Purchase Mortgage Application Numbers Remain High
For the first time in three weeks, the mortgage application numbers have risen according to a report from the Mortgage Bankers Association. The refinance mortgage index saw an uptick last week gaining back the 3% it lost the week prior. Year-over-year the refinance mortgage application numbers are up 60%. As more and more people enter the home buying market, it is no surprise that home mortgage loan applications continue to rise. The FHA’s share of mortgage applications remained at 10.2%. The VA share of applications fell to 11.2% from 11.4%....FHFA Refinance Fee Update
The Federal Housing Finance Agency has been considering a surcharge of 0.5% to refinance mortgages otherwise known as the Adverse Market Refinance Fee. This fee was planned in order to offset projected COVID-19 losses of at least $6 billion at the Enterprises (Fannie Mae and Freddie Mac). The money spent at the Enterprises includes $4 billion in losses due to projected forbearance defaults, $1 billion in foreclosure moratorium losses, and $1 billion in servicer compensation and other forbearance expenses. On August 25th, The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to delay the implementation of this refinance fee until December 1st, 2020. The fee was originally scheduled to take effect on September 1st, 2020. FHFA also announced that refinance loans with a balance below $125,000 will be exempt, along with Home Ready and Home Possible refinance...Mortgage Applications Fall for the Third Consecutive Week
Home mortgage loan applications fell 2% in the last week according to the newest report from the Mortgage Bankers Association, marking the third consecutive week of declines. The refinance index fell 3% last week, but remained 40% higher year-over-year. Purchase applications for home mortgages fell 0.2% from last week, but still saw a 28% year-over-year increase from last year marking the 15th week in a row of year-over-year gains. The FHA’s share of mortgage applications fell from 10.5% to 10.2%. The VA share of applications fell to 11.4% from...What to Know About Buying a Home Virtually
The process of home buying is ever changing as time passes and technology grows. One way the process has differed in recent years is buying homes essentially “sight unseen”. According to a study by Redfin, nearly 45% of people bought a home in the past year by making an offer on a home they had not toured in person. The amount of people buying a home without touring it in person is up 28% year-to-year from 2019. Below are some things to consider in regards to today’s new home buying process. Picking the right agent is even more important now. Having an agent who understands your tastes, preferences, and needs makes finding the right property easier for you. They will act as your eyes and ears in the buying process, so they need to understand what is important to you! Request the most in-depth video tour possible. In addition, having the measurements and floor plan available to you during the video tour will help you get a better feel for each room. Sellers may be biased against buyers who haven’t toured in person. When it comes time to make an offer, it’s important a buyer who never toured the home in person puts their best foot forward. Choosing a local mortgage lender, confirms the loan officer or client should be easily accessible by the seller’s agent should any questions...Connect With Us
