Housing Wire

JUNE 24, 2025

Rocket Mortgage , the home lending arm of Rocket Companies , announced Tuesday it will now offer bridge loans , a short-term financing option that helps homeowners tap into their equity while selling their current property. Eligible buyers can receive up to 10% back on their past year’s rent if they finance through Rocket.

Loans

Housing Wire

FEBRUARY 10, 2025

These younger servicemen and women often face difficulties navigating the homebuying process, particularly around paying closing costs. But Veterans and their families are defined by much more than just their credit scores and deserve more nuanced consideration of their unique circumstances when making lending decisions.

Industrial

Marco Santarelli

JANUARY 1, 2025

As the Fed adjusts its rate in response to economic conditions, those changes ripple through the lending market. What are closing costs on a mortgage? Closing costs encompass various fees associated with finalizing your loan, typically ranging between 2% and 5% of the loan amount. Who are the best mortgage lenders?

Mortgages

The Close

NOVEMBER 25, 2024

When looking into your finances, consider the following factors: Closing costs: These are generally 2% to 5% of the property’s sales price and include lender fees, title insurance, property insurance, and property taxes. The higher the home’s sale price, the higher your closing costs.

Purchase and sale agreement

The Mortgage Report

JUNE 24, 2025

These typically have lower closing costs but may come with slightly higher interest rates compared to cash-out refis. They usually come with variable rates and low or no closing costs, and you pay interest only on the outstanding loan balance. See if you qualify for a cash-out refi. Time to make a move?

Equity

The Mortgage Report

JUNE 10, 2025

Not just the affordability of the house itself, but with closing costs rising, etc., Jessie Jackson , senior vice president at Cornerstone Home Lending : Always ask for it as an option. Even if you have all of your money for your down payment and your closing costs. Over 2,000 DPA programs exist across the U.S.

FHA 203k rehab loan

The Mortgage Report

JULY 11, 2025

Andrea Blais , SVP of real estate lending at SchoolsFirst Federal Credit Union: There are several, promising signs for first-time home buyers trying to find the right property to purchase. Jay Crowell , national retail division president at Cornerstone Home Lending : We’re seeing differential at a more micro level. Time to make a move?

FHA 203k rehab loan

Redfin

MARCH 14, 2025

Its stronger than a preapproval , as it signifies that the lender has completed most of the underwriting process and is confident in lending you the money. However, its not the final step – certain conditions may still need to be met before closing. This helps you plan for closing costs and monthly payments.

Debt-to-income ratio

Marco Santarelli

APRIL 4, 2025

Break-even Period : When evaluating whether to refinance, its essential to look at how long it takes to recoup the costs associated with the refinancing process. Homeowners should calculate the closing costs and divide that by the monthly savings to understand how many months it will take to break even.

Mortgages

Redfin

JULY 9, 2025

You may have saved enough for your down payment, but make sure to also account for closing costs, taxes, insurance, and any other unforeseen expenses that may arise. Once the sale of the home has been completed, the amount will be applied toward your closing costs. If not, you may forfeit it.

Pre-approval

Redfin

JULY 24, 2025

2025 Loan Lending Standards for First-Time Home Buyers Loan Type Credit Score Debt-to-Income Ratio Income Employment Occupancy Mortgage Insurance Loan Limits FHA 580 or higher 43% or less Borrowers need to show steady income and proof of employment, typically with at least two years of history.

FHA loan

Redfin

JULY 31, 2025

State and local programs: Cities and states may offer down payment assistance, forgivable loans, or closing cost help. Fannie Mae’s HomePath Ready Buyer Program : This offers up to 3% in closing cost assistance when purchasing a HomePath property and completing a homeownership course.

Purchase and sale agreement

The Mortgage Report

JUNE 23, 2025

With retail lending, the company funding the loan also handles the application and any customer interactions. Reduced up-front fees: Many wholesale lenders charge lower origination or lender fees, reducing your total closing costs. The bottom line: Is wholesale mortgage lending right for you?

FHA 203k rehab loan

Redfin

JANUARY 28, 2025

Lower closing costs With an FHA loan assumption, the buyer might also benefit from reduced closing costs. In addition to the downpayment, these may include a loan assumption fee, as well as other closing costs like title fees, credit report costs, or attorney fees.

FHA loan

Redfin

JULY 30, 2025

Disadvantages to consider Funding fee requirement adds to the total cost of the loan, normally ranging from 2.3-3.6%. Strict appraisal standards require homes to be safe, and repairs from appraisal must be completed before closing (costs can be covered by either party). This can be lowered with a 5% down payment.

Loans

Seattle Times Real Estate

JUNE 25, 2025

Washington lawmakers created the Covenant Homeownership Program in 2023, offering zero-interest loans to cover down payments and closing costs for certain first-time homebuyers of color who meet income and other requirements. To pay for the home itself, buyers must qualify for a primary mortgage under typical lending standards.

Technology

Redfin

JUNE 17, 2025

Trust in the seller : Knowing who you’re buying from lends significant peace of mind. Lower closing costs : You won’t need a real estate agent when buying a house from a family member, which means you won’t have to pay real estate commission , which can save you thousands.

Purchase and sale agreement

Redfin

MARCH 4, 2025

Homebuyers will need to complete a first-time homebuyer course and receive up to 3% in closing cost assistance for buying a foreclosed home. If youre financing the purchase, your lender will require a home appraisal to confirm the propertys value and ensure theyre not lending more than its worth.

Pre-approval

Redfin

MARCH 4, 2025

Lenders use home appraisals to make sure that they arent lending you more money than what the home is worth. The average cost for a home appraisal is $200 $600 but can range as high as $2,000 if the property is larger or in a rural area. What factors impact the home appraisal cost? It is also used when refinancing a home.

FHA loan

The Mortgage Report

JUNE 9, 2025

On a national level, Fannie Mae’s HomeReady program is worth a close look, especially for very low-income buyers—it offers a $2,500 credit that can go toward down payment or closing costs, which again can create a path to ownership that didn’t seem available. Time to make a move?

FHA 203k rehab loan

The Close

JULY 28, 2025

Because of this, they have a lot more flexibility in determining who they want to lend to, how much, and the specific rates and terms to offer. This includes the ability to lend on primary residences, something that few lenders are willing to do. With that being said, portfolio lenders aren’t all created equal.

Pre-qualification

Inman

FEBRUARY 19, 2025

RocketRentRewards lets homebuyers earn closing cost credits equal to 10 percent of their verified rent payments over the past year, or $2,160 for those paying the average $1,800 in rent.

Closing

Marco Santarelli

JUNE 16, 2025

These rules can affect things like closing costs, lender fees, and even how quickly a lender can foreclose if something goes wrong. Some might be more comfortable lending in certain states than others, based on a variety of factors. All of these factors play a role in figuring how lenders can offer loans.

Mortgages

Marco Santarelli

JULY 2, 2025

Federal Reserve's Monetary Policy : The Federal Reserve influences mortgage rates through its setting of the federal funds rate, which affects how much banks charge each other for lending. However, it's essential to evaluate costs against potential savings carefully.

Mortgages

Marco Santarelli

JUNE 26, 2025

These states often have a combination of strong economies, competitive lending environments, and stable real estate markets, which contribute to their lower average mortgage rates. New Mexico: Economic factors in New Mexico may be restricting lending competition and influencing higher rates.

Mortgages

The Close

APRIL 3, 2025

It also offers lending to foreign nationals and includes no-doc and low-doc loan options for flippers who may not have typical income documentation. Here are some of the most important considerations: Interest rates and fees : One loan may offer a lower interest rate, but charge more in origination fees and closing costs.

Loans

Rochester Real Estate

NOVEMBER 5, 2015

In the simplest terms the main difference is that a bank has its own lending criteria and offers loans by using its own funds. This article provides 14 insights for Veterans to save money and minimize their out of pocket investment, save on the interest rate and closing costs, and structure the purchase contract.

Finance

Redfin

MARCH 26, 2025

Have a backup plan: In the event that financing is not secured, having alternative options such as a bridge loan or private lending in place can help protect the buyer. Closing costs: Occasionally, this section outlines who pays which closing costs , though thats often negotiated separately.

Finance

Norada Real Estate

JULY 2, 2025

Federal Reserve's Monetary Policy : The Federal Reserve influences mortgage rates through its setting of the federal funds rate, which affects how much banks charge each other for lending. However, it's essential to evaluate costs against potential savings carefully.

Mortgages

Marco Santarelli

MARCH 20, 2025

Therefore, it's essential to carefully evaluate your potential savings and closing costs before making a decision. The Fed's actions, such as adjusting the federal funds rate (the rate at which banks lend to each other overnight), can have a ripple effect on mortgage rates.

Mortgages

Housing Wire

JUNE 25, 2025

Many programs also cover closing costs, prepaid expenses, interest rate buydowns — even buyer’s agent commissions. Smart lending starts with smarter partnerships Down payment assistance isn’t a handout — it’s a high-impact business strategy. That’s where DPA programs come in. Some offer full or partial forgiveness over time.

MLS

Norada Real Estate

JUNE 26, 2025

Their decisions regarding interest rates and growth projections can send ripples throughout the lending market. However, it is essential to consider the costs associated with refinancing, such as closing costs, to assess whether it is a financially sound decision.

Mortgages

Housing Wire

JUNE 26, 2025

For too long, families of color and first-generation buyers have faced insurmountable barriers to owning a home due to predatory lending, high downpayment requirements, and increasing home prices,” Waters said in a statement. This aims to cover down payments , closing costs and mortgage interest rate buydowns.

Equity

The Close

JULY 1, 2025

For lending purposes, most lenders use a version of a FICO score ranging from a low of 300 to a high of 850, which considers the following items in calculating your score: Payment history: Having a history of on-time payments helps boost your credit score. Alternatives to FHA loans FHA loans may not be the right fit for you or your clients.

FHA loan

Marco Santarelli

MAY 22, 2025

Understand Points: Paying points (fees paid upfront) can lower your interest rate, but you need to calculate whether the upfront cost is worth the long-term savings. Factor in All Costs: Remember to consider other costs associated with buying a home, such as property taxes, homeowners insurance, and closing costs.

Mortgages

Marco Santarelli

APRIL 15, 2025

Greg Sher, managing director at NFM Lending, sums it up well: “Big tariffs right now wouldn't just make inflation worse — they could set off a chain reaction of economic trouble that central banks and governments aren't ready to handle.” Factor in the Total Cost: Don't just focus on the interest rate.

Mortgages

Housing Wire

NOVEMBER 22, 2024

Biden announced that the Federal Housing Finance Agency (FHFA) had approved measures to reduce closing costs, including a pilot to waive lender title requirements. Things escalated in March 2024 during President Joe Biden’s State of the Union address.

Title