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Many people are sitting on the fence trying to decide if now’s the time to buy a home. Some are renters who have a strong desire to become homeowners but are unsure if buying right now makes sense. Others may be homeowners who are realizing that their current home no longer fits their changing needs.
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Following an incredible year for refinances that more often seemed to benefit wealthier borrowers, the Federal House Finance Agency announced it is implementing a new refi product that targets low-income borrowers with single-family mortgages backed by Fannie Mae and Freddie Mac.
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About 45% of vacation home buyers are in their 50s and 60s, and buy for personal use, said Shaun Greer, vice president, sales and marketing for Vacasa, a vacation management company. When planning ahead for retirement, how can purchasing a vacation home help with the transition?
Mortgage Rate in Green with a question mark on top and arrows pointing up and down.
The 30-year fixed-rate mortgage (FRM) averaged 3.04%, another decrease this past week, according to Freddie Mac. Per the experts, the key markers that are disrupting the climb of mortgage rates are:
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In the Post-2020 Retirement Survey the American Advisors Group (AAG) found that the pandemic had a profound negative impact on their retirement plans and finances.
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In a change of trend, mortgage rates dropped this week for the first time after seven weeks of rising, as Freddie Mac’s latest Primary Mortgage Market Survey (PMMS) reports rates dropping to an average 3.13% for the week ending April 8, 2021, down from last week’s total of 3.18%.
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Since the FICO score was created in 1989, the credit score has focused on consumer borrowing history with data provided by Equifax, Experian, and TransUnion—the three major credit bureaus. For the first time, UltraFICO—FICO’s new credit score system—can use bank information in addition to traditional credit information.
PPP Paycheck Protection Program - Inscription on Green Keyboard Key.
Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan and it will end on May 31, 2021.
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If in your circles, conventional loans are commonly used to finance second/vacation homes and investment properties, take note: starting April 1, it may get a lot harder. Fannie Mae is delivering a one-two punch:
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The housing market was turned upside down over the past year, as the pandemic gripped the nation and brought with it, a world of question marks.
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Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, and only you can judge what impact those factors should have on your desire to move.
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For borrowers interested in refinancing a mortgage or purchasing a new home, now may be the time.
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Amid the economic turmoil caused by the coronavirus pandemic, millions of Americans opted to pause their monthly mortgage payments.
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If your mortgage has been in forbearance, you may have just been granted a bit of a reprieve.
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When the pandemic began 11 months ago, conditions in the mortgage world started to change rapidly. Lending partners that once held volumes of options in the jumbo loan category became scarce.
