Mortgage News

The latest real estate and mortgage industry news, digested. Look beyond the headlines to better understand what’s really happening.

Mortgage Forbearance Rate Worsens, But Most Probably Won’t Lose Their Homes

Mortgage Forbearance Rate Worsens, But Most Probably Won’t Lose Their Homes
April 14, 2020 No Comments »

Well, another week has gone by, and with that a new wave of mortgage forbearance requests. The total number of home loans now in forbearance is 3.74%, up from 2.73% a week earlier, per the latest Mortgage Bankers Association’s (MBA) ... Read More »

Chase Now Requires a 700 FICO and 20% Down to Get a New Mortgage

Chase Now Requires a 700 FICO and 20% Down to Get a New Mortgage
April 13, 2020 No Comments »

Following in the footsteps of many other mortgage lenders of late, JP Morgan Chase has upped its minimum requirements to get a home loan. Once again, it has to do with COVID-19, which has led to a flood of unemployment ... Read More »

Which Housing Markets Are Most at Risk From COVID-19?

Which Housing Markets Are Most at Risk From COVID-19?
April 8, 2020 No Comments »

While it’s hard to compare the current possible housing crisis to the very real one experienced about a decade ago, there are fears of negative market impact due to COVID-19. We’ve already seen listing prices fall, along with a big ... Read More »

Number of Mortgages in Forbearance Jumps Nearly 1000%

Number of Mortgages in Forbearance Jumps Nearly 1000%
April 7, 2020 No Comments »

While estimates have ranged from two million to 12.5 million, we’re now getting our first clues as to just how many homeowners will request mortgage forbearance from their loan servicer due to COVID-19. And so far, it doesn’t look too ... Read More »

Wells Fargo Will Only Give You a Jumbo Loan If You Have $250k in Their Bank

Wells Fargo Will Only Give You a Jumbo Loan If You Have $250k in Their Bank
April 6, 2020 No Comments »

In yet another sign that the mortgage market is completely volatile and far from liquid, top mortgage lender Wells Fargo has severely tightened its jumbo loan guidelines. Going forward, the San Francisco-based bank now requires customers to have $250,000 in ... Read More »

30-Year Fixed Mortgages Are Cheaper Than Adjustable-Rate Mortgages Right Now

30-Year Fixed Mortgages Are Cheaper Than Adjustable-Rate Mortgages Right Now
April 6, 2020 No Comments »

Typically, you pay a premium if you select a 30-year fixed mortgage versus an adjustable-rate mortgage. The reason is simple – the interest rate is locked in and will not change during the entire loan term, which is a full ... Read More »

Real Estate Delistings Increase 148% From a Year Ago as COVID-19 Impact Grows

Real Estate Delistings Increase 148% From a Year Ago as COVID-19 Impact Grows
April 2, 2020 No Comments »

Housing supply was bad before the coronavirus epidemic reared its ugly head, and now it has gotten even worse, per new data from real estate brokerage Redfin. Homes Flying Off the Market 28,140 homes were taken off the market before ... Read More »

Generate a Mortgage Forbearance Request Letter with This Free Tool

Generate a Mortgage Forbearance Request Letter with This Free Tool
April 2, 2020 No Comments »

You may (or may not) have heard that the CARES Act is allowing a huge chunk of homeowners to request forbearance for six to 12 months of mortgage payments. If you haven’t heard, you can review the details here, but ... Read More »

How Many Homeowners Are Expected to Miss Mortgage Payments Due to Coronavirus?

How Many Homeowners Are Expected to Miss Mortgage Payments Due to Coronavirus?
April 1, 2020 4 Comments »

It’s the first of the month, and with that comes fear and uncertainty that both homeowners and renters won’t be able to make payments due to loss of income related to the coronavirus. While it’s not clear how bad things ... Read More »

Wells Fargo Is Forecasting a 30-Year Fixed Mortgage Rate Below 3% for the Rest of 2020

Wells Fargo Is Forecasting a 30-Year Fixed Mortgage Rate Below 3% for the Rest of 2020
March 30, 2020 No Comments »

While there’s a lot of uncertainty and doom and gloom in the world right now due to COVID-19, one bright spot appears to be mortgage rates. Sure, they’ve been on a rollercoaster ride of late as lenders grapple with secondary ... Read More »