Canadian Household Debt To Income Temporarily Plummets Due To Government Support

Better Dwelling

Statistics Canada (Stat Can) data shows the household debt to income ratio dropped in Q2 2020. The ratio had grown to notoriously high levels in the past decade, which were wiped out overnight.

Mortgage industry provides commentary on CFPB’s proposed changes to QM loan definition

Housing Wire

Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021.

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Ballard Spahr’s Andreano: CFPB is open to “other approaches” to QM

Housing Wire

and co-leader of the law firm’s mortgage practice group, to talk about regulatory proposals being considered by the Consumer Financial Protection Bureau. A: Probably among them is the Ability to Repay, Qualified Mortgage proposals.

CFPB proposes a new category of qualified mortgages: Seasoned QM

Housing Wire

The Consumer Financial Protection Bureau is proposing a new category of qualified mortgages called Seasoned QM, which would require loans to meet certain performance requirements over a 36-month seasoning period.

Think these credit problems are stopping you from buying a house? Think again

Housing Wire

Your credit plays a huge part in your ability to get a mortgage. Still, it’s not the end-all, be-all—and many borrowers believe they need picture-perfect credit to buy a home. Myth 2: You can’t buy a house if you have lots of student loan debt. Just having debt isn’t the problem.

Is the FHFA about to delay the refi fee?

Housing Wire

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% The post Is the FHFA about to delay the refi fee?

Cash Deposits When Buying a Home: What to Know


Cash offers have traditionally been a great way to get a discount or encourage a reluctant seller. However, when it comes to mortgages, cash can suddenly lose its appeal. Nowadays, lenders want to know exactly where all your funds are coming from.

Mortgage rates fall again but credit availability gets tighter

Realty Biz

Mortgage rates are at an all-time low, but that’s just too bad for the thousands of potential home buyers who’re missing out on the action due to tighter lending standards. According to Bloomberg News , housing credit availability has reached its lowest level since February 2014.

MBA asks CFPB to extend GSE patch

Housing Wire

The Mortgage Bankers Association sent a letter on Monday to the Consumer Financial Protection Bureau asking for a six-month extension to the so-called “GSE patch” that allows Fannie Mae and Freddie Mac home loans to borrowers with high debt levels to be considered Qualified Mortgages.

What Can Be Done With Student Loans to Help Homebuyers?

Realty Biz

A study by American Student Assistance found that 55% of student loan holders said their debt is causing them to put off homeownership. It’s About Your Debt-to-Income Ratio. There are positive steps you can take to improve how lenders view both.

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The CFPB missed a chance to fix the QM rule

Housing Wire

The Consumer Financial Protection Bureau appears to have lost an opportunity to correct a nagging issue in its definition of a qualified mortgage. At the heart of the issue is a borrower’s ability to repay their mortgage.

Consumer Financial Protection Bureau Issues Analysis of HMDA Data Points

RIS Media

The data are used to assist in determining whether financial institutions are serving the housing needs of their local communities; facilitate public entities’ distribution of funds to local communities to attract private investment; and help identify possible discriminatory lending patterns.

Tips for Saving for Your First House

RIS Media

Saving for your home may feel like a big undertaking, but there are a few tricks you can use to make it easier. Check with a financial planner to help you make the most of your budget long-term. Address Your Debt. Address your debt selectively.

Am I A First-Time Homebuyer? Who’s Qualified … And Who Isn’t


If you don’t know how to qualify as a first-time home buyer, then the first thing you should know is: Being a first-time homebuyer includes some exclusive perks that make it easier to purchase a home. From how much you need for down payments to credit scores , let’s break it down.

Should You Choose a National Mortgage Lender or a Local Bank or Credit Union?

RIS Media

If you’re looking to buy a house, there are a wide range of companies that would likely be happy to give you a mortgage. They are often less strict than banks when it comes to loan approval requirements and down payments.

What Are the Biggest Differences Between FHA and Conventional Loans?


If you’re a first-time homebuyer , you have a lot of decisions to make, including what type of loan to choose. However, conventional loans come with their own set of benefits, like the ability to eliminate private mortgage insurance if you have a low down payment. Business debt.

Do I Need To Provide My Tax Returns To Buy a House? Your Questions Answered


You’re ready to buy a house and are working hard to line all of your financial ducks up in a row. As you pull together the paperwork, you may be wondering if you’ll be required to provide your tax returns to purchase a home. Step 4: Pay off your debt.

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Tips for Obtaining a Mortgage During Retirement – You Need a Strategy

Realty Biz

You’ve never had trouble qualifying for a mortgage because your credit rating was high, your debt-to-income ratio was good, and you bought a house that you could afford. Now you’re fully retired and want to sell the old family home that still has a mortgage.

What’s a Conventional Loan? Here’s What Buyers Need To Know


You’ve worked hard to improve your credit score , pay down your debts, and save up for a healthy down payment. Finally, you’re ready to buy that dream home and tackle this whole mortgage thing once and for all. Here’s what you need to know. Here’s what you need to do.

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Before Making Loans, Some Mortgage Lenders Ask, Do You Really Plan to Pay This?

Andrei Stanescu / iStock Some mortgage lenders are asking customers taking out a mortgage to confirm they don’t intend to seek forbearance, a move meant to keep losses low during a pandemic that has put millions of Americans on shaky financial footing.

10 First-Time Home Buyer Blunders To Avoid

Lighter Side of Real Estate

Most of us dream of a familiar, comfortable place to call our own, and buying a home is a rite of passage into adulthood, and into our own piece of the American Dream. If you’ve made any of these yourself, don’t feel bad—it can happen to the best of us.

Things First-Time Home Buyers With Bad Credit Should Know

Realty Biz

Are you wanting to buy a house but have bad credit? However, it is normal for first-time buyers to have worse credit than those who have purchased a few homes in their lifetime. As a result, there are some options to help you buy your first home.

How Much House Can You Buy Without Going Broke? Here’s How to Determine Your Buyer’s Budget


You’ve worked hard toward your dream of owning a home, scrimped and saved for a down payment , and the time to shop for a place to call your own has finally arrived. To figure out how much house you can afford, follow these steps to determine a comfortable budget.

Ask Brian: Is This a Good Time to Invest in Real Estate?

Realty Biz

If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to I know that interest rates remain at near-record lows and that prices have stabilized compared to recent years.

How to Find (And Qualify For) a Build Your Own House Program


Did you know that the median price to buy a house in the United States in the first quarter of 2020 is more than $327,100 ? It’s no wonder that 49% of renters are under 30 years old — they can’t afford to buy even a simple starter home. So, what are people to do?

Are you Spellbound About Buying a Home?

Imagine Your House

A place to call home. When you’re giving all of your attention to something it can more often than not blur your ability to keep your feet on the ground or exercise any common sense we may have inherent in our being. Today’s thoughts are about breaking the spell to make sure that one of the largest financial investments that you ever make is done with precision and accuracy. This you’ll want to get right. Do you want to be maxed out?!

Should You Always Put 20% Down When You Buy A Home? Not Necessarily


In addition to making sure you meet all the lending requirements, getting your credit in order, and figuring out how much house you can afford , you’ll also need to save money for your down payment. When 20% is the way to go. Buyers often don’t want to pay MI,” she says. “It

9 Easy Ways to Bulletproof Your Transactions During the Pandemic

The Close

Even in a normal market, all pendings don’t make it to closing. In this article, I will teach you how to avoid some common pitfalls, increase your closing ratio, and bulletproof your pending transactions. The goal is to move the buyer through the investigative process quickly.

What to Know About Buying a House: 11 Things to Know Upfront


You might be wishing right about now that your high school or college had offered a few classes on what to know about buying a house. Some buyers might not even know that actually, they’re already prepared to start shopping! You might be readier to buy than you think.

Building a Guest House 101: Get Your Accessory Dwelling Unit Up and Running


Today homeowners are building guest houses as creative solutions to multi-generational housing and house hacking their mortgages. It’s the easiest way to cover their mortgage payment.”. ADUs cost more to build, but yield a higher ROI as they may function as legal rentals.

5 Things to Prepare for When Switching Mortgage Lenders Before Closing


It checks all your boxes for must-haves, from location to square footage to price point. Here’s what you need to know about switching mortgage lenders. Yes, it is possible to switch lenders before closing. Still, there are a few reasons why you might want to consider it.

Here’s How to Apply for a USDA Loan in 9 Doable Steps


Many wishful homeowners would just keep on driving and try to forget that their dream home is on the market … but you know how to apply for a USDA loan, so you turn your car around and head home to do just that. To get one, you’d go to an approved lender, and the government in turn guarantees it for the bank from which you borrowed. Then, assess your basic eligibility to qualify. Talk to a few lenders. Decide which lender to use.

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11 Big Factors That Affect Your Mortgage Rate: What Buyers Need to Know


If you’re buying a home, you probably already know you want to get the lowest mortgage rate possible. Unfortunately, it’s not always easy to get straightforward answers. Millions of buyers are left in the dark when it comes to their rates. Your debt-to-income ratio.

FHA Guidelines

Real Estate Finance HQ

If you want to get a quick summary instead of reading over 1,000 pages keep reading. The FHA, a unit of the Department of Housing and Urban Development, was created in 1934 specifically to help low- and moderate-income families obtain financing for home ownership. Housing Ratio. Debt to Income Ratio. Income: FHA mortgage loans require a steady source of income and consistent employment for at least two years. Housing Ratio.