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  Most mortgage company heads would resist the idea of competing with the country’s big wholesale lenders, like  UWM  and  Rocket . Mike Berte the president of  AmeriSave Mortgage Corporation , is happy to take the dive head-on. The Atlanta-based online mortgage lender launched its wholesale mortgage division in June, it is giving the impression that they are more than capable of holding its position. Berte said that they don’t need the en t ire market, but are gaining market share. Compared to 2020, AmeriSave has financed a mix of close to 80,000 refinance and purchase loans, with an 86% increase in refinance transactions, and a phenomenal increase of 780% in purchase transactions year-over-year. Between January and June, the company funded a record $23 billion in volume, compared to $6.7 billion in volume during the same time in 2020. AmeriSave reported an increase of financing 238% of refinancing borrowers and an increase of 906% in purchase borrowers finance...

  United Wholesale Mortgage, is now planning to accept bitcoin for mortgage payments. Mat Ishbia CEO of the nation’s second-largest mortgage lender, told that many of its customers hold crypto, so now  UMW  will let them use it to pay their mortgages. Ishbia said, UWM is an advanced leader, innovator, and tech company in the mortgage space, and close to one million customers pay UMW each month as they are also loan services and a lot of customers have a good amount of cryptocurrency so they have decided on accepting bitcoin. Though it  i s not very clear what is motivating the company to do that. Speculations are that since UWM can proclaim themselves as the first mortgage lender to accept bitcoin as payment, they would be a step ahead of the competitor  Rocket Mortgage  and that would be a win. Because of its extreme volatility, many believe bitcoin is a dreadful currency to use for payment. For instance, you could pay your mortgage today with bitcoin wort...

  What is a Keogh plan? The tax-deferred pension plan for retirement purposes that is available to self-employed individuals and autonomous businesses is called the  Keogh plan . A Keogh plan can be created as a defined benefit or a defined contribution plan but maximum times most plans are set as a defined contribution plan. Up to a certain percentage of annual income the contributions are tax-deductible, the  Internal Revenue Service  (IRS) can change the applicable absolute limits in U.S. dollar terms, from year to year. Let us understand the Keogh plan Keogh plans are basically retirement plans for self-employed people and unincorporated businesses, like sole proprietorships and partnerships. An i n dependent contractor or self-employed person cannot set up and use a Keogh plan for retirement. Keogh plans are referred to as qualified plans by the IRS, and they are of two types: defined-contribution plans, including profit-sharing plans and money purchase plans, a...

  According to Mortgage News Daily’s (MND’s) figures in the month of August, on business days, there had been six falls and six rises on the rates, and one day with no movement. Even if the rises have been bigger than the falls many rates still revolve around 2, making them remarkably low. The average  30 year fixed mortgage rate  is  2.79% , which has gone up by  0.04%  basis points The average  15 years fixed mortgage rate  remains unchanged at  1.99% The average  20 years fixed mortgage rate  also remains unchanged at  2.37% The average  10 years fixed mortgage rate  today has gone up by  0.01%  to  1.85% The average  30 years fixed FHA mortgage rate  stays the same at  2.68% While the  15 years fixed FHA average rate  has gone up by  0.02%  and is sitting at  2.39% The  FHA 5/1 ARM  has gone down by  0.01%  and today is at  2.5% In reg...

  What is Flipping? Flipping  means purchasing an asset with a and holding it for a short period of time and intending to sell it for a quick profit instead of holding on for long-term appreciation. Along with short-term real estate negotiations flipping is also used by some investors in IPO. Even if the term flipping is generally used in finance, it could be used in the purchase of any asset that is meant to be sold in short term for a profit, like cars,  cryptocurrencies , concert tickets, etc. How does the Flipping Work Usually, flippi n g is associated with real estate, it is a process of  buying properties  and selling them for a profit in a short time frame of within a for a profit. Flipping in real estate usually falls into one of two types. The different type is when a real estate investor uses his knowledge of what buyers want and then they improve undervalued properties by renovating them and making cosmetic changes. This is a quick  fix flip ...

  In the past one and half years COVID real estate market has been a hot market for buyers. And now buyers who purchased homes in the past year are already experiencing buyer’s remorse. When you make an investment in a home, which is your biggest financial decision you don’t invest hastily. Unfortunately, the market had forced a few buyers to make spontaneous  home purchases , and now feeling pressure to overpay to get the home immediately in this low inventory market. A few of those homes   where the buyers weren’t happy with their decision are going back on the market in less than a year. There are many reasons like the buyer being unhappy with the location, the work from home status being changed, or other reasons for them not being happy with the home. Here are some tips that you can take to make sure your purchase is the right investment, and you don’t land up with buyer’s remorse: Explore the neighborhoods where you wish to buy a home, be sure all the facilities you...

  Since the onset of the pandemic the current real estate market has seen the lowest interest rates. As the market gets back into a new norm, current home buyers and home sellers are wondering if the rates will rise and will it affect the home’s value? As the rates are still near historic lows, homebuyers can lock in on this deal. The rates are as low as they might go for the rest of 2021. There are projections showing that  mortgage rates  will increase to an average of 3.5% through the end of 2021. Homebu y ers can take advantage of the Power Purchase Program. Where they can lock in their rate to take advantage of the historic lows while they are still searching for their dream home. If homeowners are having challenges with their funds or their credit scores or other hurdles and are worried about missing these low-interest rates can relax because the predictions don’t show any significant change in the near future. Federal Reserve is managing the economy by keeping the ...

  In the last few months, the lumber prices have fallen sharply, but that has not been enough to ease the homebuilders. In August on the National Association of Home Builders (NAHB) Wells Fargo Housing Market Index (HMI) showed the sentiment among single-family homebuilders dropped 5 points to 75. Even if anything above 50 is considered positive, but since July 2020 that is the lowest reading. August 2020 the index was at 78. The current sales conditions   fell to 81 and in traffic of prospective buyers, a drop of 5 points to 60 was seen. For the next six months, the sales expectations remain the same at 81. Builders are facing rising materials costs and skilled labor. Leading to the price of newly built homes going ever higher and affecting demand. The 56% of new and existing homes sold between 3 months were affordable to families having $79,900 U.S. median income. That is a drop from the 63.1% of homes sold in the first quarter of 2021 and the lowest affordability level sinc...

  The national delinquency rate Before the Pandemic was 3.5 % even if now the rate has reached there,  CoreLogic  says the percentage of loans 30 or more days past due has declined 2.6 points. The rate in May 2021 was 4.7 % compared to 7.3 % same time last year. Frank Martell, president, and CEO of CoreLogic said that even though the pandemic has created many challenges but, the impact on delinquencies is less because of various government support programs and improvement in economic activity over the past few quarters. Corelogic  e xpects a robust economy and low interest rates to hold delinquency levels. Early-stage delinquencies, of 30 to 59 days which represented 3.0 % of all mortgage loans in May last year had dropped to 1.2 % by May this year and adverse delinquencies, 60 to 89 days past due, have improved from 2.8 % to 0.3 %. Seriously delinquent loans, which are 90 or more days past due and those in foreclosure, are still high at 3.2 % compared to 1.5 % last ...

  About Bridge Loan A loan taken against a homebuyer’s current home for making the down payment on their new home is a  bridge loan . If you want to  purchase a new home  before your current home has sold then a bridge loan may be an ideal option for you. Businesses that need to cover operating expenses while awaiting long-term funding may also opt for this form of financing. When a bridge loan is used for real estate, to secure the debt it requires a borrower to pledge their current home or other assets as collateral. The borr o wer must have a minimum of 20% equity in that home. Bridge loans are best for borrowers who are expecting their current home to sell quickly because it has high interest rates and they last only for between six months and a year. What is a Bridge Loans? A bridge loan is a short-term loan that gives borrowers the flexibility to borrow money for up to a year. They are sometimes referred to as bridge financing, bridging loan, interim financing,...