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  Introduction to Bona Vacantia In Latin,  Bona vacantia  means vacant goods or ownerless goods, it is a legal term used when the property is left without any clear owner. The owner of the bona vacantia property may have abandoned, mislaid, or forgotten the property. Bona vacantia is also applied to property left by someone who has died without making a legal will and has no known heirs. The way a bona vacantia property is handled could depend on the jurisdiction. In most cases, the government holds the property until the rightful owners or heirs recover it. A probat e  court will frequently be responsible for distributing the assets of the estate to the heirs, in the case where a person has died intestate. More on Bona Vacantia If a Bona vacantia property, remains unclaimed after a stipulated period of time, goes to government ownership. In other cases, the government becomes the custodian for bona vacantia property into perpetuity. The most common situations when a...

  Mortgage demand dropped as rates rose again for most of last week, but with the news of a new variant of COVID, things changed by the end of the week. According to the Mortgage Bankers Association, the average rate on the 30-year mortgage with  conforming loan  balance rose to the highest rate since April 2021, from 3.24% to 3.31%, with points rising from 0.36 to 0.43 for loans with a 20% down payment it is still 39 basis points lower than last year. Because of the in c rease in rates the applications to refinance a home loan dropped by 15% for the week. Refinance demand was lower by 41% lower compared to last year. The refinance share of mortgage activity dropped from 63.1% to 59.4% of total applications in one week. With the mortgage rates rising for the third week in a row, the refinance incentive for many borrowers was reduced. MBA’s associate vice president of economic and industry forecasting, Joel Kan, said the rates were up 15 basis points and refinance activity...

  A GOBankingRates study revealed that more houses are slowly entering the market from January to October 2021 the total for sale inventory increased 9.37%. Even if the inventory is not back to pre-pandemic levels but the market is recovering a bit said Jonathan Spears, the real estate agent and founder of Spears Group, at Santa Rosa Beach, Florida. GOBankingRates’ study showed that as the inventory started improving, the median list price climbed 13.64% from January to October, and the median sale price saw a boost of 13.31%. Home values also grew 15.32% around the same time. Acco r ding to Spears, the market took off in the late third quarter of 2020 and never turned back into 2021. He said even if most real estate firms achieved record-high sales last year, 2021 exceeded 2020 in overall sales. The housing market speed up creating record home sales, with most homes selling above the asking price, there were more home inspection and appraisal waivers and it is expected to continue...

  Introduction To Mortgage Origination Fee An upfront fee that is charged by a lender to process a new loan application is a  mortgage origination fee . This fee is a payment for completing the process of the loan. In the United States of America, these loan origination fees come anywhere between 0.5% and 1% of a mortgage loan amount and they are always in the percentage of the total loan. At times they are also referred to as discount fees or points, especially when they equal 1% of the amount borrowed, payment for services like processing, underwriting, and funding all come under origination fees. Knowing More About Origination Fees An   origination fee is like any commission-based payment. The calculation is very simple if a lender charges a 1% fee for originating the loan then they would make $1,000 on a loan of $100,000 and $2,000 on a loan of $200,000. The origination fee represents payment for the lender’s initial services. If it is a smaller loan then it sometimes...

  According to data compiled by Bankrate, across the country, the mortgage rates are mostly up compared to last week. The market saw an increase in rates for 30-year fixed, 15-year fixed, and jumbo loans, whereas 5/1 ARM rates remained flat. The average  30-year fixed-mortgage rate  is up by 7 basis points from last week today it is at 3.23 %. Same time in November, the average rate on a 30-year fixed mortgage was lower, at 3.17 %. The average rate for a  1 5-year fixed mortgage is up by 4 basis points compared to last week and is at 2.54 % today. The 15-year mortgage payment is much higher than the popular 30 years fixed mortgage, but the advantage is that the borrowers can save thousands of dollars in total interest paid over the life of the loan and also build their equity much faster. The average rate for  jumbo mortgages  also increased by 6 basis points over the last week and is at 3.22 %. Same time last month, the average rate on a jumbo mortgage was...

  While going in for a mortgage loan on their dream home first-time homebuyers should take care of some basic dos and don’ts because a  loan process  can be quite overwhelming. DO’S A borrower should ideally get pre-approved before beginning house hunting so they know what is their budget. They must maintain their current employment and income, and keep it steady during the loan process. In case of job change, if the borrower is staying in the same line of work with the same or better income then that is an exception. A borrower should keep all paper trails of any large non-cash, non-payroll deposits. DON’TS They should not go house shopping without knowing what they can afford. A borrower can meet up with a loan officer first so they can analyze the income, assets, and credit report thereby identifying the pre-approved amount. Pre-approved buyers, are taken seriously by realtors and lenders and are shown homes in the correct price range. Opening or closing credit lines, ...

  Introduction To Guaranteed Loans When a loan is guaranteed by a third party or when they assume the debt obligation in the event that the borrower defaults it is called a  guaranteed loans . A government agency guarantees a guaranteed loan by purchasing the debt from the lending financial institution and taking the responsibility for the loan. The Working Of A Guaranteed Loans When a borrower is not qualified for a regular bank loan then a guaranteed loan agreement is made. A guaranteed loan is helpful for people who need financial assistance to secure funds and are otherwise not qualifying to acquire them. And the  g uarantee means that the lending institution will not be subject to excessive risk in issuing these loans. The Different Types Of Guaranteed Loans There are many types of guaranteed loans. A few are safe and reliable ways to raise money, and others involve risks and exorbitantly high-interest rates. Guaranteed Mortgages The first type of guaranteed loan is ...