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Apache is functioning normally

July 9, 2023 by Brett Tams

The Employment Situation (a.k.a. the monthly jobs report) for February has arrived and is impacting the direction of mortgage rates this morning.

If the present trend holds through the day, we’ll see rates finish out the week higher than where they started. Rates are expected to continue rising in 2018, so the smart decision for most borrowers is to lock in a rate sooner rather than later. Read on for more details.

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Market Recap 3.9.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?

Monthly jobs report pushes rates higher

The monthly jobs report for February is out and it’s showing that 313,000 jobs were added to the U.S. economy during that month. That’s wildly higher than the 205,000 that analysts had expected. Even the high end range was only 230,000.

The report does have one glaring weak point in that average hourly earning came in one tenth of a point below expectations at 0.1%. Investors have been closely watching this metric and after the previous month’s strength, today’s reading is a bit of a disappointment.

However, despite the wage growth weakness, a headline reading as strong as this one is incredibly rare, and it certainly has financial markets abuzz this morning.

All of the major market indexes are trading higher today by a little less than 1.00%. With investors moving more into stocks, there’s less money going into bonds, pushing Treasury yields higher.

The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going), is up about four basis points to 2.90%. That’s just about its highest position of the week.

Mortgage rates typically move in the same direction as the 10-year yield, so rates are moving slightly higher right now as we approach the weekend.

The big news yesterday was the Freddie Mac Primary Mortgage Market Survey which showed rates moving higher for the ninth consecutive week. That’s every single week in 2018. Here are the numbers:

The average rate on a 30-year fixed rate mortgage ticked up three basis points to 4.46% (0.5 points)
The average rate on a 15-year fixed rate mortgage moved up four basis points to 3.94% (0.5 points)
The average rate on a 5-year adjustable-rate mortgage rose one basis point to 3.63% (0.4 points)

Here is what Freddie Mac’s Economic & Housing Research Group had to say about rates this week:

“The 10-year Treasury yield has been bouncing around in a narrow 15 basis point range for the last month. While the yield on the 10-year Treasury is currently below the high of 2.95 percent reached two weeks ago, mortgage rates are up for the ninth consecutive week. The U.S. weekly average 30-year fixed mortgage rate rose 3 basis points to 4.46 percent in this week’s survey, its highest level since January 2014.”

It’s always worth noting that data for the survey is collected early on in the week and therefore does not reflect where mortgage rates currently stand. Obviously, this survey does not take into account today’s monthly jobs report and the subsequent push higher for rates.

Rate/Float Recommendation

Lock now to try and get the best rate

Another week has come and gone and mortgage rates continue to move higher. If you’re considering refinancing your current mortgage or buying a new home, we strongly suggest that you lock in a rate now in order to try and get the best deal possible.

Learn what you can do to get the best interest rate possible.

Many analysts are calling for the 30-year fixed rate to move above 5% at some point this year, so the longer you wait the longer you run the risk of paying more. It only takes a quick phone call or a few minutes online to get started.

Today’s economic data:

Employment Situation for February

See above for details

Fedspeak

Chicago Fed President Charles Evans will speak a few times today.

Notable events this week:

Monday:

PMI Services Index
ISM Non-Mfg Index
Fedspeak

Tuesday:

Fedspeak
Factory Orders

Wednesday:

Fedspeak
ADP Employment Report
International Trade
Productivity and Costs
EIA Petroleum Status Report
Beige Book

Thursday:

Jobless Claims

Friday:

Employment Situation for February
Fedspeak

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com

Apache is functioning normally

July 9, 2023 by Brett Tams

It looks like 2015 is shaping up to be a pretty stellar year for home purchase lending, according to the latest Mortgage Monitor Report from Black Knight Financial Services.

The company revealed today that home purchase mortgage originations this past June were the highest they’ve been since 2007, a year when the real estate market was pretty much on fire.

Of course, it all came crashing to a halt the following year, but hopefully this time it’s different.

It should be, given the fact that most of these loans are going to borrowers with good credit. And you’re no longer able to qualify for a mortgage simply because you have a credit score.

Yes, underwriters actually consider your employment, income, and assets these days, even if down payment requirements are creeping back toward zero again.

Average Credit Score for Purchase Mortgages Hits All-Time High

The report noted that the increase in home purchase lending is being driven almost entirely by borrowers with high credit scores.

In fact, purchase mortgages for borrowers with sub-700 credit scores are flat to slightly down from levels seen a year earlier.

And only twenty percent of purchase loans doled out over the past three months have gone to borrowers with credit scores below 700.

This explains why the weighted average credit score for purchase loans hit an all-time high of 755.

That’s good news for the real estate market as a whole because it probably means these homeowners will make on-time mortgage payments and avoid foreclosure.

But it also means a lot of borrowers with marginal credit might be getting squeezed out by credit winners when it comes time to make an offer on a home.

And eventually when home prices are out of reach, these lower-credit score borrowers might finally get a chance to buy at a premium. That could create another crisis, though such an event is probably still years away.

In the meantime, let’s focus on the fact that second quarter purchase mortgage volume was up 15% from the same period a year earlier.

Additionally, early third quarter numbers show an 11% increase from Q3 2014.

So apparently lots of people are buying homes and taking out mortgages to finance said homes, which is good news for mortgage lenders.

More Refis Going to Borrowers with Lower Credit Scores

It’s good because refinance activity is beginning to wane as borrowers get what Black Knight refers to as “prepay burnout.”

Yes, mortgage rates have been low for a long time now and many homeowners have already taken advantage. And those who haven’t may not be able to due to things like negative equity or other various reasons.

So lenders must turn to the purchase market to ride out the lull unless a new spark comes along (lower FHA premiums anyone?).

Per Black Knight, refinance activity has been “steadily declining since March” of this year and I doubt it’s going to improve as we head into the holiday season.

Interestingly, average credit scores for refinance originations have been on the decline, which could be a sign that the once bountiful well is beginning to dry up.

In other words, all the borrowers with good FICO scores already refinanced, and now lenders are perhaps getting a bit more desperate.

There’s also a chance that credit is beginning to loosen, or at least, lenders are starting to consider candidates with lower credit scores out of necessity, which may be a silver lining for some.

Source: thetruthaboutmortgage.com

Apache is functioning normally

July 9, 2023 by Brett Tams

A brokerage account is a type of investment account typically opened with a brokerage firm. Brokerage accounts allow owners to invest their money, and buy, sell, or trade stocks, bonds, and other types of financial securities. There are different types of brokerage accounts, and they’re offered by a range of financial firms.

For prospective investors, knowing what a brokerage account is and how they work is important. For seasoned investors, learning even more about them can help deepen their knowledge, too.

How Does a Brokerage Account Work?

As noted, brokerage accounts allow owners to invest in stocks and other financial securities. They’re offered by different types of financial firms, too. In fact, there are many brokerage firms that investors can choose from. While all offer brokerage accounts, they usually come with different fees and services:

• A full-service brokerage firm usually provides a variety of financial services, including allowing you to trade securities. Full-service firms will sometimes provide financial advice and automated investing to customers.

• A discount brokerage firm doesn’t usually provide any additional financial consulting or planning services. Thanks to their pared down services, a discount brokerage firm often offers lower fees than a full-service firm.

• Online brokerage firms provide brokerage accounts via the internet, although some also have brick and mortar locations. Online brokers often offer the lowest fees and give investors freedom to trade online with ease. They also tend to make information and research available to consumers.

Opening a brokerage account generally starts out as a similar experience to opening any other type of cash account. Consumers can simply start an account either online or in person.

Some brokerage firms require investors to use cash to open their accounts and to have enough funding in their account to cover the cost of stocks or bonds, as well as any commission fees. There are some however, that don’t require any initial deposit.

In order to make their first investment however, consumers usually need to deposit money. They can do this by moving money from another account, such as from their checking or savings accounts. From then on, the brokerage firm can help individuals execute buy or sell orders on stocks, exchange-traded funds (ETFs), bonds, or mutual funds.

Unlike a retirement account, there are generally no restrictions on how much money a consumer can put in. There are also typically no restrictions on when individuals can withdraw their cash from brokerage accounts. Investors do need to claim any profits — or “capital gains” — as taxable income.

Here’s a closer look at how brokerage firms differ from other types of money accounts.

Brokerage Accounts vs Retirement Accounts

The primary difference between a retirement account and a brokerage account is if there’s any tax advantage at play.

For stocks, bonds, exchange traded funds, mutual funds, options etc, brokerage account holders are liable to pay capital gains taxes on most of their profits from trading these securities. That’s why brokerage accounts are also known in the industry as “taxable accounts.”

Retirement accounts are set up with money that has some kind of tax advantage and can be used to buy securities. For example, 401(k)s are set up by an employer and funded with money that comes from an employee’s paycheck before taxes and can be matched by an employer.

These accounts, which also include traditional and Roth IRAs, have specific rules about the amount that can be contributed and when money can be withdrawn. Meanwhile, with brokerage accounts, there are few limits on funding or withdrawals.

Brokerage Accounts vs Checking Accounts

Brokerage accounts and checking accounts have one important thing in common: they can both have cash in them. Sometimes brokerage accounts will “sweep” your cash into a money market fund managed by that same brokerage, allowing you to earn interest. Meanwhile, in a traditional bank checking account, you don’t earn any interest but you do have easy access to your cash.

An important distinction between brokerage and checking accounts is the level of protection you get from them. A checking account offered by a bank will typically have insurance provided by the Federal Deposit Insurance Corporation (FDIC), which protects the first $250,000 deposited at a bank that has a charter from the FDIC. This means that $250,000 deposited can be withdrawn even if the bank itself goes out of business.

Brokerage accounts, on the other hand, typically have insurance provided by the Securities Investors Protection Corporation (SPIC), which unlike the FDIC, is not a government agency. What SIPC insurance does is protect the custody of stocks, bonds, and other securities as well as cash in a brokerage account, not their value.

This means that if a brokerage fails, the SIPC insurance will protect cash deposited in a brokerage account up to $250,000 and securities and cash combined up to $500,000.

This simply means you get your cash deposited in the account and the securities back, not that you have insurance from the value of those securities going down.

Brokerage Accounts vs Checking and Savings Accounts

Cash management accounts are something of a hybrid between checking and brokerage accounts.

They are not offered by banks but can, on a case by case basis, partner with banks and other financial service providers to give clients access to ATMs and even FDIC insurance.

Pros and Cons of Opening a Brokerage Account

Brokerage accounts can be powerful financial tools, but they can have their advantages and drawbacks, too.

Pros of Brokerage Accounts

The most obvious advantage of a brokerage account is that it allows its owner to trade financial securities and invest their money. They tend to have a high degree of liquidity, too, meaning that it’s relatively easy to buy and sell securities. There are also no general requirements for contributions or withdrawals.

Cons of Brokerage Accounts

Cons of brokerage accounts include the fact that they can’t be used for traditional transactions, like, say, a checking account. While your account may have a cash balance, you can’t use it to purchase a soda from the corner store.

Further, getting your money in and out of a brokerage account may take some time. There are often fraud checks and other elements at play when transacting a cash balance in or out of an account, and it may take a couple of days. There are also no tax advantages — something that may be present for certain retirement accounts.

Pros and Cons of Brokerage Accounts
Pros	Cons
Ability to trade securities	Can’t be used for transactions
High liquidity	Slow transaction times
No limits on contributions and withdrawals	No tax advantages

A couple of other things that may be worth considering, especially if you’re interested in investing for beginners.

Before you consider opening a brokerage account, make sure you have sufficient money set aside for an emergency fund. Common financial advice recommends setting aside three to 12 times your streamlined monthly expenses. It’s also good practice to contribute to your 401(k) or IRA before opening a brokerage account.

If you have an emergency fund stashed away and are making regular contributions to a retirement account, think about what types of assets you plan on investing in. A brokerage account would only be required if you plan to buy stocks, bonds, or other securities. If you only plan on investing in mutual funds, you might not need a brokerage account.

4 Types of Brokerage Accounts

There are also a few distinct types of brokerage accounts, though they all work in a similar fashion — trading securities, after all, is what brokers do. They are cash brokerage accounts, margin accounts, joint brokerage accounts, and discretionary accounts.

1. Cash Brokerage Accounts

A cash brokerage account is the “vanilla” option. If you open a cash brokerage account, you deposit money and start trading securities.

2. Margin Brokerage Accounts

A margin brokerage account may require approval from a brokerage. These types of accounts let owners use “margin” when trading. That means that they can effectively borrow money to trade with from the brokerage. These obviously come with a higher degree of risk, too.

3. Joint Brokerage Accounts

Joint brokerage accounts are more or less cash brokerage accounts that are opened by more than one person. It’s like a joint bank account, in many respects.

4. Discretionary Accounts

Another type of account that some brokerage firms offer is a discretionary account. This type of brokerage account, sometimes referred to as a managed account, allows an authorized broker to make trades on behalf of the client. The client usually must sign a discretionary disclosure with the broker. Many brokerage firms require account minimums for this type of account.

How To Open a Brokerage Account

Most firms allow you to set up a new account online. You’ll need to provide basic personal information, and most firms will ask about your net worth, your employment status, what assets you currently own, and what you have defined as your investment goals.

Requirements for Opening a Brokerage Account

There may be some requirements for opening a brokerage account.

Initial Investments

Depending on the type of brokerage account you are opening, most firms let you open an account with about $1,000 but some require an initial investment of $2,500 or more.

Account Minimums

You will need to have enough money in your account to pay for one or more shares of the stock you want to buy plus the commission fee (if applicable). Each account and brokerage firm is different, so check with your preferred company to determine what the account minimums are.

Agreeing to Terms and Conditions

You’ll need to play by the rules, and a brokerage firm will likely have you agree to certain terms and conditions for using your account. That may include agreeing to certain fee schedules, too.

Funding a Brokerage Account

There are at least five ways to transfer money from your bank account into your brokerage account:

• Electronic funds or wire transfers involve moving money electronically from one’s bank account into another account. Individuals typically have to go to their bank and fill out the required information and direct where the money should be transferred.

• Deposit a check: Customers can withdraw money via a paper check from their checking, savings, or another existing brokerage account. They can then mail the check to the brokerage account they’d like to deposit the funds at.

• Transfer an existing investment from another broker. Customers can typically transfer funds between brokerage accounts through an automated process known as the Automated Customer Account Transfer Service (ACATS). Customers usually fill out a form. Transfers involve assets such as cash, stocks, bonds, or listed options.

• Deposit an existing paper stock certificate: Paper stock certificates are much rarer today in the age of electronic trading, but if a customer does have one, they can mail it to their broker to be deposited. Inheriting a certificate may require additional verification and paperwork, and in general, mailing with insurance is recommended.

Brokerage Account Taxes

Another important thing to remember is that there are taxes associated with brokerage accounts. Specifically, any interest or dividends earned from your brokerage account will be taxable.

If you sell an investment and earn a profit, you will have to pay a capital gains tax. However, if you sell a stock at a loss, that becomes a capital loss and you could get a tax break from that sale which could lower your taxable income.

Investing with SoFi

Brokerage accounts allow owners to buy and sell investments and financial securities. They are offered by a number of financial institutions, and come in a few different types. By and large, though, they’re a very popular choice for investors looking to get their money in the markets.

They do have their pros and cons and associated risks, however. It may be beneficial to speak with a financial professional to learn more about how you can use a brokerage account to your advantage in pursuit of your financial goals.

Ready to invest in your goals? It’s easy to get started when you open an Active Invest account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

For a limited time, opening and funding an account gives you the opportunity to win up to $1,000 in the stock of your choice.

FAQ

How do I open a brokerage account?

Most brokerage firms allow prospective customers to open an account online or in person. Opening a brokerage account generally requires some personal information related to identity and financials, and some money to make an initial deposit.

Is there a minimum deposit to open a brokerage account?

Different brokerage firms will have different rules regarding minimum deposits, but there are many that don’t require a minimum deposit. Again, it’ll depend on the specific firm.

Do brokerage accounts have fees?

Yes, most brokerage accounts have some sort of associated fees. There may be commission fees involved, though they’re less common today than they once were, but there can be other types of fees to be aware of, too.

SoFi Invest®
The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results.
Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).

2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.

3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Claw Promotion: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

SOIN0623029

Source: sofi.com

Apache is functioning normally

July 9, 2023 by Brett Tams

The investment bank Keefe, Bruyette & Woods (KBW), a subsidiary of Stifel Financial Corp., has bolstered its fintech and financial services group with the hire of three veterans from investment bank Berkery, Noyes & Co.

John Guzzo and Jason White will be managing directors at KBW, with a focus on mortgage technology companies and related sectors. Alexander Nanas has also joined as a senior associate.

Guzzo spent 16 years at Berkery, Noyes & Co., where he led dozens of transactions, for example, the sale of ComplianceEase to SitusAMC, a portfolio company of Stone Point Capital. (Disclosure: Guzzo also represented the former owners of HousingWire in its sale to Clayton Collins-led Riomar Capital in 2016.)

White joined Berkery, Noyes & Co. in 2016. He led sell-side and buy-side mandates, including the sales of United States Appraisals to Stewart Title Insurance Company and Pharos to IMC.

“They understand how the emergence of innovative technology is challenging the industry status quo in the real estate and mortgage sectors,” said Keith Meyers, head of the fintech and financial services investment banking at KBW, in a statement. The company has 50 professionals in North America and Europe dedicated exclusively to fintech and financial services.

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The executives will cover deals in the mortgage market. Originations are estimated to again reach about $4 trillion in 2021. “The pandemic has accelerated the adoption of digital mortgage. And we believe we’re really at the beginning of this revolution,” said Guzzo.

According to Guzzo, the industry is in a rare combination of massive consolidation and substantial technological innovation, ripe for mergers, acquisitions, and capital raises opportunities.

“Billions of dollars are being spent to either create and or acquire disruptive technology platforms, with the goal of automating,” added White. “Some businesses are very labor-intensive and often time-consuming through manual processes.”

Both Guzzo and White said that deals – including mergers, acquisitions, IPOs, etc. – have been highly active in the last couple of years, and they don’t see any sign of slowing down in 2022.

“The next five years will have continued activity, just because of how fragmented this market is and how much innovation is pouring into it,” said Guzzo. White added that “we will continue to see interest from large, publicly traded companies, as well as blank-check companies, called SPACs.”

Guzzo and White said an interview Wednesday that recent deals focused more on regulatory and compliance software companies within the mortgage and real estate sector. They have also been busy with deals in the appraisal and title spaces, they said.

Source: housingwire.com

Apache is functioning normally

July 9, 2023 by Brett Tams

If you’re thinking about buying a home or refinancing an existing mortgage, you may have come across Eagle Home Mortgage on your journey.

They’re more likely to come up if purchasing a home since they are a direct mortgage lender owned by Lennar, which is now the nation’s largest homebuilder thanks to its acquisition of CalAtlantic in April 2018.

In short, Eagle Home Mortgage acts as the home builder’s financing department, though if you buy a home from Lennar you don’t have to use them.

It’s just that borrowers often use the builder’s finance department as opposed to an outside mortgage lender seeing that it’s the easiest and most obvious choice, and usually the path of least resistance.

There may also be some synergies to using affiliated companies, whether it’s a special incentive or just a faster loan process, knowing a home purchase with their builder is on the line.

In 2019, they provided home loan financing to more than 34,000 families looking to purchase a home. Let’s discover more about Eagle Home Mortgage.

Eagle Home Mortgage Fast Facts

Retail consumer-direct mortgage lender founded in 1981
Subsidiary of Lennar Corp., nation’s largest homebuilder
Company headquarters located in Miami, Florida
Closed more than 34,000 home purchase loans in 2019
More than 1,500 employees nationwide
A top-30 mortgage lender overall that specializes in new home purchase financing
Does most of their business in Florida and Texas

Where Is Eagle Home Mortgage Licensed?

First things first, you should make sure the company is actually licensed to do business in the state where you reside, or are purchasing a home.

Unfortunately, they are only licensed in less than two dozen states and not nationwide. This clearly has to do with Lennar and its communities, which are located in just 21 states.

As suspected, Eagle Home Mortgage is licensed in 21 states, including: AZ, CA, CO, DE, FL, GA, IL, IN, MD, MN, NJ, NV, NC, OR, PA, SC, TN, TX, UT, VA, WA.

Now if Lennar decides to build new homes in additional states, there’s a good chance Eagle Home Mortgage will move into those states as well.

So if and when you’re interested in buying a Lennar home, expect Eagle Home to be a potential mortgage provider.

Eagle Home Digital Mortgage and Eagle Express Close

You can apply online or by phone with their digital mortgage app powered by Blend
Or visit a local branch office if you prefer a face-to-face meeting
Use their loan officer directory if you’ve been referred to someone specific
And take advantage of their Eagle Express Close with e-signing capabilities to fund your loan quickly

The company has the tagline, “Paperless. Effortless. Awesomeness.” It’s in reference to their digital mortgage experience, which I assume is both fast and easy on the environment.

They say you can get pre-qualified in as little as 10 minutes via their digital mortgage process that is powered by fintech company Blend.

You simply fill out a loan application on their website as opposed to having a loan officer walk you through it. Of course, you can do that too if you need a helping hand.

Their digital process also allows you to link bank accounts and other financial information so it can be securely added to your application for more accurate figures and faster processing.

Those who are more old school have the option of using the company’s branch directory to find a local office for a phone call or face-to-face meeting.

And if you’re already working with someone or have been referred, you can use the loan officer directory on their website to find that individual.

When it comes to closing your home loan, Eagle Home also offers a digital process known as “Eagle Express Close” that includes online closings and remote signatures for documents.

You can review and e-sign many of your closing documents before attending your closing appointment, and download them instead of printing them all out.

The process can be faster while also giving you time to review everything with your loan officer, instead of feeling overwhelmed at the closing table.

Eagle Home Mortgage Loan Options

Mainly focused on home purchase financing but also offer refinance loans
Loan types include conventional and government (FHA, VA, USDA)
Offer fixed-rate mortgages and adjustable-rate mortgages in varying terms
Jumbo loans and reverse mortgages are also available
Their loan officers are well-educated on available down payment assistance (DPA) programs

Eagle Home Mortgage has tons of available loan options, including both conventional loans and government loans.

You can get a mortgage backed by Fannie Mae or Freddie Mac, or an FHA loan, USDA loan, or VA loan.

With regard to home purchase financing, their loan officers are well-versed in the many down payment assistance (DPA) programs that may be available via your local or state government.

Eagle Home Mortgage says it has many DPA options available to help customers become homeowners, seeing that down payment is often the biggest hurdle toward homeownership.

These may be in the form of a second mortgage (or even a third mortgage), or a grant that might not need to be repaid and can typically be used toward both the down payment and closing costs.

Those purchasing or refinancing a more expensive property can also get approved for a jumbo loan via Eagle Home Mortgage.

In the refinance department, they offer both rate and term refinances and cash out refinances, the latter of which can be used to tap into home equity if you need money for other purposes.

They also offer the “Student Loan Debt Mortgage Program,” where they will contribute up to 3% of the purchase price to pay off a borrower’s student loans when they buy a new home from Lennar.

Lastly, they offer reverse mortgages to borrowers aged 62 or older who wish to tap equity without taking on monthly mortgage payments.

The only loan options they seem to be lacking are renovation loans and home equity loan/line programs.

With regard to loan type, you can get a fixed-rate mortgage or an adjustable-rate mortgage with various loan terms, and they offer financing on primary residences, second homes, and investment properties.

They mostly seem to originate 30-year fixed mortgages, with some 15-year fixed mortgages and a smaller proportion of ARMs.

Eagle Home Mortgage Rates

In terms of how competitive they are, they don’t make many mentions of their mortgage rates or lender fees on their website.

However, they recently posted a limited-time promotion pitching “our lowest historic rate,” which was a 2.5% mortgage rate.

It’s unclear what type of mortgage it is, but I assume it’s a 30-year fixed since that seems to be their go-to loan program for their customers.

Now that promotion aside, I can’t say with any certainty how they stack up against other mortgage lenders out there.

Ultimately, you’d have to take the time to shop around. But as mentioned, many Eagle Home Mortgage customers are likely buying Lennar-built homes, so they may want to keep everything in-house, no pun intended.

Remember, you can always use an outside lender if buying a new home from a developer, so it’s wise to set aside some time for comparison shopping.

Eagle Home Mortgage Reviews

The company seems to be very well regarded, with a 4.94 rating out of 5 on Zillow based on roughly 1,600 reviews.

Many of the customer reviews indicate the interest rate was lower than expected, and lots say the fees/closing costs were also lower than anticipated.

So they seem to be well-liked and competitive pricing-wise, assuming these customers shopped around with other lenders.

While they aren’t an accredited business, they do have an A+ rating with the Better Business Bureau, which appears to be based on the lack of customer complaints currently filed against the company.

As always, customer experiences will vary, especially at a very large company. But as noted, their loan officers will likely be highly incentivized to close your loan if it’s also a Lennar-built home.

That means there’s a good chance they’ll do all they can to get your home loan to the finish line.

Eagle Home Mortgage Pros and Cons

The Good Stuff

Can apply directly online via a digital mortgage application
Lots of loan options and down payment assistance (DPA) programs to choose from
If also buying a home from Lennar they might be quick and dedicated to closing on time
Eagle Express Close allows you to e-sign many loan documents
Great customer reviews on Zillow
Free mortgage calculators on site

The Possible Bad Stuff

No mention of mortgage rates or lender fees
Not licensed in all states
No home equity loan products available
Might be better suited for purchases rather than refinances

Source: thetruthaboutmortgage.com

Apache is functioning normally

July 9, 2023 by Brett Tams

If you’re thinking about buying a home or refinancing an existing mortgage, you may have come across Eagle Home Mortgage on your journey.

In short, Eagle Home Mortgage acts as the home builder’s financing department, though if you buy a home from Lennar you don’t have to use them.

There may also be some synergies to using affiliated companies, whether it’s a special incentive or just a faster loan process, knowing a home purchase with their builder is on the line.

In 2019, they provided home loan financing to more than 34,000 families looking to purchase a home. Let’s discover more about Eagle Home Mortgage.

Eagle Home Mortgage Fast Facts

Retail consumer-direct mortgage lender founded in 1981
Subsidiary of Lennar Corp., nation’s largest homebuilder
Company headquarters located in Miami, Florida
Closed more than 34,000 home purchase loans in 2019
More than 1,500 employees nationwide
A top-30 mortgage lender overall that specializes in new home purchase financing
Does most of their business in Florida and Texas

Where Is Eagle Home Mortgage Licensed?

First things first, you should make sure the company is actually licensed to do business in the state where you reside, or are purchasing a home.

Unfortunately, they are only licensed in less than two dozen states and not nationwide. This clearly has to do with Lennar and its communities, which are located in just 21 states.

As suspected, Eagle Home Mortgage is licensed in 21 states, including: AZ, CA, CO, DE, FL, GA, IL, IN, MD, MN, NJ, NV, NC, OR, PA, SC, TN, TX, UT, VA, WA.

Now if Lennar decides to build new homes in additional states, there’s a good chance Eagle Home Mortgage will move into those states as well.

So if and when you’re interested in buying a Lennar home, expect Eagle Home to be a potential mortgage provider.

Eagle Home Digital Mortgage and Eagle Express Close

You can apply online or by phone with their digital mortgage app powered by Blend
Or visit a local branch office if you prefer a face-to-face meeting
Use their loan officer directory if you’ve been referred to someone specific
And take advantage of their Eagle Express Close with e-signing capabilities to fund your loan quickly