The amount of money a homebuyer puts down to purchase a home hit a historic high at the end of 2023, but that sum is finally falling. A new report from Realtor.com® shows that the median down payment homebuyers laid on the closing table in the first three months of 2024 was an average of 13.6%—which translates […]
Navigating the intricacies of private mortgage insurance (MI) can be a daunting task for borrowers, but the benefits can really add up! They include: · Increased buying power: Because MI makes it possible to buy a home with less than 20% down, homebuyers can reach savings goals faster and become homeowners sooner than otherwise possible. · Expanded cash […]
Home prices continued their upward trend in February, defying high mortgage rates and low inventory of homes for sale. The S&P CoreLogic Case-Shiller national housing index rose 6.4% from February a year ago and up from the 6% annual increase registered in January. San Diego led the way with an 11.4% annual increase, while Chicago and […]
A mortgage rate is highly subjective and can vary for a variety of reasons. A news story that provides an outright level like 7.5% requires context and qualification. Some online advertisements (especially among builders) could still be showing rates in the high 6’s. Some borrowers will be seeing rates of 7.625 or higher. Loans with less than 25% […]
Young Americans who have the means are turning to family for help with down payments as housing costs soar. Working a second job is also a popular way to save for a down payment, with 2 in 5 millennials and Gen Zers doing so. More than one-third (36%) of Gen Zers and millennials who plan […]
In mortgage lending, almost nothing is more frustrating than working hard on applications that ultimately get rejected — especially when the problems result from simple errors and homebuyer misunderstandings. At a time when it’s so important to close every eligible loan, here’s what many mortgage originators are doing to ensure a smoother loan process, especially […]