Housing Wire

JUNE 8, 2022

Both plans rely heavily on special purpose credit programs , which allow lenders to target lending to protected classes without violating the Equal Credit Opportunity Act. . “A In its plan, Freddie Mac said it would purchase loans made with special purpose credit programs by lenders.

Equity 316

Equity Finance Loans Development 316

Housing Wire

MARCH 2, 2021

HousingWire: What are some due diligence and underwriting challenges loan originators face today? Historically low interest rates in 2020 led to an all-time high in mortgage lending for new loans, but with forbearance moratorium deadlines being extended, some lenders are getting nervous. It’s easy to see why.

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Title Lending Due diligence Title search 243

Housing Wire

APRIL 30, 2024

After the release of proposed new rules for the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program late last year, the reverse mortgage industry expressed a lot of excitement. Certner cited fair lending concerns and the potential of undue borrower influence.

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Mortgages Closing costs Equity Construction 322

Housing Wire

MARCH 8, 2024

President Joe Biden announced a housing plan during his 2024 State of the Union address on Thursday night, which included a statement that the CFPB will pursue “rulemaking and guidance to address anticompetitive closing costs imposed by lenders on homebuyers and homeowners,” according to a White House announcement.

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Closing Mortgages Closing costs Title 433

Realty Biz

AUGUST 16, 2023

Home equity loans are a popular option for homeowners who want to tap into the equity they've built up in their homes. Understanding home equity loans and their associated interest rates is critical for making informed financial decisions. Research Interest Rates Home equity loan rates can be fixed or variable.

Equity 72

Equity Loans Debt-to-income ratio Closing costs 72

Housing Wire

FEBRUARY 14, 2024

A majority of homeowners must sell their current home before they can qualify for a mortgage on their next home due to federal lending requirements around debt-to-income and down payments. These companies buy a consumer’s current house with cash so the consumer can use the equity they’ve accrued right away.

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Backup offer Loan Officer Home sale contingency Branding 362

HomeLight

JANUARY 29, 2024

When a homeowner needs fast access to cash for a life change or opportunity, their first thought may be to tap into their equity. But what if you can’t afford to make additional monthly payments on a traditional home equity loan, or your credit score won’t qualify for a cash-out refinance or line of credit? homeowners.

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Equity Debt-to-income ratio Loans Closing costs 100

Housing Wire

APRIL 26, 2023

Roberts and thousands of other loan officers across the country continue to be hampered by a serious inventory shortage , which results in heavy competition for fewer deals. Strategies to differentiate themselves include buying leads, providing niche loans and getting on builders’ preferred lender list.

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Loan Officer Mortgages Loans Closing costs 388

Housing Wire

AUGUST 21, 2023

The fastest-growing housing tech firm in 2023 was OptiFunder , which claims to produce the mortgage industry’s only optimization software built to systematically decision warehouse funding allocations and automate the complicated process of funding through loan sale. Based in Missouri, OptiFunder had a three-year growth rate of 4,767%.

Equity 355

Equity Technology Investor Lending 355

HomeLight

MARCH 31, 2023

DISCLAIMER: As a friendly reminder, this post is meant to answer questions about bridge loans in California and is intended for educational purposes, not financial advice. If you need assistance navigating the use of a bridge loan in California, HomeLight always encourages you to reach out to your own advisor.

Equity 81

Equity Loans Debt-to-income ratio Finance 81

Housing Wire

SEPTEMBER 7, 2023

For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. Finding reliable lending partners takes time and some trial and error, but once established is often the lifeblood of LOs. The lender and LO can make or break the transaction.”

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Agents Loan Officer Lending MLS 378

Housing Wire

OCTOBER 21, 2021

The nation’s network of Federal Home Loan Banks (FHLBanks ) expects to be required to increase its share of investments in affordable housing. The resources help families with 80% or less of the area median income for down payments or closing costs, for example. In May, Sen. Catherine Cortez Masto (D-NV) and Rep.

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Banks Loans Equity Finance 333

HomeLight

DECEMBER 28, 2023

In this post, we will walk you through everything you need to know about transferring or “assuming” a home loan. Taking over mortgage payments might initially seem like simply stepping in to pay someone else’s monthly loan bills. What types of loans are assumable? Most conventional loans are not assumable.

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Loans Purchase and sale agreement VA loan Mortgages 97

Housing Wire

SEPTEMBER 21, 2022

The following five accounts showcase how lenders and loan officers can use TikTok to brand themselves as well as entertain and educate home buyers. . Scott Betley is a loan officer for NFM Lending with more than 10 years of experience helping first-time home buyers and move-up buyers. Scott Betley ( @thatmortgageguy ).

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Loan Officer Loans Branding Mortgages 370

HomeLight

AUGUST 31, 2022

If you need assistance navigating the financial or tax implications of unlocking your home’s equity, HomeLight always encourages you to reach out to your own advisor. homeowners with mortgages (roughly 62% of all properties) saw their equity increase by a total of more than $3.8 What is home equity? According to CoreLogic , U.S.

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Equity Finance Loans Closing costs 101

Realty Biz

MAY 3, 2023

While you might have tens of thousands or even hundreds of thousands of dollars worth of equity built up in the value of your property, it’s often difficult to access that equity without selling the property. What is a home equity line of credit (HELOC)? HELOC Versus Second Mortgage: Which Is Better?

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Equity Loans Closing costs Mortgages 81

Realtor.com

APRIL 12, 2021

Getty Images Homeowners with a mortgage often hear about the benefits of refinancing—to snag a lower interest rate, reduce their monthly loan payments, and tap into their home equity. You might be able to refinance immediately after closing on the loan.”. The list of advantages is long and enticing.

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Loans Equity Closing costs Mortgages 128

Housing Wire

FEBRUARY 12, 2024

Furthermore, the average consumer is likely unaware of the variety of loan options available to them through the wholesale channel. Do they need to tap into their equity to pay off other debts? Are they interested in buying, but worried about down payment and closing costs? Do they want to pay off their mortgage faster?

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Mortgages Loans Closing costs Industrial 408

Housing Wire

OCTOBER 16, 2023

Editor’s note: There are conventional mortgage options with down payments as low as 3% and government-insured loans with a low- or no-down-payment requirement.) Homebuyers using a variety of mortgage loans to finance their home purchase are eligible to use assistance options to help with their down payment and/or closing costs.

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Agents Seller concession Closing costs Mortgages 389

Realty Biz

JULY 12, 2023

They allow homeowners to convert the equity they’ve built on their home into cash without selling the home. Lenders distribute loan proceeds in cash to the homeowner, and the loan only needs to be repaid when the property is sold. There’s a Minimum Age for HECM Borrowers The minimum age for applying for a HECM loan is 62.

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Equity Mortgages Loans Finance 76

HomeLight

JUNE 21, 2023

Some of these programs, such as Homes for Heroes , are nationwide and encompass both lending benefits and other discounts and reimbursements. Others, such as the California Employee Loan Program, or CELP , are targeted to residents in a particular state. Program highlights Up to $800 in reduced closing costs.

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Loans Debt-to-income ratio FHA loan Closing costs 92

HomeLight

MARCH 31, 2023

DISCLAIMER: As a friendly reminder, this post is meant to answer the question, “What is a bridge loan?” If you need assistance navigating the use of a bridge loan, HomeLight always encourages you to reach out to your own advisor. Get Started What is a bridge loan, in simple words? Let’s dive in.

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Loans Debt-to-income ratio Equity Finance 73

Housing Wire

DECEMBER 7, 2020

The incoming Biden administration has made improving racial equity a pillar of its domestic policy agenda, and appropriately so. With home equity accounting for a quarter of total U.S. Quicken Loans Mortgage Services is proud to partner with a diverse set of brokers, which broadens the pool of potential clients they serve together.

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FHA loan Debt-to-income ratio Loans Equity 482

Marco Santarelli

MAY 11, 2024

Home Equity Softening, Not Disappearing The report highlights a slight decrease in the percentage of homes considered “equity-rich,” where the loan value is less than half the estimated market value. This signifies that homeowners, by and large, still hold a healthy level of equity in their properties.

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Mortgages Marketing Equity Pre-approval 102

Realtor.com

OCTOBER 29, 2020

If you’re a homeowner, you have options that involve tapping into your home equity —the difference between what your home is worth and how much you owe on your mortgage. There are three main ways to tap into home equity, but sorting through those options can be confusing. The costs can range from 2% to 5% of your loan amount.

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Equity Loans Closing costs Principal 76

Realty Biz

AUGUST 12, 2023

Here are some key terms and their definitions: Mortgage : A loan specifically used to purchase real estate. Interest : The cost of borrowing money, expressed as a percentage of the loan amount. Fixed-Rate Mortgage : A mortgage in which the interest rate remains the same for the entire term of the loan.

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Purchase and sale agreement Mortgages Pre-approval Title search 97

HomeLight

JANUARY 29, 2021

But rather than draining their savings, most homeowners opt to finance their home home improvement with credit or a home renovation loan. If you’re considering taking out a home renovation loan to spruce up a powder room or gut the kitchen, we’ve got you covered. An overview of home renovation loan options. Construction loan.

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Renovation Loans Equity Construction 98

HomeLight

OCTOBER 11, 2021

You’re getting ready to start shopping for a house, and you’re pretty certain you want to go with an FHA loan. The Federal Housing Administration backs loans with less strict credit requirements and low down payment options to help families become homeowners. But maybe you’re a little unclear on what the different loan guidelines mean.

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FHA loan Loans Debt-to-income ratio Closing costs 79

Realty Biz

JULY 31, 2023

Cash for the down payment, cash for closing costs, cash for repairs, cash for operating reserves. Improve Your Credit to Lower Your Down Payment All lenders price their loans based on perceived risk. One point is equal to 1% of your total loan amount. But you then need to renovate the property, which costs money.

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Seller concession Closing costs Renovation Equity 80

HomeLight

MARCH 9, 2023

Disclaimer: This post about loan and assistance programs for low-income and minority homebuyers is provided for educational purposes and does not constitute financial advice. We’ve gathered information about assistance programs and their various options, from loans to down payment assistance. However, there is help out there.

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Loans Debt-to-income ratio VA loan FHA loan 67

Redfin

DECEMBER 15, 2023

While this might sound like a small difference, it can translate into substantial savings over time including lower monthly payments, paying off the mortgage quicker, and even allowing homeowners to tap into their home equity for other expenses. Get pre-approved When is the right time to refinance your mortgage?

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Fixed-rate mortgage Mortgages Title search Equity 68

Kyle Handy

MAY 5, 2023

In this post, I’ll do a complete analysis and breakdown of the expenses, cash flow profit, and amount of equity for each of my three rental properties, which I’ve owned for three to four years. Cash-Out Refinance You can take out a cash-out refinance when your home’s value or the equity you have in it increases.

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Hard money loan Property Management Equity Closing costs 92

Lighter Side of Real Estate

DECEMBER 28, 2023

According to Lending Tree , 31% of Americans still believe they need that much of a down payment in order to buy a house. It’s lower because while some people certainly do put 20% or more down on a house, many home buyers take advantage of loans that allow them to put down as little as 3%.

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Loans Closing costs Lending Mortgages 99

Realtor.com

MARCH 12, 2021

Lenders consider credit history, income and home equity when evaluating applications. Consider how many months it would take for you to recoup the costs of closing on a refi, along with how long you’ll be staying at this home. What if closing costs are too high? How will the equity in my house affect the situation?

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Fixed-rate mortgage Mortgages Closing costs Equity 87

HomeLight

JANUARY 23, 2023

The choice may be a difficult one, however, given recent interest rate hikes and historically high housing costs. Let’s discuss reasons homeowners may opt to refinance, how to compare loan types, and the importance of getting expert advice for your specific situation. The second way is by extending the loan term.

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Mortgages Fixed-rate mortgage Equity Loans 99

Realtor.com

FEBRUARY 11, 2021

One of the major benefits of being a homeowner is building equity with each mortgage payment, instead of putting money into your landlord’s pocket. But that doesn’t mean buying is always the best choice—as a renter, you enjoy more flexibility and avoid many of the costs that come with homeownership. Can you afford the closing costs?

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Closing costs Debt-to-income ratio Inspection Closing 145

Realtor.com

JANUARY 17, 2022

Even if your mortgage payment goes down only, say, $75 per month after refinancing, those savings will seriously add up over a 30-year loan. A home lending adviser can proceed with reviewing a refinance application once the agreement is official.” Remember that careful planning and timing are crucial in a refinance.

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Banks Debt-to-income ratio Title Lending 84