Pending home sales in the US declined in January, with three of the four major regions reporting month-over-month drops, according to the National Association of Realtors. “Pending home sales fell in January because there are simply not enough homes to match the demand on the market,” NAR chief economist Lawrence Yun said. “That said, there … [Read more…]
You may have heard recently that “tappable” home equity has reached an all-time high, thanks to rapidly appreciating home prices and conservative borrowing on behalf of existing homeowners. If you havenât, know that some 42 million homeowners have around $5.4 trillion in equity at their disposal, assuming a maximum 80% loan-to-value ratio (LTV), this according [&hellip
The post HELOC vs. Credit Card: Why the Plastic May Work Out Better first appeared on The Truth About Mortgage.
A reader recently asked, âWhat mortgage rate can I get with my credit score?â So I figured Iâd try to clear up a somewhat complex question. With mortgage rates now at new all-time lows, again (sigh!), borrowers looking to refinance a mortgage or purchase a home seem to be increasingly curious about the possibility of [&hellip
The post What Mortgage Rate Can I Get With My Credit Score? first appeared on The Truth About Mortgage.
There are many reasons to refinance your mortgage, some obvious and some a bit more obscure and/or different. I figured Iâd compile a list of the many reasons I can think of to refinance. Some of the situations are complete opposites of one another and will depend on your unique financial goals and/or risk appetite. [&hellip
The post 18 Reasons to Refinance Your Mortgage first appeared on The Truth About Mortgage.
The fix and flip investor had a banner decade. The sheer volume of distressed assets on the market after the financial crisis meant a savvy investor could turn properties around fast and reap huge ROIs. Heck, some of them became reality-show celebrities. As rates have steadily come down and the housing market has heated up, … [Read more…]
There have been three recessions since the 1990s, including the Great Recession, which took place from 2007 and 2009 and lasted about a year and a half. Earlier, a recession took place in 1990 thanks to growing inflation and debt, followed by the Iraqi invasion of Kuwait, which exacerbated oil prices. Just about everyone knows [&hellip
The post Home Prices vs. Recessions first appeared on The Truth About Mortgage.
One of the things prospective home buyers and existing homeowners seem to care most about is mortgage rates. And for good reason – the interest rate you receive on your home loan dictates what you’ll pay each month, sometimes for as long as the next 30 years. That’s 360 months! The rate you receive can [&hellip
The post Use These Mortgage Charts to Easily Compare Rates first appeared on The Truth About Mortgage.
I was reading through the latest quarterly home price report from the National Association of Realtors yesterday and stumbled upon an interesting nugget. It might seem obvious, but itâs worth pointing out to prospective home buyers who might be lacking in the income department. Simply put, if you are able to come to the table [&hellip
The post You Can Buy More House If You Put More Money Down first appeared on The Truth About Mortgage.
PennyMac announced Thursday it is making three major changes to its board of directors and executive leadership team. The mortgage firm has named its CEO, David Spector, as chairman of the board. Spector joined PennyMac 13 years ago as chief investment officer. Prior to his tenure at PennyMac, he was with Morgan Stanley for over … [Read more…]
While lots of lenders have recently cut back on offerings that arenât backed explicitly by the government, some are rolling out new loan programs to help homeowners get the financing they need. Weâve already seen non-QM lending basically dry up as the COVID-19 pandemic hit, though some lenders in the space are still hanging on [&hellip
The post Despite COVID-19, You Can Still Get a Jumbo Home Loan first appeared on The Truth About Mortgage.