Study finds that 75% of homeowners could reduce their mortgage payment through refinancing



With the 30-year fixed-rate mortgage at an all-time low, the pool of homeowners that could benefit from refinancing and lower their monthly mortgage repayment has increased dramatically, experts say. In fact, some 75% of homeowners, or around 19.3 million, could benefit, according to data from mortgage software and analytics firm Black Knight. That’s the largest […]

Wells Fargo sued for placing borrowers in forbearance without consent



Wells Fargo is being sued in a class-action lawsuit that accuses the bank of putting some of its borrowers’ mortgages into forbearance without their consent. By doing so, the borrowers’ credit reports were negatively impacted, and that prevented them from obtaining other financial services, they say. The bank responded to the accusations by saying that […]

Demand for in-person notary services causes delays



Record demand for mortgages combined with the reduced availability of qualified notaries is causing delays in real estate transactions, Forbes reported this week. The homebuying process in the U.S. has increasingly shifted to the digital realm since the COVID-19 outbreak began, and both temporary and permanent legislation has been introduced to allow for more remote […]

Things First-Time Home Buyers With Bad Credit Should Know



Getting a Mortgage With Bad Credit Are you wanting to buy a house but have bad credit? If you are a first-time buyer with lousy credit, getting a mortgage can seem a distant goal. However, it is normal for first-time buyers to have worse credit than those who have purchased a few homes in their […]

Fed votes to keep interest rates at near zero again



The Federal Reserve this week voted to keep its benchmark interest rate at close to zero. The move should help ensure the cost of home loans remains down, long enough for the economy to begin its recovery from the COVID-19 pandemic, experts said. The Fed also said it’s extending its credit and lending initiatives until […]

Everything You Need to Know About the Current Mortgage Rates



You might be thinking that now isn’t a great time to be considering buying a house, thanks to the uncertain economic conditions brought on by COVID-19. However, current mortgage rates are the lowest they’ve been in years, and if you are financially stable, it might be a great time to buy a house.  To learn […]

Some home sellers are insisting on pre-approval letters before you can take a tour



With home sellers nervous about the coronavirus, many are trying to limit the number of interested buyers from walking through the door for an in-person tour. As a result, some real estate agents have suggested to their clients that they limit in-person tours to people who can show they’ve been pre-approved for a mortgage. A […]

New FICO Resilience Index may help extend credit availability



Fair Isaac Corp., the organization that created the widely used FICO credit score implementation, has created a new credit index that it says should help more people to qualify for a home loan. The new FICO Resilience Index is intended to supplement the FICO score, and is said to help lenders assess borrower’s ability to […]

FHFA extends aid to landlords and renters



As federal protections for landlords near their expiration date, the Federal Housing Finance Agency is offering additional help due to the ongoing COVID-19 pandemic. On Monday the FHFA said that multifamily property owners who’re currently in forbearance will be able to request an extension of their payment suspension for an extra three months, which means […]

Coronavirus-linked mortgage bailouts decline again



The number of homeowners who need mortgage relief has fallen for the third consecutive week in what experts say is a promising sign of the real estate market’s long-term health. As of June, 4.6 million homeowners were in forbearance, which is about 8.7% of all active mortgages, according to data from Black Knight, a mortgage […]