Keeping UP with 2016 mortgage market

A survey of 200 mortgage lending professionals showed that nearly two in three  mortgage lending professionals expect mortgage purchase production to increase, according to Lenders One Mortgage Barometer.

The overall anticipated increase for 2016 is set at 11%. In addition, 87% of mortgage professionals believe the mortgage purchase market will be somewhat to extremely active.

The survey was conducted online to a random 200 mortgage lenders, and independent research was also conducted by Market Intel Group in January, where it showed that 79% of millennials, are now reaching the peak age for home buying

Lenders One is a national alliance of independent mortgage bankers, correspondent lenders.

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More financial opportunities for same-sex marriage when purchasing a home!

viewimageThe Supreme Court decision making same-sex marriage legal nationwide will boost the mortgage demand as it provides gay and lesbian couples with more financing opportunities and stronger joint property rights.

The Supreme Court decision could spur not only more purchase lending, but also more refinancing, line of credit, among other helping to them to plan and build wealth.

Married same-sex couples also will have more access to the Department of Veterans Affairs mortgage program, said Gary Boyer, a mortgage loan officer at a brokerage in Portland, Ore.

“This has big implications as far as federal agencies. The VA, for example, has honored a same-sex spouse in states where marriage was legal, but did not honor same-sex spouses in states where it was not yet legal. Any veteran will now be able to have their same-sex spouse on the mortgage with them,” he said.       Congratulations!

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Welcome to the Spring Home Buying Season!

Welcome to the Spring Home Buying Season!

blog25Existing homes sales surged to their highest annual rate in 18 months, showing a promising beginning according to the latest report from the National Association of Realtors.

The total number of  existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 6.1% to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February, this is the highest annual rate since September 2013 that it was also 5.19 million.

Total housing inventory at the end of March grew as well up to 5.3% to 2 million existing homes available for sale. Unsold inventory is at a 4.6-month supply at the current sales pace, down from 4.7 months in February.

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High Mortgage Payments? Now is your time to change it!

High Mortgage Payments? Now is your time to change it!

If you have higher mortgage payments, now is the time to change it!  In recent years we have seen many changes in our national economy. We have seen cuts in interest rates given by the Federal Reserve cuts not seen for many years. actnow

One situation that influenced home foreclosures for many homeowners were the high interest rates they were granted. These mortgage loans  were presented for a large number of months as a fixed payments and later converted into variable rates, causing a drastic financial instability in many homeowners facing now a new higher mortgage payment.

The HARP Refinance Program gives the Homeowners that have not been behind in the last 12 months, and can prove income under the new conditions and repayment capacity; the opportunity to refinance with low current interest rates. This means that you can refinance even if the actual mortgage balance is higher than the value of your property on the market today.  The HARP and FHA programs are the only programs that allow you to refinance under these terms.

Compare and discuss your options and determine if refinancing NOW is financially right for you. The essence of refinancing is to find the best fit and financial balance  for you and your family. Remember, an informed decision is the best guarantee!

Homeownership at Best!

Homeownership at Best!

Federal Housing Finance Agency has been working towards a plan to open what many we see as underwriting standards that are too restrictive.

Mortgage giants Fannie Mae and Freddie Mac, their regulator and lenders are close to an agreement that could greatly expand mortgage credit while helping lenders protect themselves from charges of making bad loans, according to people familiar with the matter.

Homeownership getting better!

Homeownership Gets Better!

If the agreement is completed, lenders may be more willing to lend to borrowers with lower credit scores and smaller down payments.

Now that lenders are starting to remove some of the credit overlays, it is time to improve the growth of homeownership in the country

We expect FHFA to report the steps to further move and clarify lender liability and support the return of the 97% LTV product at the GSEs, Fannie Mae and Freddie Mac.

Fannie Mae and Freddie Mac have recouped tens of billions of dollars in penalties from lenders in recent years over claims that the lenders made underwriting mistakes on loans they sold to the mortgage giants.

However, Lenders have blamed those penalties for tight credit conditions and for prompting them to make loans only to borrowers with near-pristine credit.

We hope these initiatives will have a meaningful impact on the mortgage market, and we can see positive changes in the direction of the mortgages industry after years of tightening credit issues.

Next Tuesday will see the existing home sales report for September, on Thursday the FHFA purchase-only house price index for August, and Friday the new home sales report.

 

Mortgage Rates slightly higher

Mortgage Rates slightly higher

Finding-a-refinance-rate-for-your-homeMortgage rates are higher today, leaving September as one of only 3 months this year with noticeable upward movement.

And today was an exception to that recent trend, but it’s tempered by the fact that yesterday’s gains were the best of the month.

The only downside is that the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers remains 4.25% whereas it would have likely moved to 4.125% if rate went the other direction today.

These movement considerations may be small scale compared to what lies ahead.  Several big tickets events are coming up in the second half of this week and they stand a good chance to increase the level of volatility.