Housing Wire

NOVEMBER 7, 2023

FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5% VA loans offer a 100% financing option for qualifying military service members and veterans, and don’t require mortgage insurance. points from the 7.5%

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Housing Wire

FEBRUARY 15, 2024

But the good news is, more buyers have become aware of down payment assistance (DPA) options and are tapping into available resources for help, said Susanne Saller, a senior consultant at Caliber Home Loans. Every call I get, if they are first-time homebuyers, they ask, ‘Where can I get money for a down payment or closing costs?’”

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FHA loan Loans Closing costs Loan Officer 450

Housing Wire

JANUARY 17, 2024

But unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan, so long as the homeowner keeps up to date with real estate taxes, homeowners’ insurance and property maintenance. They own the home with their name on the title, as with any mortgage, traditional or reverse.

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Finance Seller concession Loan Officer Loans 458

Housing Wire

FEBRUARY 14, 2024

BBYS products enable homeowners to tap their current home equity to purchase the new home, meaning they can make larger down payments and reduce the cost of their loans. This model is still expensive for homeowners because they are paying duplicate closing costs and leaseback fees.

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Backup offer Loan Officer Home sale contingency Branding 421

Housing Wire

APRIL 9, 2024

In a message to mortgage brokers, United Wholesale Mortgage (UWM) defended itself from the Hunterbrook Media report that claims the lender orchestrated a scheme to steer loans. Hunterbrook also claims that borrowers paid in UWM loans a total of $229 million more in closing costs over the past four years than the average-priced loan.

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Fixed-rate mortgage Loans Mortgages Loan Officer 441

Housing Wire

OCTOBER 4, 2022

Users can also streamline cost estimates and documents mandated by the TILA-RESPA Integrated Disclosure Rule (TRID) such as the Loan Estimate (LE). This integration makes accurate fees available instantly from a sizable population of the title agent community,” Jim Paolino, the CEO of LodeStar, said in a statement. “As

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Title Loan Officer Closing costs Closing 421

Housing Wire

SEPTEMBER 7, 2023

The buyers want the listing brokers to pay their buyer representative so they can have the most money invested in their down payment and get the best loan terms and rates possible,” Katie Johnson , NAR’s chief legal officer, said.

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HomeLight

JUNE 18, 2021

During the excitement of searching for a home and getting preapproved for a loan , closing costs may get overlooked. Many buyers tend to budget for their monthly mortgage payment and their down payment , but closing costs need to be considered in the equation as well. What are closing costs ?

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Closing costs Closing Mortgages Title 104

Housing Wire

AUGUST 5, 2020

For example, about two weeks ago, Quicken Loans advertised a “limited-time” rate of 1.99% on 15-year mortgages. The company also said: “Since every borrower’s situation is different, interested loan officers can price out this specific product in UWM’s EASE system or call their AE [account executive] for more information.”.

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Mortgages Loan Officer Lending Loans 525

Housing Wire

MAY 25, 2023

If we then look at data from the Federal Housing Administration (FHA), there were 2,063 Home Equity Conversion Mortgage (HECM) for Purchase loans endorsed in 2022 — less than 1/10th of 1% of homes sold last year. Few loan officers make the purchase product a main part of their business. million, of those homes.

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Loan Officer Equity Finance Loans 397

Housing Wire

NOVEMBER 1, 2022

As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. Temporary rate buydowns are not new, but many loan officers may not be familiar with the option. So what is a 2/1 rate buydown?

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Seller concession Loan Officer Closing costs Mortgages 441

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

Housing Wire

APRIL 12, 2023

of the surveyed mortgage professionals said loans falling through was the biggest challenge, ranking as the second most challenging factor. None of the surveyed mortgage professionals said staff cuts caused decreased ability to close loans and lack of training were the challenges they faced. a loan officer in Washington noted.

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Mortgages Loan Officer Marketing Seller concession 397

Housing Wire

FEBRUARY 5, 2021

According to Guaranteed Rate, Owning’s direct-to-consumer platform processed over $20 billion in total loan volume in 2020. Last year, the mortgage firm also had two loan originators produce over $1 billion in mortgages: Ben Cohen and Shant Banosian. According to the NMLS, Owning has 62 loan officers and was formed in 2018.

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Loan Officer Loans Closing costs Title 421

Housing Wire

APRIL 25, 2023

The goal of Asset Analysis is to automate the labor-intensive process of reviewing assets and multiple bank statements during underwriting to determine the likelihood that the borrower will have sufficient funds to cover down payments, closing costs, and reserves for the mortgage transaction.

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Lending Banks Loan Officer Loans 383

Housing Wire

SEPTEMBER 22, 2022

Chicago-based Guaranteed Rate this week rolled out an expanded Language Access Program, which has applications and loan servicing in Spanish for consumers in all 50 states. Let’s take loan disclosures as a prime example. In 2021, Guaranteed Rate originated more than $116 billion in purchase loans and refinances.

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Marketing Loan Officer Loans Finance 370

Housing Wire

SEPTEMBER 30, 2021

Local real estate agents, loan officers and appraisers share what characteristics are currently defining their housing markets. Buyers “are waiving inspections, an appraisal contingency, and the latest trend is to pay closing costs usually done by the seller.” Kansas City, Missouri. One kid will give their parent’s car.”

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Marketing Loan Officer Closing costs Inspection 370

Housing Wire

FEBRUARY 19, 2021

Your lender is going to require an adequate home insurance policy before they’ll close on your loan. If you forget to secure one or your policy start date doesn’t align with your closing, it could throw things off schedule. Many lenders will re-check your credit just before closing on your loan. Credit problems.

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Loans Loan Officer Closing costs Closing 534

Housing Wire

MARCH 1, 2021

After all, in January 2021, 30-year loans accounted for a whopping three-quarters of all mortgage originations in the country. In fact, they could actually cost you more (often significantly more) if used incorrectly. USDA loans. If you can find a home in a USDA-eligible area, you’ll definitely want to give these loans a look.

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Mortgages VA loan Loans Loan Officer 432

Realtor.com

MARCH 8, 2021

Instead, you might need a construction loan. In this installment from our Guide to Building Your Own Home , we’ll cover everything you need to know about construction loans. What is a construction loan? Interest rates are also typically higher for a construction loan, usually by around 1%.

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Loans Construction Land Finance 120

Housing Wire

DECEMBER 22, 2020

Fixed-rate mortgages have a set interest rate for the entirety of the loan. Adjustable-rate loans have interest rates that fluctuate after a certain amount of time. As long as you go through with the deal, the deposit will go toward your closing costs and down payment. Fixed-rate mortgage. You’re not alone.

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Fixed-rate mortgage Pre-approval Mortgages Loan Officer 421

Housing Wire

MAY 12, 2022

Customer-facing technologies, particularly loan origination and decisioning software, are now standard in mortgage lending’s tech stack. But it’s also possible for a homebuyer to apply and receive approval on a mortgage loan without them ever actually speaking with another human. Customer acquisition costs go up.

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Lending Marketing Pre-qualification Pre-approval 370

Realty Biz

JANUARY 4, 2022

But I’m heavily saddled with student loans to the tune of $425 per month. I’ve been deferring my student loan payments and I’m hoping for loan forgiveness some time down the road. But I’ve been saving the student loan money and diligently saving everywhere that I can to come up with a down payment for a home.

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Debt-to-income ratio Loans Mortgages Title 90

Housing Wire

SEPTEMBER 16, 2020

Let’s start with the recent 30-year fixed rate cash-out refinance, which was introduced last week on conventional loans, with rates between 2.5% So that means that if they’re doing a cash-out and they have a 70 loan-to-value, Fannie Mae will charge them three quarters of a point. Okay, so that was from 2.5 only pays 1.5

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Mortgages Marketing Title Loans 466

Realtor.com

FEBRUARY 3, 2021

If you’re a potential home buyer and you qualify for a conventional loan, you still need thousands of dollars in cash for a down payment, closing costs , and other expenses. The aim of the micromortgage program is to make homeownership more attainable and to begin to close the racial gap in homeownership.

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Loans FHA loan Finance Loan Officer 111

Realtor.com

DECEMBER 20, 2021

Real estate agents don’t typically deal with the loan process. “The best advice that I could give is to get a couple of recommendations for loan officers in your area,” says Nathan Perkins Jr. , for an FHA loan. to 1% of your loan amount each year. Loans with no money down. Ask your agent.

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Pre-approval Loans Loan Officer VA loan 137

Real Trends

NOVEMBER 2, 2022

As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. Temporary rate buydowns are not new, but many loan officers may not be familiar with the option. So what is a 2/1 rate buydown?

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Seller concession Loan Officer Closing costs Mortgages 107

Housing Wire

MARCH 1, 2021

But the fact is that it takes an average of 47 days to close a mortgage (according to Ellie Mae as of September 2020 ). Much of that is, from the Realtor’s or consumer’s perspective, the “dead time” between the excitement of getting approved for the loan and the additional excitement of getting the keys. The wait seems tedious.

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Closing Marketing Title Title search 352

Realtor.com

FEBRUARY 3, 2021

If you’re a potential home buyer and you qualify for a conventional loan, you still need thousands of dollars in cash for a down payment, closing costs , and other expenses. The aim of the micromortgage program is to make homeownership more attainable and to begin to close the racial gap in homeownership.

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Loans FHA loan Finance Loan Officer 98

HomeLight

AUGUST 16, 2021

First-time homebuyer loans can help make it easier on first-time homebuyers , offering access to special mortgage programs with low down payments. Sometimes you’ll even find grants to help you with closing costs and down payments. Sound great? Sure it does! Source: (LinkedIn Sales Solutions / Unsplash).

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Loans VA loan FHA loan Purchase and sale agreement 99

C4D Crew

JANUARY 13, 2022

This article will break down the home buying process from loan to close. . Before the Loan. Make sure to include everything in your estimate, including groceries and student loans. Remember, buying a home is more expensive than renting one, and there are costs that renters don’t pay, such as home repairs. .

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Loans Closing Pre-approval VA loan 52

Dwell Real Estate

MAY 26, 2022

With the help of my realtor and loan officer, there was so much that I didn’t know about and they were able to help me and guide me,” said Officer Ashton Wolfe, Cape Coral Police Department. ” “Recently I started looking to buy a house. “I joined the military when I was 18.

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Loan Officer Closing costs Finance Loans 98

Realtor.com

NOVEMBER 27, 2022

“If you are shopping for rates, let the lenders know that upfront and ask for a loan estimate,” advises Laura Nickolay of White Oaks Wealth Advisors, Inc. Step 2: Complete the loan application. Step 3: Receive your loan estimate and disclosures. Step 4: Loan processing. Step 7: Closing. in Minneapolis.

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Mortgages Closing costs Loans Loan Officer 111

Realtor.com

MARCH 12, 2021

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. If you can recoup closing costs within two years and plan to stay in your house for longer, the savings on interest means the math will likely work out in your favor.

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Fixed-rate mortgage Mortgages Closing costs Equity 87

Real Trends

NOVEMBER 11, 2022

FHA loans aim to make homeownership possible for borrowers with less-than-perfect credit and without a large down payment requirement. Backed by the Federal Housing Administration, FHA loans have more competitive interest rates, something that could be key for buyers in today’s market. USDA loans. Piggyback loans.

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Finance VA loan FHA loan Agents 106

HomeLight

JULY 25, 2022

Of all the expenses that come with buying a house, prepaid costs often take buyers by surprise and aren’t as talked about as down payments or closing costs. Which costs are prepaid when buying a home? These costs differ slightly from closing costs and will be laid out in your mortgage Loan Estimate and Closing Disclosure.

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Closing costs Earnest money deposit Loans Closing 98

HomeLight

JULY 30, 2021

The bank will ask for a list of mortgage documents to prove you’ll be able to repay the loan. Together, these mortgage documents allow the lender to see if you have enough income to pay back the loan and determine whether you’re creditworthy. Can you blame them?). What documents do you need to get approved for a mortgage? Rent history.

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Loans Mortgages Bankruptcy Purchase and sale agreement 98