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. Home Equity Conversion Mortgage (HECM) endorsements fell 11.8% Most industry growth must come from proprietary loans.”

Mortgages 378

Mortgages Seller concession Principal Loans 378

Housing Wire

OCTOBER 21, 2022

In times as tough as these, mortgage lenders must be proactive in borrower outreach and find consumers’ home finance needs if they’re going to close a deal, a new report by mortgage relationship data company Sales Boomerang concludes. Rocket launched a similar product in September.

Seller concession 365

Seller concession Mortgages Loans Finance 365

Realty Biz

JUNE 22, 2021

What to Know About a Seller Concession. Many terms get bantered around in real estate that either a buyer or seller may not know the meaning of. One such term is seller’s concessions. It is not uncommon at all for a client to ask what are seller concessions. What is a seller concession?

Seller concession 126

Seller concession Closing costs Purchase and sale agreement Closing 126

Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. 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 loan 448

VA loan Agents Seller concession FHA loan 448

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. Barnes, a branch manager at Mann Mortgage , recently had a client who planned to live in a new home for five years before selling it. With rates around 6.9%

Loan Officer 382

Loan Officer Loans Seller concession Pre-approval 382

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? What are the pros and cons?

Seller concession 433

Seller concession Loan Officer Closing costs Mortgages 433

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. Rocket Mortgage will be covering the difference in mortgage payments in the first 12 months through a special escrow account.

Mortgages 393

Mortgages Seller concession Fixed-rate mortgage Loans 393

Real Trends

APRIL 11, 2023

To think outside the box, some Realtors began using seller concessions. Whereas seller concessions make the home-buying process more affordable and exciting for potential buyers, while also maintaining the home and the community’s value. In some areas of the U.S., So, what do you do?

Seller concession 72

Seller concession Closing costs Purchase and sale agreement Inspection contingency 72

Housing Wire

APRIL 15, 2024

If the settlement is approved by the court, although agents and home sellers will not be able to list offers of compensation on the MLS, home sellers may still offer to cover the buyer’s agent fees if they so choose. Department of Veterans Affairs seeking similar guidance on VA loans, but Sears said that letter remains unanswered.

Agents 527

Agents Seller concession VA loan Finance 527

Housing Wire

AUGUST 25, 2022

But there’s another threat that Homepoint executives must worry about – United Wholesale Mortgage (UWM), the top dog in wholesale, has embarked on a strategy of heavy price cutting, forcing Homepoint and others to limbo to compete for business. That has contributed to UWM’s competitors taking losses on loans when they can least afford it.

Mortgages 392

Mortgages Equity Loans Seller concession 392

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 373

Mortgages Fixed-rate mortgage Loan Officer Seller concession 373

Housing Wire

APRIL 12, 2023

With the mortgage industry still rightsizing, mortgage professionals are worried about regulation of the industry and inflation that thins already tiny margins. of the surveyed mortgage professionals said loans falling through was the biggest challenge, ranking as the second most challenging factor. About 19.4%

Mortgages 339

Mortgages Loan Officer Marketing Seller concession 339

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. They are not applicable in Texas.

Seller concession 379

Seller concession Equity Loans Mortgages 379

Housing Wire

NOVEMBER 20, 2023

Savvy sellers are consumers who will choose to have a seller agent complete a basic MLS listing, then take the process into their own hands by fielding orders directly from buyers rather than give 3% to have offers brought to them. If this is to happen, buyer agents and mortgage companies will be forced to adapt.

Pre-approval 418

Pre-approval Agents Loan Officer Seller concession 418

Housing Wire

NOVEMBER 16, 2022

Mortgage lender NewRez added the temporary rate buydown feature to its “Smart Series” non-QM products to leverage the growing group of non-traditional borrowers. Other options, such as the 2-1, and 1-0 rate buydowns are also available for non-QM mortgage products.

Seller concession 358

Seller concession Mortgages Lending Loans 358

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

OCTOBER 16, 2023

Zillow research also found that a majority of homeowners with mortgages have locked in a rate below 5%, and are almost half as likely to consider moving. 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%.

Agents 400

Agents Seller concession Closing costs Mortgages 400

Housing Wire

FEBRUARY 9, 2021

When you go to buy a home , your mortgage lender will almost always order a home appraisal. 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. 5 reasons to refinance your mortgage right now. The purpose?

Earnest money deposit 450

Earnest money deposit Seller concession Loans Lending 450

HomeLight

FEBRUARY 16, 2024

From getting pre-approved for your mortgage to offering flexible closing dates, these strategies are designed to put you in a stronger position. Get pre-approved for your mortgage loan Securing a mortgage pre-approval is perhaps the most important first step in making a compelling offer. Get Started 1.

Pre-qualification 93

Pre-qualification Seller concession Pre-approval Closing costs 93

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? What are the pros and cons?

Seller concession 107

Seller concession Loan Officer Closing costs Mortgages 107

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. Sellers, desperate to unload homes, are often willing to help out. This temporarily eases a buyer’s mortgage woes. Here’s what they had to say.

Loans 104

Loans Mortgages Investor Finance 104

Realtor.com

DECEMBER 1, 2022

High mortgage rates—which, as of Wednesday, hover at 6.58% for a 30-year fixed-rate loan—are a stark reminder that many buyers might still struggle on the affordability front. Put simply, many potential home sellers have decided to stay put rather than list. ” Can seller concessions balance out rate hikes?

Mortgages 120

Mortgages Seller concession Closing costs Sales 120

Redfin

NOVEMBER 29, 2022

When you decide to buy a house , you’re not only committing to paying for the purchase price of the home but also the interest rate on your mortgage loan – the cost of borrowing money from your mortgage lender. . Luckily, one option to consider is to buy down your mortgage. What is a mortgage buydown?

Mortgages 73

Mortgages Closing costs Loans Seller concession 73

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

Housing Wire

FEBRUARY 2, 2024

With ongoing liquidity challenges and a continuing lag in Home Equity Conversion Mortgage (HECM) case numbers, reverse mortgage business in 2024 started off with a bit of a whimper. 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 378

Mortgages Seller concession Loans Finance 378

HomeLight

AUGUST 28, 2020

As if mortgage rates aren’t confusing enough , lenders had to throw discount points into the mix. 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. No points.

Mortgages 89

Mortgages Loan Officer Loans Seller concession 89

Real Trends

OCTOBER 16, 2023

Zillow research also found that a majority of homeowners with mortgages have locked in a rate below 5%, and are almost half as likely to consider moving. 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%.

Agents 99

Agents Seller concession Closing costs Mortgages 99

RIS Media

FEBRUARY 28, 2022

According to the report, consumers gained an advantage when working with a Power Buyer versus using a traditional mortgage with a loan contingency. Buyers using a mortgage needed to make offers on seven houses before winning an offer. Using a Cash Offers program, homebuyers averaged just 1.1

Seller concession 95

Seller concession Loan contingency Mortgages Loans 95

Windemere Selling

JANUARY 19, 2022

Closing Costs for Buyers Typical mortgage-related closing costs for buyers include an application fee, an underwriting fee, and prepaid interest (the accrued interest cost between your settlement date and first monthly payment). Two main property-related closing costs for buyers are the appraisal and the home inspection.

Closing costs 52

Closing costs Closing Purchase and sale agreement Seller concession 52

RIS Media

FEBRUARY 17, 2022

According to zavvie, consumers gained a huge advantage when working with a Power Buyer versus using a traditional mortgage with a loan contingency. Buyers using a mortgage needed to make offers on seven houses before winning an offer. Using a “cash offers” program, homebuyers averaged just 1.1

Seller concession 98

Seller concession Loan contingency Mortgages Loans 98

HomeLight

APRIL 29, 2021

Loan payoff amount. You must pay off your mortgage before you can transfer the title to a new owner. Loan payoff includes the remaining principal and interest owed up until closing. Once you’ve paid the mortgage in full, the lender sends you a reconveyance deed as proof. Seller concessions. Property taxes.

Closing costs 61

Closing costs Closing Seller concession Homeowner’s association 61

Realty Biz

MARCH 27, 2022

If you want to give yourself a better chance of having your offer accepted, making it as clean and straightforward as possible will appeal to the seller. Any proposal full of contingencies or seller concessions isn’t going to look as good. Many people can’t pay cash. Using an Escalation Clause.

Purchase and sale agreement 116

Purchase and sale agreement Earnest money deposit Seller concession Finance 116

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. Lenders will almost always require an appraisal to be done by an independent third party if you’re getting a mortgage loan. Option 5: Pay more for the house.

Pre-approval 94

Pre-approval Seller concession Finance Banks 94

Realty Biz

APRIL 20, 2022

Mortgage Financing Clause. Most home buyers do not have the finances available to buy without a mortgage. Before you apply for a mortgage, you’ll need to do some research with lenders to find out what interest rate will be available to you. So financing is one of the common contingencies in an offer.

Purchase and sale agreement 105

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

HomeLight

MARCH 31, 2021

Seller’s closing costs in Georgia. Although many closing costs are negotiable, sellers in Georgia are traditionally on the hook for the following: 1. Loan payoff amount. You must pay off your mortgage before you transfer the title to your house. We often encourage [sellers] to keep an eye on that. Property taxes.

Closing costs 96

Closing costs Closing Purchase and sale agreement Title search 96

Inman

JANUARY 24, 2023

Zillow and UWM executives are optimistic mortgage rates will come back down but advised real estate agents at Inman Connect New York on Tuesday to get familiar with affordability tools like interest-rate buydowns.

Mortgages 164

Mortgages Agents Seller concession Loans 164

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. By far, one of the biggest nightmares is that the mortgage falls through on the closing day.

Closing 62

Closing Title search Purchase and sale agreement Title 62