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
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 »
Payment Deferral Will Be an Option to Repay Mortgage Forbearance
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac have launched a new payment deferral option in light of the unprecedented disruption caused by the coronavirus. The new workout option, known as “COVID-19 payment deferral,” ... Read More »
Will Forbearance Prevent You from Getting a Mortgage in the Future?
Since the CARES Act rolled out in early April, more than four million Americans have reportedly put their mortgage payments on hold for up to 12 months. The massive numbers taking part can be attributed to the widespread fallout from ... Read More »
It’s Now Possible to Get a 2.5% Mortgage Rate on a 30-Year Fixed
Here’s a good sign mortgage rates might be moving even lower than they already are. Pontiac, Michigan-based United Wholesale Mortgage (UWM), which refers to itself as the #1 wholesale lender in the nation, has launched an exclusive new program that ... Read More »
Mortgage Forbearance Rate Up Near 8%, Housing Assistance Fund Proposed
The mortgage forbearance rate increased again last week, rising to 7.91% from 7.54% a week earlier, per the Mortgage Bankers Association (MBA). That marked the smallest weekly increase (4.91%) since the newly-created Forbearance and Call Volume Survey was launched, but ... Read More »
Home Prices vs. COVID-19: Will They Go Up or Down?
It’s time to take a look at how COVID-19 could impact home prices given the massive disruption to the local, state, national, and global economy. On the one hand, inflation is expected due to all the government spending, which could ... Read More »
Nearly 4 Million Homeowners Now in Mortgage Forbearance Plans, Servicers May Get $500 Payments
The mortgage forbearance rate worsened yet again compared to last week, though as expected the increase has slowed as the pool of borrowers grows larger. As of April 26th, some 3.8 million homeowners were in forbearance plans, per the Mortgage ... Read More »
Loan Servicers Accused of Providing Unclear and Dated Mortgage Forbearance Information
While some have complained that the mortgage forbearance program under the CARES Act is far too liberal, a new report claims some loan servicers aren’t being very transparent about the assistance available to homeowners. A new report from the U.S. ... Read More »
NewDay USA Mortgage Review: A Mortgage Company Designed for Veterans
Today we’ll review NewDay USA, a mortgage lender that is geared specifically toward veterans and active duty military. Like other mortgage companies, they offer both home purchase loans and refinance loans, but only those backed by the United States Department ... Read More »
