The Truth About Mortgage Blog
Welcome to a warm, friendly, and most importantly unbiased place to learn about mortgages, ideally before you make contact with a real estate agent or lender. The more you know, the better you’ll feel, and hopefully all that hard work will help you snag a lower mortgage rate too! View all mortgage help topics to get started or check out the latest mortgage tips and news below.
Latest Posts
What Mortgage Rate Can I Get With My Credit Score?
A reader recently asked, “What mortgage rate can I get with my credit score?” So I figured I’d try to clear up a somewhat complex question. With mortgage rates now at new all-time lows, again (sigh!), borrowers looking to refinance ... Read More »
On Q Financial Mortgage Review: The Simple Way to Get a Mortgage?
Today we’ll take a good look at On Q Financial, a direct mortgage lender based in Tempe, Arizona that wants to make getting a mortgage simple. In fact, their slogan is, “Mortgages Simplified,” so my guess is their loan process ... Read More »
46% of Homeowners in Forbearance Plans Still Made Their Mortgage Payments
Another interesting trend has emerged from the latest mortgage forbearance data, this time courtesy of a new report from data analytics company Black Knight. Nearly 5 Million Now in Mortgage Forbearance Plans 4.75 million borrowers in active forbearance plans (9% ... Read More »
Fairway Independent Mortgage Review: A Top-10 Lender Big on Home Purchase Financing
One of the largest mortgage lenders in the country you may not have heard of is Fairway Independent Mortgage Corp., based out of Madison, Wisconsin. They were the eighth largest residential mortgage lender in 2018, per HMDA data, just below ... Read More »
Only 5% of Homeowners Who Got Approved for Mortgage Forbearance Needed It
Just five percent of homeowners who recently got approved for mortgage forbearance actually needed it, according to a shocking survey from home loan comparison company LendingTree. The company said 70% of those in forbearance plans could have made mortgage payments, ... Read More »
Despite COVID-19, You Can Still Get a Jumbo Home Loan
While lots of lenders have recently cut back on offerings that aren’t backed explicitly by the government, some are rolling out new loan programs to help homeowners get the financing they need. We’ve already seen non-QM lending basically dry up ... Read More »
There Will Be a 3-Month Waiting Period to Get a Mortgage After Forbearance
We’ve finally got some clarity regarding what happens after mortgage forbearance in terms of obtaining a subsequent home loan. The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, announced temporary guidance regarding the matter today. Waiting ... Read More »
Mortgage Forbearance Rate Only Rises 3% From a Week Ago, But Second Wave Could Be Coming
Maybe there’s some good news out there, or maybe it’s just the calm before another storm. The mortgage forbearance rate barely budged during the week ending May 10th, per the latest installment of the Forbearance and Call Volume Survey from ... Read More »
LoanSnap: Using AI to Make Smart Home Loans
Everyone wants to be the next big thing in the mortgage industry, promising a digital experience or even a funded loan in days as opposed to weeks. We’ve seen signs of this disruption for years now, and while it has ... Read More »
Home Buyer Demand Bounces Back, Small Towns Become Hot
Well that didn’t take long – demand to buy a home is now back above its so-called “pre-coronavirus levels,” per a new analysis from real estate brokerage Redfin. The company said demand was a seasonally-adjusted 5.5% higher during the week ... Read More »
