COMPARE CLOSING LLC

  Introduction to Title Fees Whenever a customer  buys a home  or  refinances  it, there are costs involved for insuring, reviewing, and modifying the title of that property. These costs are known as —  Title Fees  because the “title” is a lawful document that proves that the property is owned by the individual. Title fees are a group of fees linked with  closing costs . Title fees pay a title company to evaluate, adjust and ensure the title of a property. The title company performs a title search to find out if there are any potential issues with the title, like encumbrances or liens. A  w ide range of costs can get covered under title fees, so let us look at a few of them to know what to expect out of them. Where To Find Title Fees? Title fees are listed as part of the  Loan Estimate  (LE) — They are documents that are legally required. A loan estimate is a summary of the features, costs, and risks associated with the borrower’s mortgage. Within 3 days of receiving a new application,

  Even with an increase in home price, there has been a strong spike in the number of homes sold in Texas. Homes costing million-dollar-and-up range were in high demand said the chairman of Texas Realtors, Marvin Jolly. The median price for Texas luxury homes through the first two quarters of the current year was $1,360,133, which is 0.1% high compared to 2020. The average price per square foot for luxury homes rose to 9.5% that is $395, which is more than double the average price per square foot i.e. $166 for all residential Texas homes. For t h e first 10 months of this year, the luxury homes in Texas stayed an average of 55 days on the market, whereas in 2020 the average time a home stayed in the market was 86 days. Usually, the lower-priced homes get sold faster than luxury homes in the market. Jolly said that in Texas there is strong demand for the luxury home market because many out-of-state buyers are finding affordable, larger, or higher-end homes compared to the area they came

  Fannie Mae is reminding homeowners and renters who were impacted by the recent tornadoes of the mortgage assistance and disaster relief options available to them. In the event of a disaster, homeowners may request mortgage assistance by contacting their mortgage servicer. If the mortgage servicers trust the home was affected by the disaster then they can approve forbearance for up to 90 days even without contacting the homeowner. Those homeowners who are affected by a disaster qualify for a reduced or suspended mortgage payment for up to 1 year. During this   period, the homeowners escape late payment charges, and the foreclosure and other legal proceedings also get suspended. Along with the payment break, Disaster Payment Deferral is another option available to homeowners. Along with the pandemic-related forbearance plan homeowners who were subsequently impacted by the tornado can qualify for assistance and need to contact their mortgage servicer to discuss options. Along with the p

  According to the Mortgage Bankers Association in the month of November, more lenders reduced their credit offerings. The Mortgage Credit Availability Index of MBA slipped 0.6% in November, suggesting that lending standards tightened at that time. In March 2012 the index was benchmarked to 100. MBA’s associate vice president of economic and industry forecasting, Joel Kan, said that even when the housing market was thriving amidst the improving job market, the credit availability went down last month. Even as the government  c redit decreased the market saw an increase in conventional credit availability, the lenders reduced their offerings of government loan programs with lower credit scores, and for investment homes. As the government index dropped by 2.7% the conventional index rose by 1.9%. The jumbo MCAI went up by 3%, and the conforming MCAI rose by 0.2%. Credit supply for  jumbo loans  increased for continuous five months. The jumbo index remains more than 40% shows the MBA data

  Some common loan terms are 30 years and 15 years, which is the time that you would take to pay off your loan with a regular monthly principal and interest payment. Interest rates are of 2 types — a fixed rate where the interest rate will never change during your loan term. And an adjustable-rate loan, which after the introductory period, the interest may go up or down depending on the market condition, and thereby may increase your monthly principal and interest payment. For a first-time  h omebuyer, there are many federal and local programs that may help the homebuyer to put together money for a down payment in order to help them purchase a home. A potential buyer may check with the lender if they’re eligible for these programs. Many a time lenders may offer their own lower-down-payment mortgage options or assist with the down payment or closing costs. It is very important to know that interest rate and annual percentage rate, or , are two different things. The APR is the total loan

  Introduction To — What Is A GSE Mortgage? To enhance the flow of credit to specific sectors of the American economy a  government-sponsored enterprise (GSE)  got established. A GSE is a governmental entity, which was created by Congress, even if these agencies are privately held they provide public financial services. GSEs facilitate borrowing opportunities for a variety of individuals, including farmers, students, and homeowners. In the housing sector the agency,  Freddie Mac  (Federal Home Loan Mortgage Corporation) was initially created as a GSE. The intention was to enco u rage homeownership to the middle and working classes. Another mortgage GSEs like Freddie Mac are — the Federal National Mortgage Association ( Fannie Mae ) and the Government National Mortgage Association ( Ginnie Mae ). Both the Fannie Mae and Ginnie Mae were introduced to improve the flow of credit in the housing market and for reducing the cost of that credit. How Does A Government-Sponsored Enterprise (GSE)

  A new analysis by the Federal Reserve Bank of Philadelphia found that in the state, black mortgage applicants were nearly three times more likely to be denied by lenders compared to white applicants. Researchers say this is the reason for the widening homeownership gap between Black and white Philadelphians over the last 3 decades and is also the solution to curb the decline. Theresa Y. Singleton, the report’s authors and a senior vice president at the bank, said that this is affecting the Philadelphia economy. She rightly poi n ts out that it is the homeowners that bring taxation and increase the consumption in a state and country. The report notes that Black mortgage applicants have faced challenges because of their limited credit histories, not-so-good credit scores, and higher  debt-to-income ratios . 29% of rejection was because of credit history, of Black applicants compared to 16% denial to white applicants. Researchers also found that now the rising home prices, and declining

For the most part of last year and this year, the fixed mortgage rates have been historically lower than adjustable rates. Now, adjustable rates are racing with fixed mortgage rates. The average purchase rate for a 30 year fixed rate today is 2.87% The average  mortgage purchase  rate for the 2nd most popular fixed rate is 15 years and it stands at 2.14% today. To compete with the fixed rate the 7/1 ARM purchase rate today is 2.38% The 5/1 ARM purchase rate today is also at 2.38% The purchase   rate for a 30 year FHA loan rate is 2.25% Compared to purchase rates the refinance rates are overall lower The average rate for a 30 year fixed refinance loan is 2.78% The average rate for the 15 years fixed refinance is 2.10% The 7/1 ARM refinance average rate today is 2.38% (which is the same as the purchase rate) The average 5/1 ARM refinance rate today is 2.29% The average rate for a 30 year FHA refinance is 2.23% An adjustable-rate mortgage is ideal if the homeowner plans to move before the