Will mortgage rates fall again after this week’s Fed meeting?
Editor’s note: This article was originally published on June 10, 2020, and updated on July 28, 2020, with the latest Fed forecasts Don’t wait on the Fed for lower mortgage […]
Editor’s note: This article was originally published on June 10, 2020, and updated on July 28, 2020, with the latest Fed forecasts Don’t wait on the Fed for lower mortgage […]
Question: What do home mortgage loans (including second mortgage loans), retail installment loans, automobile loans, home improvement loans, and mobile home loans, have in common — aside from being loans to consumers?
Answer: The interest charge sometimes is calculated monthly and sometimes daily. With a monthly interest rate the borrower is charged for each month, whereas with a daily interest rate the borrower is charged for each day.
Why is this distinction important? Because daily rates are a potential trap for unwary borrowers, countless numbers of whom have found themselves permanently, usually with no understanding of how it happened. The problem has been entirely overlooked by regulators, including the Consumer Financial Protection Bureau.
Mortgage applications decreased 1.9% for the week ending Jan. 15 from one week earlier, per data from the Mortgage Bankers Associationâs weekly survey. The drop comes after a robust 16.7% jump in applications the prior week.
The post Mortgage applications decrease as rates move higher appeared first on HousingWire.
From Alexander to Todd, here’s whose names add up to the priciest pads from coast to coast.
US long-term mortgage rates rise; 30-year at 2.79% Manhattan Mercury
Today weâll analyze NBKC Bank, formerly known as National Bank of Kansas City, which a depository thatâs also big on home loans, funding billions in mortgages annually. They refer to themselves as an âaward-winning national mortgage companyâ thanks to their many accolades and numerous 5-star customer reviews. Additionally, NBKC is a top-15 VA loan lender [&hellip
The post NBKC Mortgage Review: An Award-Winning Online Lender first appeared on The Truth About Mortgage.
The loan purpose type specifies the purpose for which the loan proceeds will be used. The loan purpose may be to purchase a home or to refinance an existing mortgage to obtain a lower interest rate or to get cash. Mortgage industry investors track and report the distribution of loan purpose types in their portfolio in order to mitigate the risk associated with various loan purpose types. In general, buying a home represents less of a risk than refinancing an existing mortgage. Refinance transactions in which the borrower takes out little or no equity (cash) represents less risk than ……
President Biden plans to sign 17 executive orders his first day in office, including an extension of the eviction and foreclosure moratorium.
The post Biden’s executive order will extend foreclosure moratorium appeared first on HousingWire.
The Coronavirus Aid, Relief and Economic Security Actâalso known as the CARES Actâis a $2 trillion stimulus package passed by the federal government. The goal of the CARES Act is to provide relief for individuals and businesses struggling with the financial fallout of the COVID-19 pandemic and resulting shutdowns. One of the components of the… Read More
The post Coronavirus Mortgage Relief: What Homeowners Need to Know appeared first on Credit.com.
Everyone knows you can buy a foreclosed home below market value, but what about a preforeclosed home? This article explains what a foreclosure is, how the process works, and tips for buying one. Check Rates: Check Today’s Rates What is Preforeclosure? Preforeclosure refers to the status of a home. This means the owner(s) are falling […]
The post 6 Steps to Buying a Preforeclosure Property appeared first on The Lenders Network.