Housing Wire

JUNE 6, 2023

and home prices still near record highs, homebuyers are demanding that their loan officers provide options to lower monthly mortgage payments as much as possible. Being conservative never hurts and being strategic about the market is important, Jared Sawyer, a sales manager at loanDepot , said. With rates around 6.9% versus a 6.5%

Loan Officer 382

Loan Officer Loans Seller concession Pre-approval 382

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%

VA loan 450

VA loan Agents Seller concession FHA loan 450

Housing Wire

NOVEMBER 16, 2022

The Pontiac, Michigan-based lender now has an option for borrowers to reduce their rates by 3% during the first year of the loan, compared to the maximum 2% previously offered. UWM is also launching a lender-paid version as an alternative to the sellers-paid product, the company announced on Wednesday. Presented by: Flagstar.

Seller concession 382

Seller concession Mortgages Fixed-rate mortgage Loans 382

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. About 19.4% from the Midwest, 16.8%

Mortgages 392

Mortgages Loan Officer Marketing Seller concession 392

Housing Wire

APRIL 8, 2024

to 2,058 loans in March, an increase helped by new case numbers and slightly telegraphed by recent industry sentiments, according to data compiled by Reverse Market Insight (RMI). In terms of the tracked regions, the Northwest/Alaska region led the way in terms of biggest relative improvement, rising 23% to 166 loans.

Mortgages 423

Mortgages Seller concession Loans Equity 423

Housing Wire

NOVEMBER 23, 2022

Mortgage rates for a 30-year fixed-rate loan are hovering around 7% levels and still-high home prices are slashing purchasing power. What helped Erica Davis, a loan originator at Guild Mortgage , in the current high-rate environment is a seller-funded temporary 2-1 rate buydown. It’s a terrible time for homebuyers.

Marketing 464

Marketing Loan Officer Seller concession Loans 464

Housing Wire

MARCH 6, 2024

Despite feelings of optimism expressed by loan originators in the opening weeks of 2024, the road to more normalized levels of reverse mortgage volume and securities issuances may be longer than expected. They also shared the progress they have made in building up loan pipelines, especially compared to the end of last year.

Mortgages 432

Mortgages Seller concession Principal Loans 432

Housing Wire

OCTOBER 21, 2022

About 2% of monitored contacts, whose loan closed less than 6 months ago, shopped with a competitor that day, an 11% decline from the previous quarter. Lender roadmap: Driving success in a difficult market. The overall ARM loan share rose to 12.8% Rocket launched a similar product in September.

Seller concession 370

Seller concession Mortgages Loans Finance 370

Housing Wire

AUGUST 24, 2022

Top wholesale lender United Wholesale Mortgage (UWM) is the latest originator to join the resurgent home-equity lines of credit (HELOC) market. UWM’s products announced Wednesday are available on primary and second home loans, with loans up to $350,000, according to the company’s website.

Seller concession 382

Seller concession Equity Loans Mortgages 382

Housing Wire

SEPTEMBER 16, 2022

Rocket Mortgage and its wholesale arm Rocket Pro TPO will reduce homebuyers’ monthly mortgage payments by one full percentage point for the first year of their loan. For Rocket Pro TPO, home sellers or real estate agents will be funding the program, similar to a buydown program rival United Wholesale Mortgage launched last month.

Mortgages 393

Mortgages Seller concession Fixed-rate mortgage Loans 393

Housing Wire

NOVEMBER 16, 2022

“Many lenders are offering temporary buydowns on government sponsored enterprise/Ginnie Mae loans, but the non-agency homebuyer has fewer options,” Bob Johnson, chief operating officer at NewRez, said in an email. “By

Seller concession 382

Seller concession Mortgages Lending Loans 382

Housing Wire

AUGUST 25, 2022

Like its peers, the wholesale lender’s origination volume has plunged over the past year due to a dearth of refinancings and a sluggish purchase market. That has contributed to UWM’s competitors taking losses on loans when they can least afford it. Jumbo loan volume increased 3.1% Homepoint is hardly alone.

Mortgages 393

Mortgages Equity Loans Seller concession 393

Housing Wire

FEBRUARY 9, 2021

Specifically, they want to be sure it’s worth the money they’re lending you and, most importantly, that they’ll recoup their investment if you default on the loan. A homebuyer’s guide to a competitive housing market. In this situation, your lender approves your loan amount without much hassle. More for Real Estate Enthusiasts.

Earnest money deposit 450

Earnest money deposit Seller concession Loans Lending 450

Housing Wire

OCTOBER 16, 2023

However, this rise in first-time buyers helps explain what’s driving demand and keeping upward pressure on prices in a market with mortgage rates currently surpassing 7%. One of the primary reasons for this surge is the strong presence of millennials in the housing market, particularly those at the peak, around ages 33 and 34.

Agents 404

Agents Seller concession Closing costs Mortgages 404

Housing Wire

OCTOBER 27, 2022

Mortgage rates have surged firmly above the 7% mark, making alternatives such as temporary rate buydowns and down payment assistance programs more popular, according to loan officers. With the buydown, the borrower pays a lower rate during the first year or two and, after that, the full rate is paid for the remainder of the loan term.

Mortgages 382

Mortgages Fixed-rate mortgage Loan Officer Seller concession 382

HomeLight

FEBRUARY 16, 2024

Get pre-approved for your mortgage loan Securing a mortgage pre-approval is perhaps the most important first step in making a compelling offer. It not only demonstrates to sellers that you’re financially prepared but also accelerates the purchase process once you’ve found the perfect home. Get Started 1.

Pre-qualification 96

Pre-qualification Seller concession Pre-approval Closing costs 96

HomeLight

MARCH 5, 2024

Get Started What is a seller assist in real estate? A seller assist, also known as seller concessions or seller credit , is an arrangement where the seller of a property agrees to cover part of the buyer’s closing costs. How does a seller assist work?

Seller concession 67

Seller concession Closing costs Title Closing 67

The Close

FEBRUARY 20, 2024

In real estate, the market is tied to the basic economic rule of supply and demand, which determines if a market is a buyer’s market vs seller’s market. Sure, certain seasons might have more foot traffic than others, but the housing market could vary drastically from neighborhood to neighborhood.

Marketing 91

Marketing Debt-to-income ratio MLS Pre-approval 91

Realty Biz

JULY 6, 2023

A seller credit, or a closing cost credit, is an agreement where the seller agrees to pay a portion of the buyer's closing costs. Closing costs typically include fees associated with loan origination, appraisal, title insurance, and other miscellaneous expenses. Often these terms are used interchangeably. Let's take a look.

Closing costs 86

Closing costs Closing Purchase and sale agreement Seller concession 86

Realtor.com

JANUARY 23, 2023

Historically high mortgage rates and a cooling housing market have caused buyers and sellers to look for novel ways to stretch their dollar and seal a deal. The post The Pros and Cons of a Mortgage Buy-Down for Homebuyers, According to Loan Experts appeared first on Real Estate News & Insights | realtor.com®.

Loans 104

Loans Mortgages Investor Finance 104

HomeLight

NOVEMBER 1, 2021

To explore the potential drawbacks of paying for buyer closing costs as the seller, we spoke with Tara Limbird , an Arkansas-based agent who heads a team of real estate pros that was nationally ranked at the top one half of 1% of Realtors®. Buyers and sellers generally pay for their own closing costs — but everything’s negotiable.

Closing costs 79

Closing costs Closing Seller concession Purchase and sale agreement 79

Real Trends

OCTOBER 16, 2023

However, this rise in first-time buyers helps explain what’s driving demand and keeping upward pressure on prices in a market with mortgage rates currently surpassing 7%. One of the primary reasons for this surge is the strong presence of millennials in the housing market, particularly those at the peak, around ages 33 and 34.

Agents 99

Agents Seller concession Closing costs Mortgages 99

Realtor.com

DECEMBER 1, 2022

Getty Images As the housing market barrels toward the end of the year and all of its holiday trimmings, potential homebuyers are likely wondering what’s in store for the coming season. Homes are simply sitting—and sitting —on the market, ballooning the total number of homes for sale.

Mortgages 120

Mortgages Seller concession Closing costs Sales 120

RIS Media

FEBRUARY 28, 2022

Market conditions from October through December, along with record-low inventory, presented a challenge for iBuyers, whose value proposition is speed, certainty and convenience to home sellers. national market share, compared with about 14,000 in 2020, when the pandemic temporarily paused iBuying—a 5x increase.

Seller concession 98

Seller concession Loan contingency Mortgages Loans 98

Windemere Selling

JANUARY 19, 2022

Lenders will require an appraisal to double-check that the value of the property matches your mortgage loan amount, which will typically cost you a few hundred dollars. Typically, escrow fees are shared between the buyer and seller, which cover the costs of distributing the funds involved in the transaction.

Closing costs 52

Closing costs Closing Purchase and sale agreement Seller concession 52

RIS Media

FEBRUARY 17, 2022

Despite one of the most robust seller markets in real estate on record, with homes selling “faster than you ever thought possible,” iBuyers registered a breakout year in 2021, increasing business fivefold year-over-year according to a new report from zavvie. “Yet iBuyers had a breakout year,” he added.

Seller concession 98

Seller concession Loan contingency Mortgages Loans 98

Realty Biz

MARCH 27, 2022

If you are trying to buy a home in a seller’s market, offering the asking price may not be enough. With more competition from buyers, the seller has more options, and you will need to do more to get the house you want. Sellers are in the driver’s seat, and they know it.

Purchase and sale agreement 116

Purchase and sale agreement Earnest money deposit Seller concession Finance 116

HomeLight

APRIL 29, 2021

We’ll break down seller closing costs with insight from Peggy Centrella , a top Delaware real estate agent ranked in the top 5% of real estate agents in her market area. Loan payoff amount. Loan payoff includes the remaining principal and interest owed up until closing. Seller concessions.

Closing costs 62

Closing costs Closing Seller concession Homeowner’s association 62

Housing Wire

FEBRUARY 2, 2024

This is according to HECM endorsement data compiled by Reverse Market Insight (RMI), and HMBS issuance data from public Ginnie Mae data and private sources compiled by New View Advisors. HECM volume, inbound inquiries HECM endorsements fell on a per-unit basis by 1.7%, according to RMI , to 2,153 loans for the month of January.

Mortgages 404

Mortgages Seller concession Loans Finance 404

HomeLight

SEPTEMBER 30, 2021

If you’re financing your purchase with a mortgage loan, your new property most likely needs to undergo an appraisal to complete the transaction process. According to California real estate agent Ed Kaminsky , an appraisal is a “verification process” that the market did its job and the market value for your home is accurate.

Pre-approval 96

Pre-approval Seller concession Finance Banks 96

Realty Biz

APRIL 20, 2022

So if you are only able to get a home loan at 5.25%, you can walk away from the deal with your earnest money deposit. Due to the overwhelmingly strong seller’s real estate market some buyers are making their offers more attractive. Sometimes a seller will be willing to pay some or all of these costs to sell their home.

Purchase and sale agreement 105

Purchase and sale agreement Home sale contingency Earnest money deposit Inspection contingency 105

Housing Wire

JANUARY 13, 2023

Going from a volatile rate environment in the latter half of 2022 to a market with lower, more stabilized rates, there’s optimism spreading across the industry that buyers will come back. Lower production volume means cutting staff and restructuring to better focus on the purchase market, Cohen said.

Pre-approval 393

Pre-approval Marketing Seller concession Mortgages 393

HomeLight

AUGUST 28, 2020

What are points on a mortgage loan, anyway? Many lenders now give you the option to buy down your mortgage interest rate through discount points, saving you money over the life of your home loan. We spoke with John Boyles, Head of Capital Markets at HomeLight, to walk us through the finer points of mortgage points. No points.

Mortgages 92

Mortgages Loan Officer Loans Seller concession 92

The Close

FEBRUARY 6, 2024

They only had to finance a small part of the home loan (less than $100,000) after they offered to pay 80% of the list price in cash. That may sound like a lot to add, but when your buyers roll it into their mortgage, it should not change their monthly payment so much that it prevents them from qualifying for their loan.

Pre-approval 75

Pre-approval Earnest money deposit Inspection Inspection contingency 75

HomeLight

NOVEMBER 10, 2021

And it’s typical for sellers to pay that fee within the current real estate market. Plus, when a seller isn’t working with an agent, the buyer’s agent may end up carrying more of the weight to get the deal to the finish line. Some fees may be negotiated or split between buyer and seller in a FSBO transaction.

Closing costs 102

Closing costs Closing Title Title search 102

Redfin

MARCH 3, 2022

It’s recommended to get pre-approved before house hunting to give yourself a realistic idea of how much home you can afford ; however, a mortgage pre-approval doesn’t guarantee that your loan application will be approved. Give your loan officer full disclosure from the start – tell us everything. How to remedy the situation.

Closing 62

Closing Title search Purchase and sale agreement Title 62

Realtor.com

DECEMBER 10, 2020

“In most parts of the country, sellers often have multiple bids right now,” says Danielle Samalin , CEO of Framework Homeownership. “In In this market, trying to negotiate a sales price probably won’t get you far.”. You can ask the seller to leave appliances or furniture that you would otherwise have to buy,” Samalin says.

Closing costs 142

Closing costs Inspection Closing Rent back 142