Refinance

Mortgage Lenders Now Providing Payment Relief Due to Coronavirus

CARES Act permits 6-12 month forbearance for mortgage payments on federally-backed home loans HUD has announced a foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days Fannie Mae has suspended foreclosure sales and borrower evictions until at least December 31st, 2020 Freddie Mac has announced the suspension of [&hellip

The post Mortgage Lenders Now Providing Payment Relief Due to Coronavirus first appeared on The Truth About Mortgage.

Is It a Bad Idea to Buy a Home During a Pandemic?

A recent op-ed said buying a home during a pandemic was a terrible idea. The author, Teresa Ghilarducci, noted that both home prices and uncertainty are high. Her basic message – we’re maybe acting irrationally due to the COVID-19 pandemic, and that it could be smart to hunker down until the dust settles. While I [&hellip

The post Is It a Bad Idea to Buy a Home During a Pandemic? first appeared on The Truth About Mortgage.

Fannie Mae and Freddie Mac Mortgage Refinances Just Got More Expensive

Way to rain on our parade, Fannie Mae and Freddie Mac. Just when mortgage rates were hitting record lows, the pair decided to add a new fee to mortgage refinances in light of the ongoing pandemic. Simply put, they expect more losses related to a higher rate of loan defaults, and are adjusting their pricing [&hellip

The post Fannie Mae and Freddie Mac Mortgage Refinances Just Got More Expensive first appeared on The Truth About Mortgage.

Veterans Can Now Get Rates as Low as 2.25% on a 30-Year Fixed Mortgage

It seems mortgage rates keep moving lower and lower, and now some veterans and active duty military might be able to snag a 30-year fixed as low as 2.25%! That’s pretty unheard of. While it sounds too good to be true, it appears to be a reality thanks to United Wholesale Mortgage’s push to dominate [&hellip

The post Veterans Can Now Get Rates as Low as 2.25% on a 30-Year Fixed Mortgage first appeared on The Truth About Mortgage.

When Do Mortgage Payments Start?

A little bit of mortgage Q&A: “When do mortgage payments start?” New homeowners (and those refinancing a mortgage) often wonder when mortgage payments start, as there’s sometimes a considerable gap between loan closing and the due date of the first monthly payment. For example, you may have been told by your real estate agent or [&hellip

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Mortgage Lending Volume Hits Highest Level on Record Despite COVID-19

It makes sense that the mortgage industry would see its best quarter in history during a global pandemic. Okay, it doesn’t make sense, but that’s what happened anyway, per the latest Mortgage Monitor report from Black Knight. Mortgage Lenders Originated $1.1 Trillion in Home Loans During the Second Quarter Mortgage lenders experienced best quarter in [&hellip

The post Mortgage Lending Volume Hits Highest Level on Record Despite COVID-19 first appeared on The Truth About Mortgage.

Primary Residence vs. Second Home vs. Investment

Sometimes I’m surprised I miss the most basic of mortgage definitions, seeing that this blog has been around for more than a decade, but alas, I’ve never written about occupancy specifically. So without further ado, let’s talk about the three main types of occupancy with regard to qualifying for a mortgage because they’re pretty important. [&hellip

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How About a 1% Mortgage Rate?

Well, maybe not exactly 1%, but in the 1% range? More specifically, starting with the number “1,” which on its own sounds too good to be true. It’s now a reality thanks to, you guessed it, United Wholesale Mortgage, who again is bringing some of the lowest rates in the industry via their aggressive Conquest [&hellip

The post How About a 1% Mortgage Rate? first appeared on The Truth About Mortgage.