Americans think it’s easier than ever to get a mortgage, according to a new survey from Fannie Mae.
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Tag Archives: mortgage
Mortgage forecasts lowered for 2014
Rising interest rates and a still slow housing recovery have some of the nation’s largest banks reporting huge drops in residential mortgage originations. Both Wells Fargo and JP Morgan Chase saw originations plummet in the fourth quarter of 2013, down 60 percent and 54 percent respectively from a year ago.
Read more: http://www.cnbc.com/id/101334809
New mortgage rules aim to prevent risky loans
New mortgage-lending rules take hold Friday that federal regulators say will guard against the risky lending practices that fed the housing bubble, which led to the greatest collapse in U.S. home prices since the Great Depression. For most home loan borrowers, the change will have little or no impact on whether they can actually get a mortgage, experts say, but they may have to show even more proof that they can afford one. Here’s a look at the rules, what they do and why they matter.
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Easier to get a mortgage? For some …
Make no mistake: Mortgage credit is still very tight by historical standards, and only borrowers with the most pristine credit and healthy down payments can get the lowest rates. But there are signs that the noose is loosening, if only slightly, in response to lower mortgage volume.
Read more: http://www.cnbc.com/id/101191559
Late-payment rate on mortgages down in 3Q
Fewer U.S. homeowners are falling behind on their mortgage payments, aided by rising home values, low interest rates and stable job gains.
Read more: http://www.cnbc.com/id/101189975
Higher Mortgage Rates Aren’t Killing American Credit Growth
The Fed recently released the latest Senior Loan Officer Survey data. The results are important because they allow us to get a glimpse of how the increase in long-term rates impacted lender and borrower behavior. Here are a couple of conclusions:
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Nearly 50% Of All Home Sales Now Cash, As Institutional Investor Activity Hits New High
Nearly half of all home purchases in the month of September were paid for in cold hard cash, as tight lending conditions continue edge out traditional buyers and investors continue to scoop up inventory.
Read more: http://tinyurl.com/ogee9j4
Credit ratings
No matter where you live or even if you do not invest in real estate or common equities, your credit score is essential to your future. The ability to borrow money (such as for a mortgage) and to pay it back is not just for the very wealthy but for everyone. It has been said that having bad credit is better than no credit to a lender because there is at least a track record for them to gauge. A good credit score is essential to low interest loans and increasing the ability to purchase items.
If you have a credit card, that is one way that your history speaks for your abilities to pay money back. The good news is that even if you have a poor credit rating, it can be improved upon with some assistance from a mortgage broker who specializes in investment properties.
Each country around the world has its own credit agencies and ways of calculating credit. Although I do not have them all at my own disposal, here is a partial list which can help you get started.
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Once your credit is on a solid footing, you can start the process of getting qualified for your first or next piece of real estate.
Dirty Mortgage Words
There are lots of dirty words in the mortgage business, some are consumer-centric, some are industry terms, and all of them are dreadful. Words like foreclosure and terms like short sale have become commonplace in our everyday vernacular and as dreadful as they may be, there are others that strike fear in the hearts of mortgage industry people. My approach to mortgage originating, my model if you will, is ever evolving, in large part because I never want to see or hear dirty mortgage words and have to deal with the dreadful consequences they announce.
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As Home Sales Heat Up Again, Buyers Must Resort to Cold Cash
LOS ANGELES — Bidding wars sound almost quaint. These days, the only way for would-be buyers to secure a home, it often seems, is to offer all cash and be ready to do so within hours, not days.
Read more: http://tinyurl.com/ptd423k