The Best Home-Buying Strategy, Even with Rising Mortgage Rates

Mortgage rates have been on the rise over the years, making it an unsustainable option for most Americans who would like to own a home. Transunion, one of the credit reporting agencies, predicts a significant rise in rates on 30-year mortgages, by as much as 5%. Another deterrent for most people looking to own homes […]

Chase will give customers $1K if it fails to close a mortgage in 21 days

Chase bank reckons it can now close on mortgage applications within just three weeks, and is so confident of its claim that it’s willing to cough up $1,000 if it fails to do so. The offer is being made via Chase’s new “Closing Guarantee” program for existing customers, the Houston Chronicle reported. The program is […]

High credit scores no longer necessary for the best rates, study finds

Experts say that home buyers don’t necessarily need an 800+ FICO score in order to be guaranteed the best rates on their mortgage. These days, some buyers in the 700 FICO score range can also secure the most attractive rates, according to a new analysis of one million loan offers by Lending Tree that was […]

Don’t worry about adjustable-rate mortgages, experts say

Housing analysts have raised concerns that borrowers are becoming increasingly reckless when taking out so-called adjustable-rate mortgages, similar to the way they were abused in the years before the Great Recession more than a decade ago. The problem is that borrowers are asking for much higher loan amounts than they have been in recent years. […]

Feds likely to pause interest rate hikes, for now

After raising interest rates several times in 2018, the Federal Reserve seems likely to hold off on any further increases. During the Fed’s latest meeting this month, board members agreed not to raise the benchmark interest rate now or at its next meeting in March. Still, Federal Reserve officials did say they can expect to […]

Fannie Mae provides guidance for mortgage issuers

Fannie Mae has issued guidance to lenders this week, explaining how they can continue to originate mortgages during the government shutdown. The guidance is necessary because verification of employment, social security numbers and other details could be troublesome at this time, officials said. The partial government shutdown has now been ongoing for 14 days, and […]

Rising rates to erode affordability in 2019

With home value growth apparently stalling, price cuts becoming more regular and for-sale inventory on the up, it sounds like an optimistic time to be a home buyer. But, steadily climbing mortgage rates are threatening to eliminate whatever advantages buyers may have gained in 2018, Zillow says. In a new analysis, Zillow notes that interest […]

How mortgages will be impacted by latest increase in interest rates

The Federal Reserve caused a stir last week when it voted to raise interest rates yet again – the fourth time its done so this year. Now, the real estate industry is bracing itself to see how the latest rate increases will impact mortgage rates as we head into 2019. The Federal Open Markets Committee […]

NAR President elect Vince Malta proposes changes to Bipartisan Financing Reform Act

Reform of the secondary mortgage market was the subject of a new bill heard by the House Financial Services Committee last week, which was given the thumbs up by incoming National Association of Realtors President Vince Malta. RealtorMag quotes Malta as saying that the Bipartisan Financing Reform Act of 2018, put forward by Rep. Jeb […]

Millennial buyers struggle most to save a down payment

Saving for a down payment is the biggest hurdle to homeownership, and the size of that down payment sets the stage for the entire home shopping experience. It can make the difference between a monthly mortgage payment that’s affordable and one that stretches a household’s budget too thin. The 2018 Zillow Group Consumer Housing Trends […]