Housing Wire

JANUARY 9, 2025

A reverse mortgage is a possibility for seniors with substantial equity in their homes, the column stated. It essentially enables you to borrow against your equity, and you aren’t required to make any payments while you’re still alive as long as you live in the house.

FHA loan 369

FHA loan Mortgages Equity Closing costs 369

Housing Wire

MAY 23, 2022

HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink , about the ways lenders can capitalize on these trends by revving up their home equity solutions. Barry Coffin : It’s a good time to prioritize home equity transactions for a couple of reasons.

Equity 384

Equity Title Technology Loans 384

Housing Wire

APRIL 7, 2025

In our community, many first-time buyers were using those to buy down interest rates or cover closing costs. Diversity as a business imperative, looking ahead Herreras rise comes amid federal pushback against diversity, equity, and inclusion (DEI) programs, a trend she views with concern but also with clarity.

Commercial 370

Commercial Title Closing costs Equity 370

Housing Wire

AUGUST 12, 2024

Piggybacks are a type of home equity loan taken out as a separate , additional loan from the borrower’s first mortgage. But these second liens usually have higher interest rates compared to first mortgages and likely require the payment of closing costs or origination fees. meaning they are left with zero or negative equity.

Loans 450

Loans FHA loan Equity Closing costs 450

Housing Wire

JUNE 8, 2022

Freddie Mac will also conduct research on formerly redlined areas, to more effectively target its equity plan. ” The post With landmark GSE equity plans, FHFA confronts legacy of redlining appeared first on HousingWire.

Equity 370

Equity Finance Loans Development 370

Housing Wire

APRIL 26, 2024

FHA will move forward with its proposal that permits contributions by the property seller, real estate agent, builder, or developer to HECM for Purchase borrowers’ closing costs,” the update said. Historically, mortgage lenders and originators have been prohibited from contributing to closing costs to protect borrowers.”

Closing costs 466

Closing costs Development Equity Closing 466

Housing Wire

JULY 1, 2024

By 2024, in addition to owning more than double their share of all real estate, the Top 20% of incomes held 87% of all corporate equities and mutual funds. Equity management firm Carta found that most employees do not exercise stock because of cost and financial risk.

Equity 528

Equity Banks Finance Investor 528

Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. If they lost their job, they have a lot of equity in their home, and most likely their financials have gotten better over time.

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

DECEMBER 14, 2023

Part of the equitable housing plans’ approach to achieving more equity includes reducing the costs and fees associated with buying a home that are often cited as a homeownership barrier for low- and moderate-income and non-white households. In fact, neither is true. The authors say these are “not economically meaningful” differences.

Title 432

Title Closing costs Loans Title search 432

Housing Wire

JUNE 9, 2022

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs).

FHA loan 368

FHA loan Renovation Equity Loans 368

Housing Wire

MARCH 7, 2024

In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters. The White House estimates that this “will raise an additional $3.79

Construction 534

Construction Closing costs Renovation Title 534

Housing Wire

APRIL 18, 2024

They also added “enhancements” to the programs themselves, including the addition of “a credit of $2,500 for very low-income borrowers that lenders must pass through to borrowers by applying it to the down payment or closing costs,” the report stated. The GSE also purchased 6,828 loans originated through lender-sponsored SPCPs.

Closing costs 416

Closing costs Loans Design Finance 416

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. AARP applauds HUD’s update to its Home Equity Conversion Mortgage for Purchase Program which keeps vital consumer protections in place,” Jones said.

Mortgages 414

Mortgages Closing costs Equity Construction 414

Housing Wire

NOVEMBER 13, 2023

Any person involved in selling a home knows that you cannot increase the price of your home randomly to cover the cost of commissions and other closing costs. The market sets the price of the home, and it cares little for closing costs — or what the homeowner invested in it — when determining the price for which it will sell.

Closing costs 358

Closing costs Equity Agents Technology 358

Housing Wire

MAY 20, 2024

So, as the loan balance increases, your home equity decreases.” The CFPB advises that upfront fees can be “as much as $6,000 plus closing costs in an initial mortgage insurance premium,” in addition to an annual mortgage insurance premium and obligations related to property taxes and homeowners insurance. You can sell your home.

Mortgages 419

Mortgages Equity Loans Closing costs 419

Housing Wire

MAY 3, 2022

Point now says it has raised $170 million in equity capital. Point’s plans to use the funding include expanding its Home Equity Investment division. Once closing costs are met, Point funds up to 20% of the home’s property value. It then values the homes with an in-home appraisal, and updates the final offer.

Equity 383

Equity Investor Closing costs Finance 383

Housing Wire

JULY 5, 2023

The company’s management team implemented this policy, the complaint alleges, because refinancing can come with high closing costs that range between $5,000 and $10,000 dollars. Members of the bilingual team expressed concern about the policy to management, the complaint says.

Mortgages 370

Mortgages Closing costs Lending Closing 370

Housing Wire

MARCH 20, 2024

The upfront lump sum can be applied toward a down payment, closing costs or other expenses related to the homebuying process. Ally Home , the residential mortgage lending arm of Ally Bank , is offering a $5,000 grant for eligible homebuyers in the select markets of Charlotte, Detroit and Philadelphia, the company announced on Tuesday.

Banks 429

Banks Closing costs Lending Equity 429

Housing Wire

JANUARY 25, 2023

Among some of the benefits the initiative claims to offer are a minimum of $5,000 for down payment and closing cost assistance and up to an additional 1% of the sales price — or $3,000 — for a maximum of $8,000 in homebuyer assistance.

Equity 384

Equity Closing costs Loans Title 384

Housing Wire

JUNE 26, 2024

That’s because relative to homebuilders, homeowners have more options for offering concessions, such as help with closing costs and repairs. Sales volume in that segment of the market dropped 2.8% compared to last year and by only 0.7% month over month.

Sales 431

Sales MLS Closing costs Equity 431

Housing Wire

JUNE 21, 2024

The Montana Board of Housing is aiming to remind the state’s seniors about a government-administered program that is specifically designed to help older adults access their home’s equity — and it should be very familiar to members of the reverse mortgage industry. This is where the RAM program can come into play.

Mortgages 383

Mortgages Equity Finance Closing costs 383

Housing Wire

JANUARY 17, 2024

The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ). And after years of advertisements and TV commercials promoting the benefits of better-known reverse mortgage loan uses like continuing to live in your current home while tapping your home equity, 4 who could blame them?

Finance 458

Finance Seller concession Loan Officer Loans 458

Housing Wire

AUGUST 10, 2023

Mortgage , and/or Closing Cost Credit. For eligible borrowers at or below 80% AMI, the mortgage program allows a 3% down payment on a fixed-rate mortgage and the closing cost credit program provides up to $5,000 to use toward closing costs. Wells Fargo’s mortgage originations reached $7.8

Fixed-rate mortgage 370

Fixed-rate mortgage Closing costs Lending Banks 370

Housing Wire

AUGUST 6, 2021

While refinancing can be a good way to build equity and manage debt, it can cost money – anywhere between 3% to 6% of the amount of debt you still owe on your current loan. So while you might eventually save money from refinancing, you’ll also spend money on closing costs.

Title search 432

Title search Title Closing costs Loans 432

Housing Wire

FEBRUARY 15, 2024

They made good money, but with student loans and car payments, they didn’t have the money for the down payment and closing costs,” Saller said. Every call I get, if they are first-time homebuyers, they ask, ‘Where can I get money for a down payment or closing costs?’” It’s really about access to credit.

FHA loan 450

FHA loan Loans Closing costs Loan Officer 450

Housing Wire

SEPTEMBER 16, 2022

. “The Inflation Buster pairs perfectly with the Rate Drop Advantage program which covers many of the costs to refinance when interest rates fall,” Bob Walters, CEO of Rocket Mortgage, said in a prepared statement. Combined, these put buyers in the driver’s seat with unmatched benefits.”

Mortgages 397

Mortgages Seller concession Fixed-rate mortgage Loans 397

Housing Wire

DECEMBER 26, 2022

As a result, many title firms have found revenue coming from different sources, including stronger than expected commercial revenue and other mortgage products such as home equity lines of credit (HELOCs). One of the goals they outlined in those plans is a push to reduce closing costs, especially for low-income borrowers.

Title 491

Title Industrial Closing costs Closing 491

Keeping Current Matters

OCTOBER 21, 2020

During the housing crash twelve years ago, many homeowners owned a house that was worth less than the mortgage they had on that home (called negative equity or being underwater ). Today, the vast majority of homeowners have significant equity in their homes. Most homeowners have substantial equity in their homes.

Equity 299

Equity Banks Closing costs Loans 299

Housing Wire

JULY 2, 2024

Home Equity Conversion Mortgage (HECM) endorsements fell by 14.4% Equity takeout” loans — reverse mortgages that are neither purchases nor refinances — dropped by 4.8% Purchase is one we’re watching closely with the recently implemented tweak to closing costs that we expect to open that door more fully.

Mortgages 407

Mortgages Equity Loans Loan Officer 407

Housing Wire

MARCH 1, 2021

These mortgages come with lower interest rates, a quicker payoff timeline and the opportunity to build equity much faster than 30-year loans. You often won’t need a credit check, home appraisal or much paperwork, and you can close on your loan in just a couple of weeks. . It doesn’t stop there.

Mortgages 432

Mortgages VA loan Loans Loan Officer 432

Housing Wire

JANUARY 10, 2023

With the rise in mortgage rates and inflation, concessions regained popularity, reducing the overall cost for homebuyers through money toward repairs, closing costs and mortgage-rate buydowns. When the 30-year mortgage rate was around 3%, there was a higher demand for homes and such deals were not as popular.

Seller concession 458

Seller concession Mortgages Loans Closing costs 458

HomeLight

APRIL 10, 2025

Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. It uses the equity youve built in your existing home to give you quick access to cash for a down payment or to cover closing costs on your next purchase.

Equity 52

Equity Loans Home sale contingency Debt-to-income ratio 52

Housing Wire

OCTOBER 21, 2021

The resources help families with 80% or less of the area median income for down payments or closing costs, for example. million, two-year partnership with the Urban Institute to create a racial equity accelerator program. The total volume should not be lower than $100 million for each bank.

Banks 370

Banks Loans Equity Development 370

Housing Wire

NOVEMBER 3, 2021

The government-sponsored enterprise will provide closing cost credits on multifamily loans for rental landlords who agree to report on-time rental payments through Esusu Financial. Esusu, a credit-building fintech, will deliver the on-time rental payment reports from landlords’ property management software to the credit bureaus.

Finance 441

Finance Closing costs Property Management Equity 441

Housing Wire

AUGUST 19, 2024

Unspent funds allocated to the program can be put to use by assisting the state’s older residents with reverse mortgage financing at a relatively low interest rate when compared to either Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgages (HECMs) or proprietary product options.

Mortgages 406

Mortgages Loans Equity Principal 406

Housing Wire

APRIL 26, 2023

Bridge loans are popular among his clients since they allow homeowners to tap into their equity when buying a home, as well as a professional mortgage where buyers in a specific industry can make a 10% down payment without mortgage insurance, Parkinson explained. Niche loans consist of about 5% of Parkinson’s business.

Loan Officer 397

Loan Officer Mortgages Loans Closing costs 397

HomeLight

APRIL 9, 2025

Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. It gives you access to the equity in your existing home so you can cover a down payment and closing costs on your new purchase without waiting for your old house to sell. Why Move Twice?

Equity 52

Equity Loans Debt-to-income ratio Home sale contingency 52