The construction of new homes increased in October to meet the rising homebuyer demand, according to the latest report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Privately-owned housing starts increased in October to a seasonally adjusted annual rate of 1.29 million, up a full 13.7% from September’s revised estimate of 1.14 million. However, it…
by ALY J. YALE Climbing minimum FICOs leave some out in the cold In some parts of the country, it’s harder to rent an apartment than to buy a home – especially if you’ve got a less-than-perfect credit score. According to new data from RENTCafe, renters need FICO scores as high as 737 to secure an apartment…
Courtesy: The Mortgage Reports By:ALY J. YALE A surge in supply New home construction may finally be picking up. And if word from the National Association of Home Builders is any indication, it could alleviate the housing shortage and improve conditions for first-time buyers. Click to see today’s rates (Nov 9th, 2017) The construction cooldown…
Surprisingly affordable housing Though home prices may be up nominally, affordable housing is plentiful – especially by historical standards. According to new data from Black Knight Financial Services, the percentage of income required to buy today’s median-priced home is actually down significantly from decades prior. Click to see today’s rates (Nov 8th, 2017) Payment-to-income ratios Recent…
Buying a duplex: a different animal When it comes to buy a duplex with less than 5 percent down, the strength of your application really counts. The question very often is not what you can afford, but whether you can fit within tight lender guidelines. Click to see today’s rates (Nov 7th, 2017) What exactly…
By Cathie Ericson The home-buying journey can be uncertain, full of twists and turns you don’t see coming. Even if you’re using a Veterans Affairs loan—and taking advantage of the unique benefits that come along with it—you could still run into some big roadblocks along the way. That’s why you need a savvy real estate agent…
Zillow has dusted off its crystal ball for 2018 housing market predictions, and the forecast is laced with both new and ongoing trends. Looking into the new year, Zillow predicted that the ongoing inventory shortage will persist, with more existing homeowners opting to remodel and stay in place rather than try to elbow their way through…
Mortgage disclosures: new and improved by: GINA POGOL Mortgage disclosures have changed a lot in recent years. While some older ones buried the loan’s most important terms in a sea of small print, that’s not the case today. Some of the most confusing mortgage disclosures are actually the least important ones. Here’s a quick rundown of what…
Courtesy: ALY J. YALE The Mortgage Report Ramping up refinancing Millennials aren’t just buying homes at record rates nowadays. According to new data from Ellie Mae, they’re also refinancing their existing ones. Click to see today’s rates (Nov 6th, 2017) Good rates, great refinance opportunities According to Ellie Mae’s Millennial Tracker, which analyzes monthly closed loan applications…
Employment increased substantially in October, making up for the job loss in September, according to the latest release from the U.S. Bureau of Labor Statistics. Last month, employment plummeted in the wake of hurricanes Harvey and Irma to a level no expert predicted it would fall in September – a loss of 33,000. And this increase to make…
Home warranty: budgeting lifesaver, home selling tool, or silly gimmick? When it comes time to buy real estate, we all worry about prices and financing. But what about a home warranty? That’s a piece of the puzzle which is often overlooked – much to the buyer’s lament. Click to see today’s rates (Nov 2nd, 2017)…
Consumers are coming to expect a simple, transparent, and pleasant experience in all of their transactions. Businesses are therefore increasingly leveraging digital channels to reduce errors and speed up transactions to deliver a better customer experience. In our prior quarterly Mortgage Lender Sentiment Survey® (MLSS), senior mortgage executives reported that investing in consumer-facing technologies is one of…
by: ALY J. YALE Courtesy of The Mortgage Report Affordability high in Motor City If you want affordable housing in one of the nation’s biggest cities, Detroit’s your answer. According to a recent ranking by Point2Homes, Michigan’s biggest city is also one of the most affordable big cities — the most, in fact – both in the U.S.…
by ERIK J. MARTIN Courtesy of The Mortgage Report Easier mortgage qualification: how you can benefit It’s not always easy to qualify for a mortgage. As a borrower, you have to meet a lender’s credit standards. They can often be strict. But these rules are in place to protect you from buying a home…
Should you retire your mortgage before you retire? If you’re planning not to pay off your mortgage before retirement, you won’t be alone. Fewer than half of owner-occupiers in the age group 65-69 years were mortgage-free in 2015. Click to see today’s rates (Oct 27th, 2017) What’s in and what’s out That record-low number came…
Alex Sanchez 