Mortgage Rates Hit 4.0% For First Time Since May 2019
There are many different ways to track mortgage rates and several different sources quoted in the news. For decades, the most prevalently-quoted source has been Freddie Mac’s weekly primary mortgage market survey. It consists of a questionnaire sent out to loan officers at the beginning of every week. They can respond as late as Wednesday, but the…
The Whole Truth and Nothing but the Truth
I just saw an ‘ad’ that came from the Royal Palm Association of Realtors that called mortgage brokers “middlemen” which I took as a dig against mortgage brokers, while the person in the ad stated: versus a “traditional bank or mortgage banker like himself” making it sound like that is better. That is very interesting…
Mortgage Rates Hitting Even Higher Highs
Mortgage rates had been drifting modestly higher in general in the past 2 weeks, but the pace is accelerating in the new year. For some lenders, this occurred yesterday in response to heavy selling in the bond market (mortgage rates are based primarily on bonds). Those lenders were forced to raise rates just a bit more today…
HECM for Purchase (H4P) and Bankruptcy Qualification
Did you know that a Chapter 7 or 13 Bankruptcy does not exclude a borrower for using a HECM for Purchase (H4P), a form of Reverse Mortgage, from purchasing a home? Chapter 7 A Chapter 7 liquidation does not disqualify a borrower for a HECM for Purchase if, at the time of case number assignment,…
Mortgage Rates: Higher Highs, and Higher Lows
By Mark E. Ary The average for a 30-year, fixed-rate mortgage continues to move notably higher over the last several weeks. Most noted factors are inflationary fears, global supply chain woes, and how the pandemic will continue to affect the economy today, and moving forward. Florida – The 30-year fixed-rate mortgage (FRM) averaged over 3.05%,…
NAR Research: Student Loan Debt Makes Home Buying Difficult
How much does student-loan debt impact buyers? A three-year NAR study calls for reform, noting that millennials are “drowning in student loan debt.” WASHINGTON – Experts from the housing and higher-education fields joined policy thought leaders from the National Association of Realtors® (NAR) last Wednesday to discuss the current student loan debt crisis and how…
Mortgage Rates Surpass 3% Again – Hit a 6-Month High
By Kerry Smith Average mortgage rates continue to hover around 3%, but they’ve slowly ticked higher. This week, the 30-year, fixed-rate mortgage averaged 3.05%. MCLEAN, Va. – At 3.05%, this week’s average, 30-year mortgage rate rose to a level unseen in six months, according to Freddie Mac’s weekly survey. “The 30-year fixed-rate mortgage rose to…
Best Mortgage Broker in Cape Coral by Expertise.com
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Jumbo Loans are Just Our Size
LET US GET YOU THE LARGE LOAN YOU NEED! Now offering JUMBO loans as big as $3 Million • Currently offering a Rate of 3.5% on a 30-Year fixed rate mortgage*• Interest rates better than banks and direct lenders• Loans from $548,250 to $3 million• Fast closings – typically 30 days or less• Options for…
Government Update for VA IRRRL (refinance)
Effective immediately, VA issued VA Circular 26-21-11 announcing a Certificate of Eligibility is no longer required for Interest Rate Reduction Refinancing Loans (IRRRLs). This change can be applied to existing loans in the pipeline with application dates on or after July 15, 2021. Reference: AllRegs > Government Underwriting Guidelines > VA Underwriting Guidelines > VA…
US housing market is short 5.5 million homes, NAR says
Lobbying organization is calling on “major national commitment” to build housing in US June 16, 2021, 4:03 pm By Tim Glaze The National Association of Realtors says the current state of the housing market is absolutely “dire,” the consequence of a housing shortage 30 years in the making. According to the lobbying group, construction of long-term housing fell 5.5…
NAR: Vacation Home Sales Rose 16.4% in 2020
By Kerry Smith Lee County tops NAR’s list of U.S. counties for the highest increase in vacation home sales, with Collier County also making the top 10 list. In 2020, vacation home sales were 5.5% of total existing-home sales; in 2019, they were 5%. Vacation home median prices were up 14.2%. WASHINGTON – Vacation homes…
Should You Rent or Buy Your Next Home in Retirement?
by: Patricia Mertz Esswein The housing market is hot, and it’s a great time tosell your home. Still, if you’re thinking about renting your next one, consider the tradeoffs. Renting temporarily is fine if you want to try a new location or if you anticipate moving frequently early in retirement. But the longer you rent in…
Bond and Equity Markets, Are we in for the Ride?
I have had some interesting, if not shocking conversations with multiple sources over the last several days to the effect of: “I’ve heard that mortgage rates have gone down over the last several days.” To be frank, as of yesterday the US 10-year Treasury yield has increased by over 32 bases points in the last…
Public Service Announcement 211 & 311
Did you know that when you dial 211 from almost anywhere in the United States or Puerto Rico, you are connected with a trained professional in your area who can connect you with resources and assistance for essential community services. It works just like dialing 911 where calls are routed by the local phone company to…
Come on Down! Fla. Attracts Retirees and Many More
Original Article: https://www.floridarealtors.org/news-media/news-articles/2021/02/come-down-fla-attracts-retirees-and-many-more By Erica Plemmons Florida Realtors economist: Marketing to out-of-staters and wondering which demographic group to target? The most-cited reason for moving to Florida is retirement (39%), but many others come for the jobs (23%), the lifestyle (21%) and family (17%). ORLANDO, Fla. – Americans from the Northeast and Midwest continued to go…
VA Home Loan Approval Letter
We at TMI are proud to announce our latest VA appointment with another great wholesale lender; furthering TMI’s commitment to provide our Military personal and veterans, as well as all our clients, with the best rates and lowest fees for every credit profile!
Rates Rising Quickly, But The Truly Scary Stuff is For Another Day And Another Reason
Original Story: Rates Rising Quickly, But The Truly Scary Stuff is For Another Day And Another Reason Mortgage rates went to bed last night knowing they were at risk of a volatile day today. Georgia’s senate race has been in focus for 2 months now because it had the chance to change the balance of power in congress. …
If you’re Looking to Save Money by Refinancing, Then Now is the Time
There are plenty of reasons to refinance but avoiding an incoming Fannie Mae and Freddie Mac refinancing fee now tops the list! Fannie Mae and Freddie Mac will start charging an ‘Adverse Market Refinance Fee’ on December 1, 2020. This new fee, originally slated to begin September 1, with a new effective date is December 1, 2020, adds a…
Refinance Fee Update
Mortgage giants Fannie Mae and Freddie Mac just announced in August that they are raising fees for lenders on all mortgage-refinances. This change is designed to shield them from the additional risk brought on by the coronavirus pandemic and the secondary mortgage market. Their price adjustment adds 0.5% of the loan amount to the consumer’s cost.
What is a Reverse Mortgage?
There are two types of reverse mortgages – • There is a Home Equity Conversion Mortgage (HECM), which in its simplest definition is a loan that is government-insured by HUD and is regulated by the U.S. Federal Housing Authority (FHA), and • A Proprietary Reverse Mortgage, which is a reverse mortgage originated by a mortgage…