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  Mortgage Shopping In Texas Today let us discuss one of the most important topics in the  home buying  and  refinancing  experience. If you are putting effort to research before buying a new car, a television, mobile phone, or something as simple as shoes, we suggest you put even more effort into mortgage shopping in Texas. When it comes to mortgage shopping, you need to make sure that you have the best mortgage according to your needs. So below are the 4 simple steps you can consider to shop for the best mortgage deals. 1: Marking Your Goals Identifying   your goals would be the best bet when you are opting to buy a new house or planning to refinance your existing home. Ask yourself, how long are you planning to stay in the house?. Are you planning to pay off the mortgage and build equity? Or are you refinancing to get a lower interest rate? These questions will help you identify your goals and help you with mortgage shopping in Texas more efficiently. 2:...

  The  Mortgage Banker Association’s  Mortgage Credit Availability Index (MCAI) stated that there has been improvement in Mortgage credit availability in September The MBA said that the MCAI rises 1.5% to 125.6 in September. The report looks over data from Ellie Mae’s AllRegs Market Clarity business information tool. There is a sign that lending values are tightening as there’s a decrease in MCAI, meanwhile, growth in the index is indicative of loosening credit. The index was targeted to 100 in March 2012. The Conventional MCAI rises 4.5%, whereas the Government MCAI goes down 0.7%. Of the  c omponent index of the Conventional MCAI, the Conforming MCAI rose by 2.6% and the jumbo MCAI grew 5.8%. Joel kan, MBA’s associative vice president of economic and industry forecasting said, “For the third straight month in September Mortgage credit availability has increased, reaching its peak level since May 2021.” “The expansion last month was motivated by a 4.5% increase in t...

  The newest report from Redfin shows that the latest reported rise in mortgage payments marks the eighth consecutive month of development in median mortgage payments for new homebuyers. Even with median mortgage payments growing at a speedy rate, rental price increases surpass mortgage payments for new homebuyers in 26 of the 50 biggest metro areas in the US during September. “Some of the biggest increase is being seen by Florida in rents thanks to migration from remote workers who earlier lived in cities like New York or San Francisco,” said Redfin chief economist Daryl Fairweather. “Due  t o people from out of town typically rent before buying, this migration is probably driving a bigger spike in demand for rentals compared to homes for sale. Florida also has some of the maximum climate risks in the country from sea-level rise, storms, and heat. So renting may be typically attractive to residents who don’t want to make a long-term bet on the Florida housing market.” Accordi...

  Interfirst Mortgage Co.  the Chicago-based mortgage originator has raised $175 million to speed up growth and fund new technologies, just 16 months after  relaunching  its operations. The firm said on Wednesday that principals of the private holding company StoicLane led the round. StoicLane said Funds handled by  Oaktree Capital Management, MFA Financia l, numerous family offices, and other tactical investors were invested through StoicLane’s special purpose vehicle. In 2001  Interfirst  was discovered as a retail originator but later in 2008, it expanded to the wholesale channel and the correspondent channel in 2011. The compa n y stopped its operations in July 2017 after years of declining volumes. In 2016 the originations went from $14.1 billion in 2012 to $2 billion. Interfirst last year reopened its services with a new proprietary loan origination technology platform. Artificial intelligence to origination, traditionally a complex process was a...

  A plan for a new type of government-backed mortgage assistance program, introduced by a group of Democratic senators: Rev. Raphael Warnock and Jon Ossoff of Georgia, Mark R. Warner and Tim Kaine of Virginia, and Chris Van Hollen of Maryland, similar to the Federal Housing Administration (FHA) mortgage loan, is on the table. The bill is to produce a new loan product for lower- and middle-income first-time, first-generation homebuyers. THE NEW MORTGAGE The new mortgage is known as the Low-Income First-Time Homebuyers Act of 2021, which will be referred to as the  LIFT Homebuyers Act , or basically a LIFT mortgage. Its   target is to help people who don’t have a family legacy of homeownership to finally become homeowners themselves, giving them the opportunity to build wealth through homeownership. THE DETAILS The LIFT mortgage will be handled by the Housing of Urban Development (HUD) and insured by the Federal Housing Administration (FHA). The term of the loan will be 20-...

  Documents List For First Time Home Buyer in Texas While closing on your dream home as a first time home buyer in Texas, you might have signed many documents. What were those documents? The title company gave you a copy of documents on your way out of closing, and possibly you placed those documents somewhere never to see them again. Let us know what documents to keep for the first-time home buyer and where can you get those documents if you have accidentally misplaced them. Let us know the document s  which are super important that you would want to keep as a first-time home buyer. When you started the process of buying the home, your realtor might have provided you with some documents. The best way to secure them is to maintain a binder or a folder physically, or you can back up the digital copies of the documents as and when you receive them on your computer or cloud storage. 1: Buyer Representation Agreement The first document you would want to secure as a first-time home...

  What are Closing Costs Charges? Closing costs are the fees charged by the lender or a bank, over and above the loan amount to get the refinance done. The closing costs could be the deciding factor to understand if it is the right time for refinancing or not. Let us check on what the components of the mortgage closing costs in Texas are p.s: There are few fees that are known as third-party fees, which would always be included in your closing costs no matter which lender you decide to go with. They are as follows. 1 — Appraisal Fees This is o n e of the third-party fees that shows under the closing costs. Usually, this is an out-of-pocket expense to the borrower, which could be approximately $500. When you decide to refinance, the lender would need to look at the current property value to keep the loan to value ratio in check. A third-party appraisal management company does the  appraisals . 2 — Escrow Reserves This is a charge collected by the lender to make sure they have en...