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Prioritizing home equity solutions in a rising rate environment

Housing Wire

The 2022 housing market has been underscored by interest rate spikes and refi decline and lenders are working hard to adjust to new borrower trends. HousingWire: Between inflation and additional interest rate hikes coming down the line from the Fed, why is now a smart time for lenders to start prioritizing home equity products?

Equity 351
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Online bank Ally launches home grant program

Housing Wire

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. The upfront lump sum can be applied toward a down payment, closing costs or other expenses related to the homebuying process.

Banks 375
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Opinion: Here’s what people are getting wrong about real estate commissions

Housing Wire

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.

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Opinion: Is the lending market overcorrecting toward tech? Maybe

Housing Wire

Worsening market conditions are only going to accelerate an already hyper-competitive mortgage lending industry that is still learning to adapt to post-pandemic homebuying behaviors. Technology has been the focal point of that evolution more out of necessity than some consensus that homebuyers don’t want to interact with their lenders at all.

Lending 329
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Buyer agency: a crucial historical shift in real estate

Housing Wire

Many buyers struggled with the financial burden of covering closing costs , making it difficult or impossible to also cover the compensation for agent representation. With the advancements in technology, finding homes online has become easy and straightforward. The unintended consequences of eliminating buyer agency 1.

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Agents, do you know all of the financing options available to your customers?

Real Trends

Today’s turbulent housing market means challenges for both buyers and sellers. As real estate professionals keep the challenges of our current market in mind, the financing options below can pave the way to deals that may otherwise not be possible. This fee can be paid upfront at closing or rolled into the cost of the loan.

Finance 106
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Mortgage Rates Are Rising. Read This Before You Refinance.

Realtor.com

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?