Housing Wire

SEPTEMBER 21, 2020

The housing and mortgage markets have been the rare bright spots in an otherwise fragile economy brought forth by the ongoing COVID-19 pandemic. Mortgage origination volume this year is on track to be the highest in more than 15 years, led by a strong wave of refinances. Just how busy have lenders been? What is driving this?

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FHA loan Loans VA loan Mortgages 541

Realtor.com

AUGUST 1, 2018

Michail_Petrov-96/iStock A few years back, my husband and I got an FHA loan. An FHA loan—which allows the buyer to put down as little as 3.5%—sounded We found an FHA-approved lender, and in no time, we were on our way to buying our first home with a government-backed loan. “Mortgage insurance?”

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FHA loan Loans Inspection Renovation 91

Realty Biz

DECEMBER 30, 2021

Private mortgage insurance (PMI) might sound like something that will protect you if you can’t make a mortgage payment. PMI is almost always required when you take out a conventional loan with a down payment that is less than 20% of the purchase price. PMI does not prevent a foreclosure if you don’t make the mortgage payments.

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FHA loan Mortgages Loans Equity 108

Realty Biz

MARCH 30, 2023

Regardless, there are many things that first-time home buyers aren't aware of when it comes to getting a mortgage. We've put together a brief mortgage guide with the key information you need to know. To get the best rate for your situation, be sure to look closely at each type of mortgage. Let's take a closer look.

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Mortgages Pre-approval Pre-qualification Due diligence 102

Housing Wire

OCTOBER 21, 2022

The parent company of mortgage servicing rights clearinghouse Marlin Mortgage has struck a deal to acquire 100% of the outstanding equity of direct-to-consumer mortgage lender LoanFront. LoanFront is licensed to do business in 21 states and offers a mix of conventional and government loans. Presented by: Flagstar.

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Mortgages FHA loan Banks Equity 74

Realty Biz

JULY 23, 2023

Understanding the implications of 1099 income on mortgage loans is crucial. Government-backed and conventional mortgage options, as well as home equity for down payment assistance, are available. Government-backed and conventional mortgage options, as well as home equity for down payment assistance, are available.

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Debt-to-income ratio FHA loan Lending Loans 70

Realty Biz

JULY 20, 2022

The Federal Housing Administration regulates and backs the FHA Loans program. These government-insured loans allow home buyers low down payments of just 3.5%. Though, you will need to pay private mortgage insurance with down payments of less than 20%, increasing your monthly outgoings. Fannie Mae and Freddie Mac.

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Loans FHA loan VA loan Equity 129

HomeLight

SEPTEMBER 1, 2020

If that’s you, you may have heard that one path to a deal is buying a bank-owned foreclosure. There are pros and cons to consider when going this route, however, such as the fact that bank-owned properties often need more TLC than other homes on the market, and many are sold as-is. What’s a bank-owned foreclosure?

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Banks Inspection contingency Inspection FHA loan 75

HomeLight

AUGUST 31, 2021

We consulted expert Richie Helali, mortgage sales leader at HomeLight Home Loans, to walk you through the basics. It offsets the amount you need to borrow for a mortgage. The down payment is showing the bank that you’re putting some skin in the game,” says Helali. “The Mortgage insurance. Mortgage insurance.

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FHA loan VA loan Loans Loan Officer 96

HomeLight

SEPTEMBER 30, 2020

Mortgage payments can take up a good chunk of your income, especially with a new home. And the interest you pay on that mortgage loan is nothing to sneeze at. In 1982, mortgage rates hit an annual average of 16.03%. That means for a 30-year conventional mortgage loan for $250,000, you’d be paying $962,458.72

Mortgages 98

Mortgages Fixed-rate mortgage Equity Loans 98

Point2Homes

JANUARY 14, 2021

Homeowners and mortgage insurance can be confusing at first and it can be difficult to know if you need them or not. Home insurance is not mandatory by law, however lenders will require it if you’re applying for a mortgage loan. What is Mortgage Insurance? Image: William Potter / Shutterstock.com.

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Mortgages FHA loan Loans Equity 65

Redfin

NOVEMBER 18, 2020

As a first-time homebuyer , you might be confused or even bewildered by the mortgage process and its many moving parts. Here’s what you need to know about what a mortgage is and how it works for all parties – when you peek behind the curtain, you’ll realize it’s just another tool for purchasing a home.

Mortgages 68

Mortgages Principal Fixed-rate mortgage Loans 68

Realtor.com

JANUARY 12, 2021

Do you have enough cash in the bank to fund a down payment, or do you have a credit score high enough to qualify you for a home loan? Plus, as you pay your mortgage, you gain equity in the home and create an asset that can be used when needed, such as paying off debt or even buying a second home.

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FHA loan Loans Equity Mortgages 137

Realtor.com

APRIL 27, 2021

iStock One of the biggest hurdles in buying a home is coming up with a down payment—the large chunk of cash that’s typically required to secure a mortgage for a house. For many first-time home buyers , a government-backed FHA loan can be obtained for as little as 3.5% Check out our Guide to Getting a Mortgage.

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Pre-approval FHA loan Loans Mortgages 124

Lab Coat Agents

MAY 1, 2024

VA loan assumptions offer a fantastic opportunity for your clients to save thousands on their mortgage in a rising interest rate environment. What is a VA Loan Assumption? When a buyer assumes a VA mortgage loan, they take over the seller’s existing loan balance and current interest rate.

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VA loan Loans Debt-to-income ratio FHA loan 52

Housing Wire

MARCH 10, 2022

Lakeview Loan Servicing , one of the nation’s largest issuers of Ginnie Mae securities, is making a play in the private-label securities market by sponsoring an offering backed by a pool of 2,192 Federal Housing Administration -guaranteed mortgages valued at $423.6 A fourth such transaction, a $370.7 A fourth such transaction, a $370.7

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Mortgages Principal Loans FHA loan 380

HomeLight

MAY 31, 2021

Before you even start looking, you’ll also need to find a mortgage lender who will determine how much house you can afford , make sure your credit is in good standing, and see what kind of loan programs will work best for you. How much mortgage do I qualify for? Source: (Gonzalo Facello / Unsplash). Conventional.

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Mortgages Debt-to-income ratio Loans Closing costs 57

HomeLight

SEPTEMBER 30, 2020

How much you need for the home purchase can greatly depend on the type of loan you get. For example, an FHA loan only requires a 3.5% For a $200,000 home, you will need at least $7,000 in the bank to make your down payment. Property prices in your area will give you an idea of how much your mortgage will cost.

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FHA loan Loans VA loan Mortgages 98

HomeLight

JULY 31, 2020

HomeLight looked at the pros and cons of both larger and smaller down payments, interviewing real estate and mortgage professionals, as well as investigating statistics on just how much people are putting down on homes these days, all to help you decide what will work best for you when it comes time to make your home purchase.

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Debt-to-income ratio Loans Equity VA loan 69

HomeLight

AUGUST 16, 2021

Are you prepared for the responsibilities of home maintenance, mortgage payments, and everything else that comes along with homeownership? Are you open to doing some sweat equity in the beginning?” The higher your score, the more likely you’ll be approved for a mortgage, and the better rate you’ll be offered. Can you do updates?

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Closing costs Purchase and sale agreement Inspection Loans 104

HomeLight

JUNE 28, 2021

HUD’s Office of Housing also includes the Federal Housing Administration (FHA), an agency that insures mortgage loans issued by FHA-approved lenders to protect against losses if a borrower defaults on a loan. Buyers should arrange financing with a bank or mortgage lender ahead of time. USDA loans.

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Pre-approval Pre-qualification FHA loan Inspection 92

HomeLight

AUGUST 31, 2021

Monthly mortgage payments offer built-in savings through equity gains. If you use a fixed-rate mortgage, your principal and interest will remain the same throughout the life of the loan, though your property taxes and subsequent homeowner’s insurance can increase over time. Then identify your priorities.

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Closing costs Loans Equity VA loan 74

Redfin

APRIL 7, 2023

Get pre-approved for a mortgage My advice to first-time homebuyers is to find a good loan officer and get pre-approved, fully underwritten approval is best. Work with that loan officer and their agent to understand what timeframes they’re comfortable with in an offer. This way you’ll know exactly how much house you can afford.

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Pre-approval Agents Pre-qualification Debt-to-income ratio 58

Housing Wire

OCTOBER 24, 2022

The mortgage-servicing rights market just keeps on ticking even as the overall housing market takes a licking. And while depository banks that are fueling that growth, concern is mounting over Ginnie Mae MSRs held by nonbanks. Tom Piercy, Managing director of Incenter Mortgage Advisors. billion — compared with $51.1

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Principal Banks Loans Mortgages 310

Afford Anything

JANUARY 25, 2021

I’d apply for an FHA loan with a three percent interest rate. The first option will free up $200 of cash flow each month, which will accelerate my debt avalanche and result in less interest paid over the life of the loan. The second option will reduce my rent by $200 per month, and I’d start to build equity sooner.

Loans 67

Loans HR FHA loan Equity 67

HomeLight

JUNE 22, 2023

All of these things are stressful and confusing, but you’d be surprised by how many people struggle with the mortgage process. And they need answers to their mortgage questions. As a first-time homebuyer, you’re likely among the 85% of buyers who will apply for a home mortgage instead of paying cash.

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Debt-to-income ratio Mortgages FHA loan Loans 83

HomeLight

JANUARY 27, 2021

But there’s so much to keep track of along the way: hiring an agent, getting a mortgage, making offers, and closing the deal. Getting a mortgage can be a stressful and frustrating process. Here are a few tips to get ahead of the game and mortgage like a champ! Paying mortgage insurance isn’t that big a deal. Don’t let it!

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Closing costs Loans Inspection Earnest money deposit 117

Housing Wire

JANUARY 10, 2022

2021 was an extraordinary year for the housing market: mortgage rates at an all-time low, record high annual growth in single-family prices and rents, lowest foreclosure rates in a generation and the largest number of home sales in 15 years. for 30-year fixed-rate loans.

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Marketing FHA loan Fixed-rate mortgage Loans 545

HomeLight

JANUARY 31, 2022

You’re thinking about buying a house, but you aren’t sure what your mortgage loan (or monthly payment ) will look like. Still, to make your dream a reality, determining how to estimate a mortgage loan and how much you can spend is something you’re going to have to do. Source: (sarah b / Unsplash). as a down payment.

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Loans Mortgages FHA loan Principal 91

Realty Biz

JANUARY 11, 2023

Banks might loan you the complete amount with 100% financing. However, the majority of mortgage loans require that you come up with a down payment for your property. Private Mortgage Insurance (PMI) protects your lender should you stop making payments on your loan. down with an FHA loan.

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FHA loan VA loan Closing costs Loans 81

HomeLight

JUNE 30, 2021

A zero-down-payment mortgage is a home loan that you can get without putting any money down — but only for specific loan types, and not every buyer and home will qualify. After speaking with the experts, we’ll walk you through your options and what you can expect from zero-down-payment mortgages and low-down-payment programs.

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VA loan FHA loan Mortgages Closing costs 66

HomeLight

AUGUST 9, 2022

The down payment on a home gets your foot in the door, and the mortgage lets you move in. The size of your down payment can depend on a variety of factors, like where you’re buying, how much you have saved, and what kind of mortgage you’ll get. However, it’s all necessary for nabbing that home of your dreams. Let’s jump in!

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Earnest money deposit VA loan Purchase and sale agreement FHA loan 91

HomeLight

NOVEMBER 29, 2021

With so many DPA programs, you’ll want to consult with someone who will know them best — your loan officer. What types of mortgage loans are there? Down payment requirements differ depending upon the loan types. Conventional loans. For these larger loans, borrowers will often have to put down a minimum of 10%.

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Earnest money deposit FHA loan Purchase and sale agreement Inspection 84

HomeLight

MARCH 9, 2023

The most common forms of assistance or alternative loan fall into the following broad categories: Down payment assistance programs Government-backed loans Low-income loans Down payment assistance program Down payment assistance programs help first-time homebuyers who need cash for a down payment.

Loans 66

Loans Debt-to-income ratio VA loan FHA loan 66

Real Estate Finance HQ

AUGUST 25, 2017

This guide outlines the types of, as well as the necessary qualifications for, FHA loans. What is a FHA Loan? The FHA, a unit of the Department of Housing and Urban Development, was created in 1934 specifically to help low- and moderate-income families obtain financing for home ownership. Mortgage Insurance.

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FHA loan Debt-to-income ratio Inspection Loans 40

HomeLight

OCTOBER 5, 2020

A short sale is when a property is sold at less than what’s owed on the remaining mortgage balance. This type of situation usually occurs when the owner is financially distressed and no longer able to make their monthly mortgage payments. You’ll need to get preapproved for a mortgage loan. What’s a short sale?

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Short sale Sales Pre-approval Pre-qualification 74

HomeLight

JULY 7, 2022

We’ll break this affordability equation down into more detail later, but if you’re grossing $70,000, a monthly mortgage payment between $1,400 and $1,700 is probably where you’ll fit most comfortably. The simple rule of thumb I tell buyers is that, typically, 40% of your monthly payment is taxes, insurance, mortgage insurance, and so on.

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Debt-to-income ratio Closing costs FHA loan Loans 115