rated as the top three cheapest metro areas for those looking […]

Here’s how long it takes for your credit to recover after buying a home



It takes around 11 months for a consumer’s credit score to recover after purchasing a home, a new study by online loan marketplace LendingTree has found. When a consumer buys a home, their credit score drops by an average of 15 points, but only after 160 days, or just over five months. That’s because it […]

Wells Fargo admits it wrongly foreclosed on over 500 homeowners



Wells Fargo has admitted that a calculation error led to it foreclosing on hundreds of homeowners that were actually eligible for assistance from the bank. In total, some 545 homeowners who were behind on their mortgages had their homes taken from them after requesting assistance with their late payments. Moreover, a total of 870 homeowners […]

Zillow seals acquisition of Mortgage Lenders of America



Real estate listings giant Zillow looks like it’s getting into the mortgage industry following the completion of its acquisition of Mortgage Lenders of America. Zillow has already made some significant steps to evolve its business, which was originally based on simple listings of homes. Back in May 2017 the company said it was getting into […]

Freddie Mac failed to hit low income housing goals in 2017



Government sponsored enterprise Freddie Mac failed in its bid to meet its low-income housing goals for 2017, according to a new report from the Federal Housing Finance Agency published this week. In the report, the FHFA lays out a benchmark level and a market level for each of the low-income housing goals for both Freddie […]

4 Ways Real Estate and Mortgage Will Transform by 2020



Today, searching for and buying a new home is much different than in times past. With a wealth of data at buyers’ fingertips, the entire buying process is changing. As a result, agents have to readjust their tactics to meet the growing needs of today’s buyer. It’s not just real estate agents who are being […]

New UltraFICO credit scoring model promises to extend credit access to millions



Experian, FICO and Fincity are touting a new credit scoring model they say can increase access to credit for millions of U.S. citizens. UltraFICO, as the new model is known, takes into account more than just the information reported to the three main credit scoring agencies, Experian, Equifax and TransUnion. It also looks at consumer’s […]

Saving for a down payment now takes an average of 7 years



For someone making the median income and putting

Mortgage payments rise twice as fast as interest rates



Buyers’ monthly housing costs are growing rapidly as mortgage rates have risen significantly since the beginning of the year. A recent Zillow analysis found that higher rates are responsible for about two-thirds of the increase in buyers’ monthly mortgage payments compared with what those costs would have been a year ago had home values remained […]

Most buyers still fail to shop around for a mortgage



A majority of home buyers could be leaving money on the table due to their failure to shop around for a mortgage. According to a new survey by PenFed Credit Union, two thirds of mortgage applications admit they did not shop around when buying a home. There’s also a great deal of confusion around mortgages, […]

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