The Truth About Mortgage Blog

hello

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

Quicken Loans Just Had Its Biggest Month in History

Quicken Loans Just Had Its Biggest Month in History
April 15, 2020 No Comments »

The nation’s top retail mortgage lender just knocked it out of the park, despite the ongoing coronavirus pandemic. Quicken Loans CEO Jay Farner was on CNBC’s “Squawk Box” this morning to discuss the state of the industry, along with how ... Read More »

Stimulus Checks Barely Make Dent in Mortgage

Stimulus Checks Barely Make Dent in Mortgage
April 15, 2020 No Comments »

The so-called “coronavirus checks” have begun to hit Americans’ bank accounts this week, providing relief to those whose income has been curtailed or completely cut. It might be especially helpful to those who need to pay rent or make a ... Read More »

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 »

Citizens Bank Mortgage Review: Digital Process and a Smartphone App

Citizens Bank Mortgage Review: Digital Process and a Smartphone App
April 9, 2020 No Comments »

Today we’ll take a hard look at Citizens Bank Mortgage, which is operated by one of the oldest and largest banks in the United States. As of the end of 2019, they considered themselves the 13th largest retail bank in ... 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 »

How Is Mortgage Forbearance Paid Back?

How Is Mortgage Forbearance Paid Back?
April 7, 2020 1 Comment »

At this point, most homeowners have probably heard of the CARES Act and its massive 12-month forbearance option for those with federally-backed mortgages. It sounds pretty sweet – you can request six mortgage-free months, followed by an additional six months ... 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 »