Housing Wire

MARCH 25, 2021

What it really comes down to is whether or not you feel comfortable paying a mortgage (and all the other fun expenses that come with having a home), while also paying off student loans. Here’s what to expect in the mortgage application process. 3 underrated mortgage products to consider. Your Debt-To-Income Ratio Is High.

Debt-to-income ratio 493

Debt-to-income ratio Loans FHA loan Finance 493

Housing Wire

NOVEMBER 2, 2023

The move is part of a legal battle that started in September 2021 when Richards filed a lawsuit alleging the lender closed thousands of loans without proper documentation to boost its performance ahead of its initial public offering (IPO) on the New York Stock Exchange. 30, 2021, Richards resigned from her position at loanDepot.

Debt-to-income ratio 364

Debt-to-income ratio Loans Mortgages Closing 364

Housing Wire

APRIL 7, 2021

In fact, depending on where you live, your monthly rent could be more expensive than your monthly mortgage. 3 underrated mortgage products to consider. A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. Not to mention, expensive. Yes, seriously.). You Have Savings.

Debt-to-income ratio 442

Debt-to-income ratio Fixed-rate mortgage Finance Loans 442

Housing Wire

MARCH 16, 2022

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications. No mortgage insurance will be required. The product is available for loans up to $3 million and up to 90% loan to value.

Banks 382

Banks Loans Debt-to-income ratio Lending 382

Keeping Current Matters

DECEMBER 21, 2020

Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. Below is a list of things you shouldn’t do after applying for a mortgage. New debt comes with new monthly obligations. People with new debt have higher debt-to-income ratios.

Debt-to-income ratio 281

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Housing Wire

AUGUST 23, 2023

According to Garg, the company has developed a one-day mortgage product that provides a commitment letter within 24 hours. Better wants to sell this platform to other companies, becoming a “mortgage-as-a-service” company or a white-label provider of mortgage tech, Garg said. ” And what is Better.com best at?

Debt-to-income ratio 364

Debt-to-income ratio Technology Mortgages Pre-approval 364

Housing Wire

MARCH 23, 2021

Wherever there is commerce, there will be fraud, and the mortgage industry is no exception. The full extent of fraud in the mortgage industry may be impossible to fully quantify, but the 2020 True Cost of Fraud study by LexisNexis Risk Solutions estimated that the cost of fraud has risen 7.3% across U.S.

Lending 424

Lending Mortgages Due diligence Debt-to-income ratio 424

Housing Wire

AUGUST 22, 2020

According to reporting by the Wall Street Journal on Saturday, the Federal Housing Finance Agency has been communicating with mortgage industry groups about delaying the implementation of a fee which would add a 0.5% surcharge to refinance mortgages sold to Fannie Mae and Freddie Mac starting Sept.

Debt-to-income ratio 545

Debt-to-income ratio Finance Mortgages Industrial 545

Realty Biz

AUGUST 20, 2023

Mortgage pre-approval is an essential step when buying a house. During pre-approval, lenders carefully evaluate your financial information, including income, assets, credit history, and other relevant details. How long it takes for lenders to give mortgage pre-approval can vary from a day to a week.

Pre-approval 93

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Housing Wire

NOVEMBER 12, 2020

Not only does a prime credit score improve your chances of getting approved for a mortgage, but it also helps you secure a lower interest rate, too — and that means a more affordable loan on the whole. If you spot any of these issues, you’ll want to rectify them before applying for your mortgage. Avoid new debt.

Debt-to-income ratio 488

Debt-to-income ratio Banks Loans Mortgages 488

Housing Wire

JULY 25, 2023

HousingWire recently spoke with Matic CEO and co-founder Ben Madick about the changing home insurance market, how it impacts mortgage lenders and homeowners, and why lenders should pay attention. HW: Why should mortgage companies pay attention to what’s going on in home insurance? Two key trends have emerged in this landscape.

Debt-to-income ratio 360

Debt-to-income ratio Marketing Mortgages Loan Officer 360

Housing Wire

APRIL 4, 2022

The FHA also insured more than twice as many loans to Black and Hispanic borrowers last year as the rest of the mortgage market combined. As interest rates rise, so do the monthly mortgage payments, which could be problematic for low-to-moderate income borrowers, said Alex Naumovych, loan officer at Draper & Kramer Mortgage.

FHA loan 367

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Realty Biz

FEBRUARY 22, 2024

Glossy online listings behind your computer screen might fuel your dream home fantasy, but the home-buying process truly begins in earnest when a lender is contacted to be pre-approved for a mortgage. A credit score of 620 or higher is recommended to qualify for a mortgage, and a higher one will qualify you for better rates.

Pre-approval 82

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HomeLight

DECEMBER 28, 2023

Going through a divorce is hard, especially when it comes to making decisions about your home and the joint mortgage loan. One option you might be considering is mortgage assumption. But what does assuming a mortgage look like? In this post, we’ll explain what it means to assume a mortgage during a divorce.

Debt-to-income ratio 86

Debt-to-income ratio Mortgages Loans Equity 86

Realty Biz

APRIL 8, 2022

Physician mortgage loans are a particular loan class exclusively available for physicians and medical residents. So, let’s look at three of those major problems you can solve by opting for physician mortgage loans. . In that case, they will likely charge you with PMI (Private Mortgage Insurance). Closing Costs.

Debt-to-income ratio 87

Debt-to-income ratio Loans Mortgages Closing costs 87

Housing Wire

JUNE 29, 2022

As market volume dips and pent-up demand builds, 61% of millennials and Gen Zs who intend to buy a home plan to apply for a mortgage this year. As mortgage rates rise, inventory remains low and digital trends accelerate, navigating the changing borrower landscape requires tailored strategies.

Debt-to-income ratio 416

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Housing Wire

JUNE 4, 2021

For instance, whether or not you get approved for a mortgage is based on your credit score. First-time homebuyers have mortgage options available that don’t require a high down payment. To determine what kind of house you can afford, you need to analyze your debt-to-income ratio (DTI). with an FHA loan. each month?

Debt-to-income ratio 442

Debt-to-income ratio FHA loan Loans Land 442

RIS Media

NOVEMBER 2, 2020

You should have money left over in mortgage reserves so you’ll be able to pay your loan principal, interest, taxes and insurance if you experience a loss of income. Mortgage reserves are expressed in terms of the number of months you can cover all those costs. . Why Might Mortgage Reserves Be Required?

Debt-to-income ratio 54

Debt-to-income ratio Closing Mortgages Principal 54

Housing Wire

MARCH 30, 2021

They can go online and understand their FICO score, but mortgage credit scores are different. Borrowers don’t always know or understand how their credit or debt-to-income ratio (DTI) impacts the type of loan they can qualify for. “Consumers have access to credit scores, more than ever,” Hydrew said.

Pre-qualification 433

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Realty Biz

OCTOBER 25, 2021

Financing in the form of mortgage refinancing can reduce your expenses and help you pay off your mortgage faster. When you refinance your mortgage you will be replacing your existing mortgage with a new mortgage with new terms and a different interest rate. Mortgage refinancing tends to be an easier process.

Debt-to-income ratio 109

Debt-to-income ratio Mortgages Closing costs Equity 109

Housing Wire

MARCH 20, 2024

Many buyers struggled with the financial burden of covering closing costs , making it difficult or impossible to also cover the compensation for agent representation. Many are already shouldering the burdens of high debt-to-income ratios, mortgage insurance premiums, and elevated interest rates to secure a foothold in homeownership.

Debt-to-income ratio 471

Debt-to-income ratio Agents Equity Closing costs 471

Housing Wire

JANUARY 14, 2022

While layoffs sweep the mortgage industry, particularly consumer-direct lenders, non-qualified mortgage (non-QM) lenders are going on a hiring spree. Non-QM lenders Angel Oak Mortgage , Acra Lending and Newfi alone currently have at least 130 openings on jobs listings sites. Riches in the niches. trillion in 2022.

Debt-to-income ratio 341

Debt-to-income ratio Lending Loans Loan Officer 341

Realty Biz

DECEMBER 12, 2022

There are several things to consider when it comes to getting a mortgage. Most home buyers want to get the best mortgage rates and terms. We will cover everything you need to know about how to get a mortgage. What is a Mortgage? There are many different types of mortgages , including conventional, FHA, VA, and USDA loans.

Debt-to-income ratio 88

Debt-to-income ratio Mortgages Pre-approval Pre-qualification 88

Realtor.com

FEBRUARY 2, 2022

But our mortgage and lending system can be especially challenging for retirees to navigate, simply because lenders prioritize income. You need to make sure the person you’re working with is aware of local transfer taxes and closing costs.” Watch your debt-to-income ratio. Reconsider risk calculations.

Debt-to-income ratio 100

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Real Trends

MARCH 8, 2023

Use this guide to get your transactions back to the closing table and don’t give up. We have closed thousands of transactions over the lifespan of our real estate careers, and we have coached thousands of clients to meet or exceed their goals. You can still get to the closing table. Ratio issues What does this even mean?

Debt-to-income ratio 94

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Realtor.com

FEBRUARY 2, 2023

However, mortgage lenders view leasing and financing a car differently,” says Ashley Moore , community lending manager at Chase Home Lending. Lenders calculate your debt-to-income ratio , or DTI, which is a person’s monthly debt payments divided by gross monthly income.

Debt-to-income ratio 75

Debt-to-income ratio Loans Lending Finance 75

Point2Homes

DECEMBER 15, 2021

There are many types of mortgages for homebuyers to consider in the U.S. Assumable mortgages aren’t as common as others, but they can offer a wealth of benefits in the right circumstances. What Is an Assumable Mortgage? How Does an Assumable Mortgage Work? Are All Mortgage Types Assumable? Let’s find out more.

Debt-to-income ratio 109

Debt-to-income ratio VA loan Mortgages FHA loan 109

Lighter Side of Real Estate

SEPTEMBER 23, 2021

The road to homeownership is paved with plenty of opportunities for mistakes—many of which could cost you your mortgage and tank your home purchase. A recent article from The Mortgage Reports outlined major (and costly!) Shopping for homes before getting pre-approved for a mortgage. Switching jobs.

Debt-to-income ratio 116

Debt-to-income ratio Pre-approval Mortgages Finance 116

Realty Biz

NOVEMBER 5, 2021

One of those rules is keeping credit card balances close to 30% of your limit while continuing to periodically use the credit card. Ideally, if you have severely damaged credit, you want to start repairing it at least a year before you apply for a mortgage. Revolving accounts don’t close just because you paid off one purchase.

Debt-to-income ratio 82

Debt-to-income ratio Mortgages Pre-approval Loans 82

Realty Biz

SEPTEMBER 5, 2023

One crucial aspect of this process is ensuring that your finances secure a mortgage and make the dream of homeownership a reality. From experience as a Realtor, getting your finances in order is vital to get the best mortgage rates and terms. Before gathering documents to get a mortgage, ensure your report is spotless from errors.

Debt-to-income ratio 92

Debt-to-income ratio Pre-approval Finance Bankruptcy 92

Realty Biz

SEPTEMBER 30, 2023

Mortgages with Low Credit Scores Mortgages with low credit scores can appear challenging, but there are options available. Understanding how a low credit score affects your mortgage and exploring government-backed programs can help you navigate the process. Can you buy a house with bad credit?

Finance 97

Finance Debt-to-income ratio FHA loan Mortgages 97

RIS Media

JUNE 3, 2021

If you are looking to lower the interest rates on your monthly mortgage payments, refinancing may be the answer. But, according to a recent study by Lending Tree, even though most mortgage refinances were approved at the start of 2021, many were denied. High Debt-to-Income Ratio .

Debt-to-income ratio 105

Debt-to-income ratio Principal Lending Equity 105

HomeLight

DECEMBER 5, 2023

It hands you the cash needed for a down payment and covers those pesky closing costs on your new purchase. Bridge loans can be pricier than regular mortgages, but they’re designed to be your speedy and hassle-free ticket to that new home. Your lender might need to crunch the numbers and calculate your debt-to-income ratio (DTI).

Equity 95

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Realty Biz

JANUARY 4, 2022

In most circumstances, he not only has to make your full mortgage payment but would also owe penalties, late fees, additional interest, etc. It goes beyond being responsible for all your mortgage because your home loan becomes part of his overall debt. Help with closing costs. It’s all one big ball of string.

Debt-to-income ratio 89

Debt-to-income ratio Loans Mortgages Title 89

Housing Wire

MAY 14, 2021

A good credit score increases the likelihood of qualifying for a mortgage because it indicates to the lender that you’re more likely to make timely payments on your loan. By taking on large amounts of debt just before they apply for a mortgage loan, Ulzheimer said, a home loan applicant may affect how a lender evaluates their application.

Debt-to-income ratio 424

Debt-to-income ratio Loans Mortgages Lending 424

Housing Wire

MAY 9, 2023

Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets. Those mortgages were originated at interest rates of 3% or less, and rates now are more than 3 percentage points higher.

Loans 378

Loans Debt-to-income ratio Banks Mortgages 378

Housing Wire

NOVEMBER 10, 2020

His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. “I told my client, my friends, ‘Look, I know you’re supposed to close in 10 days but we’re closing Friday and you let everybody know it or you may not close,’” Dodson said.

Debt-to-income ratio 424

Debt-to-income ratio Loans Banks Mortgages 424