The Mortgage News blog is an educational service provided by the publishers of the Home Buying Institute. Each week, we bring you the latest mortgage news from around the United States and help you put it into perspective. We provide information relating to loan rates, regulations, industry developments and more.
Here are the latest stories:
This article provides an overview of mortgage assistance programs available to home buyers in the state of Texas. Some of them are limited to first-time buyers, while others are open to a broader pool of candidates. Most of them provide financial aid to help borrowers cover the cost of down payments and closing costs.
Many home buyers are stymied by the upfront costs that come with buying a house, such as the down payment and closing costs. The good news, for some, is that various government agencies offer help in the form of grants, low-interest loans, and other types of support.
Are easier mortgage lending standards on the horizon? It’s possible. Earlier this week, the Federal Housing Finance Agency (FHFA) announced a rule change that could cause lenders to relax their criteria for borrowers. It is scheduled to take effect in July 2014.
We wanted to know how the new lending rules (Qualified Mortgage and Ability to Repay) have affected the industry. So we asked a few lenders about it. As it turns out, QM and ATR haven’t changed much at all, aside from creating a few additional paperwork hurdles. Get the full story inside.
At the end of last year, many economists and housing analysts were predicting a steady rise in mortgage rates throughout 2014. But that hasn’t happened. In fact, interestingly enough, the current average rate for a 5/1 ARM loan is exactly where it was at the start of the year. So much for crystal balls.
What has two digits, a decimal point, and is expected to reach 5.0% by the end of 2014? It’s the average interest rate assigned to a 30-year fixed-rate mortgage (FRM). A recent prediction by economists with Freddie Mac called for slowly rising mortgage rates between now and the end of this year — and through […]
In an effort to drum up more business within its East Coast base of operations, TD Bank has announced a new type of loan with some pretty significant benefits. Borrowers can make a down payment as low as 3% without having to pay for private mortgage insurance (PMI), which is typically required on such loans.
Shopping for a home loan? Will your down payment be less than 20% of the home value? If you answered yes to both of these questions, there’s a good chance you’ll have to pay for private mortgage insurance. And that will increase the size of your monthly payments. The question is, how much will it […]
Want a mortgage loan? You better have good credit. Checking your credit score is one of the first things the lender will do when you apply for a loan. A low score will make it harder, if not impossible, to qualify for financing. But here’s the good news. A recent industry report showed that mortgage […]
Borrowers seeking a non-conforming jumbo mortgage (one that exceeds conforming loan limits for the county in which they reside) recently got some good news. It seems that some lenders are lowering the down-payment bar for these products.