Many older citizens do not realize that they could still qualify for a mortgage, even though discrimination against applicants based on their age is forbidden by the Equal Credit Opportunity Act. Indeed, even some mortgage professionals are unaware of the rules, it seems. The Wall Street Journal relates the case of Mary Babinski, a senior
Report: Lenders snubbing low-end borrowers
May 15, 2019 by
People in the low- and middle-income bracket are increasingly struggling to obtain smaller mortgages, according to a report in the Wall Street Journal. The report says that “low-end borrowers” are seeing their mortgage applications denied at higher rates than those who apply for bigger loans, even though many of those borrowers have a similar credit
Most lenders struggle to implement digital mortgage tech in time
July 30, 2018 by
Mortgage lenders are increasingly moving towards so-called “digital mortgages” in which many providers attempt to complete the majority, if not the entire, application process online.
Cash-strapped buyers turn to crowdfunding to raise a down payment
May 16, 2018 by
A growing number of aspiring homeowners are turning to crowdfunding platforms as a way of raising funds to cover their down payments. Crowdfunding platforms such as HomeFundMe and Feather the Nest have recently emerged, catering specifically for the home down payment market, Realtor.com reports. The idea is that wannabe homeowners can use the platforms to
7 Questions to Ask Hard Money Lenders
April 20, 2018 by
Borrowers are often required to consider every advantage and disadvantage of loans, especially those from hard money lenders. If you are considering a hard money loan,
Easier Mortgages a Bright Spot for Future HomeBuyers
January 16, 2018 by
After a long period of not enough houses for sale and tough mortgage qualification standards, buyers could use some good news. That good news is the approval bar to qualify for a mortgage is expected to be lowered going forward
Lenders are easing standards, making it easier to obtain a mortgage
September 28, 2017 by
Government-backed mortgage services Fannie Mae says that lenders are easing their standards for consumers to qualify for a mortgage.
Borrowers turn to non-banks for mortgages as traditional lenders shy away
March 2, 2017 by
Borrowers are ditching traditional banks in their droves in favor of financial institutions that do not offer savings or checking accounts.
Money Miracles: What to Know Before Getting a Loan
January 30, 2017 by
If you would like to buy a car, get a house, or take an unplanned vacation, you might want to consider getting a loan so you will have the funds to reach your goal.
JP Morgan Agrees to Settle Mortgage Discrimination Lawsuit
January 18, 2017 by
According to an article in Reuters, JP Morgan Chase & Co has agreed a $55 million settlement for a US Justice Department lawsuit. This lawsuit accused the company of discriminating against minority borrowers, allowing mortgage brokers to charge
