As the housing market shifts further in favor of homebuyers, Ellie Mae’s latest Millennial Tracker Survey reveals that purchase requests from Millennials increased to 87% of all purchase requests made in February, a 2% increase from January. The survey also revealed that although conventional loans continue to be the most popular loan product among the generation, they fell slightly […]
Shutdown a Headache for Lenders, Homebuyers
The federal government officially kicked into partial shutdown mode in December, and the IRS and other government agencies remain mostly closed. Among the side effects of which you may not be aware: delays in financing or refinancing mortgages and other loans. As part of the IRS shutdown, the processing of tax transcript requests is limited […]
CA Cities in Non-Owners Top 10
Study ranks cities by non-owner occupied mortgage originations The housing market is characterized by a lack of inventory for both new and existing homes. In the existing market, there is a shortage of current owners willing to sell, a problem that could be exacerbated by rising interest rates. Rising rates create a “lock-in” effect where […]
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. […]
FHA Loan Limit Increase Jan. 1
Following on the heels of the Federal Housing Finance Agency, the Federal Housing Administration announced this month that it will increase its loan limits in most areas of the country in 2018. The FHFA had announced new limits for loans eligible for purchase or guarantee by Fannie Mae and Freddie Mac on Nov. 28. In […]