Mortgage applications rise amid strong demand for ARMs

Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association. However, applications are still down 10% compared to one week ago. The MBA said that last week’s jump in mortgage rates may have actually increased homebuying demand, as consumers

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Fannie Mae just gave renters aspiring to home ownership a big boost

First time buyers who’ve always stayed current on their rent might have a better chance of securing a mortgage now. That’s because Fannie Mae is now allowing lenders to factor in an applicant’s rental payment history as part of the mortgage underwriting process for the first time. The move was announced by the Federal Housing

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The pandemic has caused a surge in demand for vacation homes

The COVID-19 pandemic appears to have inspired more people to look at buying a vacation home, according to a new analysis of mortgage data by the online real estate brokerage Redfin. In its analysis, Redfin found that mortgage applications for second homes jumped by 84% in January, compared to one year ago. And in September

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Home buying activity dropped off during election week

Home shopping activity fell sharply during election week as Americans focused their attention on the heated presidential race and a sharp uptick in coronavirus cases across the U.S., according to realtor.com’s latest Weekly Housing Report. The report cites data from the Mortgage Bankers Association that shows mortgage applications from home buyers fell to their lowest

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Fannie and Freddie automate mortgage applications for self-employed workers

Self-employed and freelance workers should find it easier to apply for a mortgage thanks to a newly automated system created by Fannie Mae and Freddie Mac. Previously, many self-employed and freelance workers have struggled to qualify for a mortgage, as they need to provide a ton of additional paperwork to prove their incomes. The process

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Tinkering With Mortgage Qualifications

It had to happen sooner or later. The lower volume of mortgage applications is resulting in some tinkering to find more consumers that can qualify. Fannie Mae, Freddie Mac, and major lenders aren’t necessarily

More renters looking to buy in 2017, study shows

A surge of renters are ready to make the leap into homeownership, with 55 percent of those who actively shopped for a mortgage in the first quarter of 2017 being non-homeowners.

Mortgage Application Rules Are Changing

Effective October 3, 2015 changes are being made to mortgage application rules. Most changes are about how consumers are presented terms of the mortgages they are being offered. The changes are required by the 2010 Dodd-Frank financial law. One key change is that consumers must be given the final terms of the mortgage at least

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African-Americans Getting a Rough Deal in Housing

There’s bad news for racial equality when it comes to housing, with a new study showing that African-Americans are being squeezed out of the market far more often than people from other races.

7% Rise in Mortgage Applications Last Week

Applications for new mortgages rose last week, increasing by more than 7% over the week before, according to new reports from the Mortgage Bankers Association. The refinance index saw an increase of 7.8%, while the real gauge for mortgage requests, the purchase index, jumped up by 5.1%. According to MBA research and economics vice president

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