As the country struggles through the economic impact of the coronavirus, numerous mortgage companies have raised their lending standards to protect both borrowers and themselves. Now, one of the largest mortgage lenders in the country is joining that list. JPMorgan Chase last week increased its minimum lending standards to require nearly all borrowers to have at least 20% down to […]
Dec. 9 CVAR At A Glance
Installation Highlights! Featured Classes & Events Dec. 9 | License Renewal Crash Course – Glendora Dec. 10 | Social Security Secrets Lunch & Learn – Glendora Dec. 10 | How You Should Be Using Facebook Dec. 11 | zipForm® Basic – All Locations – Free Dec. 12 | Tech Forum – 12 Days of Techmas – All Locations […]
No Appraisal Required for Certain Homes
Certain home sales of $400,000 or less will not need an appraisal since federal regulators approved a proposal to increase the threshold at which residential home sales require an appraisal. Last November, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve released a proposal that would increase […]
Mortgage Rates Hint at Good Spring
After falling for three consecutive weeks, mortgage interest rates remained virtually stagnant, according to the latest Freddie Mac Primary Mortgage Market Survey. This means that Spring could be a favorable homebuying season. The 30-year fixed-rate mortgage averaged 4.35% for the week ending Feb. 21, 2019, according to the survey, holding steady from the previous week’s level. However, last […]
How Aging Homeowners Hamper Housing Market
More seniors are opting to age in place rather than relocate later in life, and it has contributed to the supply shortage that’s hampering the housing market. According to a study by Freddie Mac, seniors born after 1931 are staying in their homes longer than previous generations, and they are gumming up the works, leaving Millennials shut out […]
Client Tip: Pay Less for Loan
If a client has bad credit, they could be looking at an additional $15,000 in extra costs over the life of a loan (based off of a 30-year mortgage and the average purchase loan amount of $236,697). According to a LendingTree report, a buyer can chalk this up to higher interest rates and larger fees. […]
Facebook in Market for Real Estate Rental Listings
Facebook plans to significantly expand its rental real estate listings, going head-to-head with Craigslist, eBay, and other e-commerce platforms. Facebook is already allowing individual homeowners to list their homes for sale on the Marketplace, but seeks to beef up its rental offerings by developing partnerships with Apartment List and Zumper. This means hundreds of thousands […]