Digital is good, but not always better
When you think “mortgage,” you probably picture a stuffy loan office and a mile-high mountain of paperwork.
And it’s true. Lenders require an awful lot of documentation to verify that you can afford your mortgage.
That’s why it takes over a month on average to close a home purchase or refinance.
But some lenders want to do things a better way. New, digital-first mortgage companies are using online applications and processing to speed things up.
You can refinance even if your current loan is still fresh
With today’s low mortgage rates, you might be thinking it’s time to refinance.
But what if you just recently bought the home, or already refinanced once? Is it too soon to refinance? Can you do it again?
In most cases, you can refinance your mortgage as many times as you want.
But whether or not it’s worth it depends on the cost of refinancing versus the savings from your new, lower rate.
Verify your refinance eligibility (Feb 16th, 2...
Pricier homes, cheaper mortgages — the illogical becomes logical
Even with mortgage rates around their lowest levels in years, affordability remains a top concern for home buyers.
A recent poll shows that most people believe home prices are on the rise — and they’re not wrong. Median home prices went up by 5% between August 2018 and August 2019.
When prices rise, many consumers believe it’s not a good time to buy anything, let alone a house.
However, potential homeowners might be missing out ...
What is a wraparound mortgage?
A wraparound mortgage is a type of financing where a borrower receives a second mortgage to guarantee the payments on a first mortgage.
The borrower’s original first mortgage and the new second mortgage are combined into one loan, and the borrower makes the payments on the new loan while the lender who holds the second mortgage makes the payments on the original first mortgage.
In the mortgage and real estate industry, wraparound mortgages are known as a form or...
Falling behind on your mortgage payments is a stressful and sometimes complicated situation, but there is help for getting back on track and avoiding the worst-case scenario: foreclosure. Job loss, an unexpected expense, a drop in equity in your home and disasters such as hurricanes or wildfires are common reasons for mortgage delinquencies and defaults. The good news? Delinquency rates are the lowest they’ve been in a decade thanks to a strengthening economy and higher employment rates.
What is a chain of title?
The chain of title is a real estate records search that lists the successive owners of a home or property. The purpose of a chain of title search is to ensure the home or property is free to transfer to a new owner.
The search includes tracing the title of ownership back to the original owner and ensuring the title doesn’t contain any liens, judgments, foreclosures or any other encumbrances that would hinder the transfer of title to a new owner.
What is a credit rating?
A credit rating is a measurement of a person or business entity’s ability to repay a financial obligation based on income and past repayment histories. Usually expressed as a credit score, banks and lenders use a credit rating as one of the factors to determine whether to lend money. Individuals receive credit ratings from one of the three major credit reporting agencies in the U.S.: TransUnion, Experian and Equifax.
Credit ratings can determine whet...
Although manufactured home loans aren’t as abundant as traditional mortgages, demand for alternative housing continues to rise. With a widening gap between housing and affordability, many Americans are turning to manufactured homes as a replacement for traditional, single-family residences.
According to the Manufactured Housing Institute, nearly 22 million Americans live in manufactured homes. The 2018 median sales price of a new manufactured home is $70,600, which is well below the first qua...