Refinance applications decreased by 16.3%, and purchase mortgage applications decreased by 12.2% when adjusted for the holidays. Compared to a year ago, refinance apps were down by 87%, and purchase applications were 42% lower. “Purchase applications have been impacted by slowing home sales in both the new and existing segments of the market,” Kan said. … [Read more…]
Due to this added risk, your lower down payment will mean that your regular mortgage payments will be higher, and it will take more time before you can cancel your PMI. The larger mortgage payment will also make it more difficult to make your mortgage payments, which means you might be charged higher PMI premiums. … [Read more…]
One of the most valuable assets a mortgage broker can have in his career is strong business relationships with real estate agents. But as the mortgage market faces uncertain times, prioritizing networking may slide to the bottom of a broker’s to-do list. However, rather than hunkering down and waiting for the storm to pass, United … [Read more…]
With mortgage rates so low, just about everyone and their mother has at least inquired about refinancing their mortgage lately, whether it’s to obtain a lower interest rate and/or tap into their newfound equity. There are actually many reasons to refinance a mortgage, some you may have never considered, so it’s important to ensure you’re… Read More »10 Reasons Why You Can’t Refinance Your Mortgage
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High mortgage rates are bad. They reduce affordability, lead to fewer home sales, and can cause lots of industry-related job losses. The year 2022 has probably been the worst on record as far as mortgage rates go, with the 30-year fixed climbing from sub-3% levels to over 7%. This single-handedly shocked the housing market, leading… Read More »The Beauty of High Mortgage Rates
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A friend of mine asked me over the weekend how mortgage interest works? His coworker had posed a similar question to him, and he was passing it on to me. At first, I didnât know how to answer the question as it was fairly broad. I said what do you mean by that? He said,… Read More »How Mortgage Interest Works
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It’s time for yet another mortgage match-up, so without further ado, hereâs a biggie: âRenting vs. buying a home.â Or a townhouse for that matter… This is certainly an intimidating question, and one that’s difficult to sum up in one post, but Iâll do my best to cover as many pros and cons for each… Read More »Renting vs. Buying a Home: 55 Pros and Cons
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With mortgage rates at or near all-time record lows, youâve likely pondered a refinance if youâre an existing homeowner. But you probably have a lot of questions too, especially if itâs your first time refinancing a home loan. Letâs clear up some of the confusion by tackling some of the most common refinance questions out… Read More »The Top 15 Refinance Questions You Want Answered
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The million-dollar question: âWhen will mortgage rates go back down?â A lot of people have answers, but none of them are necessarily right. That makes them opinions, or educated guesses at best. Here we can discuss what might drive mortgage rates lower, and when that could happen. The bad news is things might get worse… Read More »When Will Mortgage Rates Go Back Down?
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Mortgage basics: âHow to shop for a mortgage.â Every now and then I focus on mortgage 101 because it seems the obvious stuff isnât always so obvious. While you would think that shopping for just about anything is relatively straightforward, itâs often not. This is especially true of mortgages, which come with added confusion and… Read More »How to Shop for a Mortgage
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