COMPARE CLOSING LLC

  Today, multiple refinance rates dropped. Both the popular refinance term; 15-year fixed and 30-year fixed saw a slump in their average rates. There was also a decrease in the average rate on 10-year fixed refinance mortgages. Refinancing rates keep changing constantly. But right now they’re exceptionally low. If you are looking to  refinance  your existing mortgage, this might be the right time to reduce your interest rate. As the refinance rates are hovering around 3%, homeowners who’ve not refinanced yet have a chance to secure an exceptional rate. But it isn’t   just about the rate the decision to refinance, also involves  closing costs  to consider. So be sure that you’re saving in interest payments should outweigh the fees you pay only then will it be a sound financial decision. Even a “ no-closing-cost ” refinance has fees, which instead of being charged upfront, are added to your loan. The interest rate of the average 30-year fixed refinance is 2.9...

  This week the Mortgage Bankers Association’s latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 26 basis points from 3.76% to 3.50% in a week’s time. 1.75 million homeowners are in  forbearance plans  shows the MBA’s estimate. There is a drop of 8 basis points in the share of Fannie Mae and Freddie Mac loans in forbearance. Ginnie Mae loans in forbearance dropped 42 basis points and the forbearance share for portfolio loans and private-label securities (PLS) dropped 61 basis points. There were   a 19 basis points decrease in the percentage of loans in forbearance for independent mortgage bank (IMB) services and for depository servicers the percentage of loans in forbearance decreased 36 basis points. Mike Fratantoni, MBA’s Senior Vice President and Chief Economist said the new forbearance requests dropped to their lowest level since last March, resulting in the largest weekly drop in the forbearance sha...

  About Land Loans When you are deciding on home buying and are looking to  purchase a home , you can also consider building your own home. The thought of building a home can seem perfect until you as homeowners realize how much would it cost to build a home. Even if building a house can be expensive, there are various ways to make it more affordable for first-time homeowners. one of the ways is through land loans. If you’re interested in building a house, you might choose to apply for land loans. There are a  f ew lenders who offer land loans and they can assist you. Meanwhile, let us understand more about land loans. What is a Land Loan? A loan that is used to finance the purchase of a plot of land is termed a land loan. When a buyer is interested in buying a piece of land to build a home or utilize the land for business purposes this land loan can be useful. If you want to obtain a land loan, then the type of loan you take will depend on the location of your land and h...

  Mortgage credit availability has hit a 10-month low, which ended more than half a year of credit supply gains. Last weekend, the Mortgage Bankers Association reported a fall in its Mortgage Credit Availability Index (MCAI) by 8.5% to 118.8 in June, signaling a contraction of lending standards. In March 2012 the index was set to 100. Joel Kan, AVP of economic and industry forecasting at MBA, said that mortgage credit has not recovered since the sharp downturn in the first half of 2020. He cited that the   GSE policy changes were the cause of the drop in credit availability which reduced the availability of high  LTV  refinance loans. He said because of this there has been an addition of refinance programs that are designed to reduce costs for lower-income borrowers, but the full impact of those new loan programs can be seen in due course. Along with the tightening in supply because of policy change, there was also a withdrawal in jumbo ARM offerings, that resulted i...

  During the pandemic last year the Federal Housing Finance Agency (FHFA) had imposed costly mortgage refinance fees, which it is eliminating. The  Adverse Market Refinance Fee  cost 50 basis points, and the lenders were required to pay Fannie Mae and Freddie mac this amount for each such loan delivered. Both the government-sponsored enterprises (GSEs) guarantee, packages, and sells mortgages under the FHFA umbrella. The fee is equal to half a percentage   point of the loan amount, it was introduced because of the loss the FHFA expected to incur due to the pandemic, which left millions of homeowners with no jobs. But the predicted losses did not happen. Instead, the housing market began rising and as the economy began a recovery the jobless rates also fell. Leading the FHFA to announce the expiry of its Adverse Market Refinance Fee requirement on Aug. 1. Along with protecting the homeowner, the FHFA said by aborting the extra fee they will be able to help the growing...

  What is a Commercial Real Estate Loan? Income-producing property that is exclusively used for business instead of residential purposes is known as Commercial real estate (CRE). Retail malls, shopping centers, office buildings and complexes, and hotels are examples of commercial real estate. A commercial real estate loan accomplices the task of financing (including the acquisition), development, and construction of these properties. In short  commercial real estate loans  are mortgages secured by liens on the commercial property. Borrowing for commercial real estate is different from a home loan Just like your  home mortgages , banks and independent lenders provide commercial real estate loans. Finance for comme r cial real estate is also provided by insurance companies, pension funds, private investors, and other sources, like the  U.S. Small Business Administration’s 504 Loan program . Loan repayment schedules The commercial loan terms range from 5 years to 2...