This homebuying season is expected to be extremely competitive, especially for first-time buyers who face the challenge of saving for a down payment. According to a 2024 Bankrate survey, nearly one-third of aspiring homeowners (30%) say it will take at least five years or longer to save enough money for a home, while 10% say it […]

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 […]

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% […]

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 […]