Redfin

FEBRUARY 18, 2025

Can you roll closing costs into your mortgage? Your lender can explain their specific policies, the rules around this practice, and which costs are eligible to be rolled into the mortgage. Your lender can explain their specific policies, the rules around this practice, and which costs are eligible to be rolled into the mortgage.

Closing costs

Housing Wire

FEBRUARY 19, 2025

Secure a mortgage pre-approval As a rule of thumb, its best to have your clients obtain a mortgage pre-approval prior to setting up any searches and conducting property tours. This is the time for buyers to discover any deficiencies in the property and work with the seller to resolve any issues.

Closing

Redfin

FEBRUARY 20, 2025

On average, sellers typically pay between 6% and 10% of the homes sale price in total closing costs. This percentage includes real estate agent commissions, title insurance, escrow fees, and potential seller concessions. Heres a general estimate of different seller closing costs: Expense Typical Cost Who Pays?

Closing costs

Redfin

JANUARY 10, 2025

Home equity Home equity is a term that measures the value of a home to its owner after all debts and liabilities (like a mortgage ) have been paid. Amortization is a term that describes the gradual paydown of a mortgage through on-time monthly payments. Calculate your home equity. Subtract your estimated selling costs.

Seller concession

Redfin

JULY 24, 2025

” Simply put, a down payment is the initial sum of money you pay upfront when buying a home, with the remaining amount financed through a mortgage. The minimum down payment you’ll need varies significantly based on the type of mortgage loan you choose. And what is the minimum down payment for a first-time home buyer?”

FHA loan

The Mortgage Report

JULY 1, 2025

Buy a Home Home-Buying Loan Types Low Down Payment Mortgages Conventional Loans VA Loans FHA Loans FHA 203k Rehab Loan USDA Loans Investment Property Mortgages Compare Home Buying Loans Home Buying Help Do I Need 20% Down? of mortgaged home sales in April, up from 14.2% How Much Home Can I Afford? VA home loans rose to 7.2%

Loans

Redfin

JUNE 9, 2025

How the home appraisal process works Mortgage lenders only finance up to the appraised value of a home, so once you make an offer, they’ll order an appraisal to confirm the property’s fair market value. Buyers or mortgage lenders can submit a reconsideration of value (RVO) if they believe the appraisal is inaccurate.

Purchase and sale agreement

Redfin

MARCH 4, 2025

You can calculate your home equity using the following formula: current home value – current mortgage balance What is home equity? Essentially, this is the amount of home that youve paid off toward your mortgage. This should be on your most recent mortgage statement. How is home equity calculated? 300,000 / $500,000 = 0.6

Equity

Redfin

JUNE 5, 2025

Back then, remote work and ultra-low mortgage rates warped the housing market from balanced into a supercharged seller’s market. By 2021, buyers outnumbered sellers by 900,000, fueling bidding wars and pushing prices higher. After two years of rising mortgage rates, home sellers began to outnumber buyers in late 2023.

Marketing

Redfin

AUGUST 4, 2025

Offer seller concessions when strategic Another powerful tactic is to consider offering seller concessions. These might include covering some of their closing costs, agreeing to a faster closing timeline, or allowing the seller to rent back the property briefly. Do you already have mortgage pre-approval?

Earnest money deposit

Rochester Real Estate

NOVEMBER 5, 2015

What are seller concessions? Depending on what type of financing the potential purchaser is obtaining, the option to receive seller concessions may or may not exist. Seller concessions allow a home owner to contribute a percentage or dollar amount towards a buyer’s closing costs and/or pre-paid items.

Purchase and sale agreement

Redfin

JUNE 10, 2025

Mortgage lenders typically base their financing on the appraised value or the purchase price , whichever is lower, directly impacting the loan amount. Offer seller concessions or financing: Instead of reducing the core price, you might offer seller credits toward the buyer’s closing costs.

Purchase and sale agreement

Housing Wire

AUGUST 17, 2022

United Wholesale Mortgage (UWM) this week launched temporary rate buydowns, a product that allows borrowers to receive lower mortgage rates at the beginning of their loan terms by using seller concessions as part of the payment. Staying nimble in a fast-paced market with the right mortgage technology.

Seller concession

Housing Wire

JANUARY 11, 2023

Loan officers saw an increase in mortgage demand during the first week of 2023 as mortgage rates ticked down. And to close deals, sellers are increasingly coming to the table with concessions and rate buydowns. . According to the Mortgage Bankers Association (MBA), mortgage applications rose 1.2%

Seller concession

Housing Wire

JANUARY 10, 2023

of home sellers gave concessions to homebuyers in Q4 of 2022, through money for repairs and mortgage-rate buydowns. In Q3 of 2022 and Q4 of 2021, sellers gave concessions in 30% of home sales. When the 30-year mortgage rate was around 3%, there was a higher demand for homes and such deals were not as popular.

Seller concession

Housing Wire

MARCH 15, 2024

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. Assisting homebuyers and their agents adds more to an LO’s plate.

Industrial

Housing Wire

NOVEMBER 16, 2022

United Wholesale Mortgage (UWM) this week expanded its temporary rate buydown offerings amid higher interest rates and fierce competition. UWM is also launching a lender-paid version as an alternative to the sellers-paid product, the company announced on Wednesday. After that, the full rate is paid for the remainder of the term.

Seller concession

Housing Wire

JUNE 10, 2021

From staging fees, home improvements, repairs and seller concessions, there are several hidden costs involved in the selling process. 5 reasons to refinance your mortgage right now. To attract potential buyers, sellers have to make sure their home is aesthetically pleasing. Seller Concessions. Bottom Line.

Seller concession

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. Generally speaking, a buydown is a real estate financing technique that makes it easier for a borrower to qualify for a mortgage with a lower interest rate.

Seller concession

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

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

Housing Wire

JANUARY 17, 2024

They own the home with their name on the title, as with any mortgage, traditional or reverse. They own the home with their name on the title, as with any mortgage, traditional or reverse. But the fact is, most people simply don’t know that a new home can be purchased with a reverse mortgage.

Finance

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% and Longbridge Financial recorded increases for the month.

Mortgages

Housing Wire

APRIL 8, 2024

After a few months of downward data in its performance metrics, the reverse mortgage industry saw a slightly different story play out in March that should come as welcome news. Home Equity Conversion Mortgage (HECM) endorsements increased 8.3% The gains were led by Guild Mortgage (rising 96.6% to 84 loans), respectively.

Mortgages

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. Mortgage executives project that number to remain steady or even tick up in the third quarter.

Mortgages

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. New York passed a law in 2021 that allows for proprietary reverse mortgages to be conducted on co-ops, but HECM loans do not qualify.

Mortgages

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. 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

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% Of the total, 36.1%

Mortgages

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. United Wholesale Mortgage (UWM) launched the product in August. A year ago at this time, rates averaged 3.14%. Searching for new options.

Mortgages

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. The Community Home Lenders Association (CHLA) expressed support for the GSEs’ announcement.

Agents

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

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. According to UWM, standalone HELOCs are an alternative when a “cash-out refinance doesn’t make sense due to having a low-interest rate on their current mortgage,” the company said in a news release.

Seller concession

Housing Wire

FEBRUARY 9, 2021

When you go to buy a home , your mortgage lender will almost always order a home appraisal. 5 reasons to refinance your mortgage right now. Ask for seller concessions to make up for the increased price. Change your closing date to a more convenient one for the seller. The purpose?

Earnest money deposit

Housing Wire

JANUARY 25, 2023

This, in turn, will lead to risks of higher delinquencies for mortgages originated last year or late 2021, according to the company. According to Redfin, San Diego and Phoenix are among the most popular markets for seller concessions. Mortgage rates will also stay higher for longer than investors expected.

Seller concession

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. Caliber was acquired by NewRez in a deal closed in August 2021.)

Seller concession

Realtor.com

NOVEMBER 15, 2022

One type of incentive that buyers—and sellers—can use is called seller concessions. Seller concessions occur when a seller agrees to cover the cost of things the buyer usually pays for, such as closing costs , title searches, property appraisals, and other fees. How do seller concessions work?

Seller concession

Broke Agent Media

MARCH 16, 2023

BAM Key Details: A new Redfin report shows over 45% of sellers giving concessions to incentivize buyers, with a record 13% of sales involving both price cuts and concessions. Pandemic boomtowns, led by Seattle, have seen the biggest increases in seller concessions, which are most common in Las Vegas at 51.6%

Seller concession