Mortgage News
The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.Freddie Mac HomeOne Mortgage: New 3% Down Mortgage with No Income Restrictions
A new home loan program is being rolled out this July by Freddie Mac, known as “HomeOne Mortgage,” which features a 3% down payment and no income restrictions. While Freddie Mac already offers a similar 3% down program via its ... Read More »
What Mortgage Rates at 4-Year Highs Does and Doesn’t Mean
You’ve probably already seen the alarming headlines, that mortgage interest rates rose this week to highs not seen in over four years. Gasp! It sounds like doomsday for mortgage rates, but to really interpret what four years means, we have ... Read More »
Carrington Mortgage Launches Line of Subprime Mortgages
Here we go again? Maybe, maybe not. Regardless, Carrington Mortgage Services has launched a new line of subprime mortgages available to the 100 million odd U.S. consumers who have less than perfect credit. For the record, Carrington already offers subprime ... Read More »
The Top 10 Cities Where Cash-Out Refinances Are King
Despite being nowhere close to levels seen just over a decade ago, cash-out refinance loans are on the rise, this according to a new data dive by LendingTree. The company reported that 62% of those who refinanced in the first ... Read More »
What Will Happen to Home Sales If Mortgage Rates Rise to 9%?
There’s been a lot of hubbub about mortgage rates since the start of the year. It’s not unwarranted, given the fact that 30-year fixed rates increased from 3.95% to 4.46% from January through early March, per Freddie Mac data. But ... Read More »
MassHousing Launches Zero Down Mortgage
There is yet another zero down mortgage option available to prospective home buyers, the latest being offered by The Massachusetts Housing Finance Agency (MassHousing). The quasi-public agency already offers 30-year fixed-rate mortgages up to 97% loan-to-value (LTV), but launched its ... Read More »
Amazon Mortgage Might Be a Thing Soon
There have been a lot of so-called mortgage disruptors entering the space of late, but this might be the biggest yet. Could Amazon Mortgage be in the works? One recent clue says yes. Earlier this week, HousingWire noted that Amazon ... Read More »
More than Half of Consumers Switch Mortgage Companies
Loyalty? Not in the mortgage business. A new survey from HSBC revealed that 52% of U.S. homeowners “switched providers” (sorry, they’re British) when obtaining subsequent mortgages. This was mainly driven (53%) by the desire to get a better deal, aka ... Read More »
Ideal Credit Union Is Offering a Zero Down Mortgage with a Catch
Ideal Credit Union, which has six locations scattered across Minnesota, is the latest mortgage company to offer a no down payment mortgage. But theirs is a little different than the rest. Instead of pitching the portfolio loan product to those ... Read More »
2017 Was the Best Year for Home Purchase Mortgages Since the Market Peak
It turns out 2017 was a banner year for mortgages, just not all of them. A total of $1.148 trillion in home purchase mortgages were funded last year, the highest total since 2006, per new data from Inside Mortgage Finance. ... Read More »
