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  The vice president of demographics and behavioral insights at the National Association of Realtors, Jessica Lautz, said, the market is expected to rise in 2022, Zillow is predicting a home value growth of 11%. She said while the supply of ready homes is still low, and the mortgage rates are rising which has led to competition in the marketplace. Here are a few tips that can be taken now to put yourself in the best position to  find a new home  while the rates are still historically low. PAY OFF DEBT A borrower’s   debt-to-income ratio  is seen by the lender when determining the loan. It is ideal to try and pay down the debt before you start house hunting. If you don’t have debts, then good savings can help with the down payment. CHECK YOUR CREDIT Another important factor that decides which mortgage and the  type of loan  one can qualify for is the good credit score. Because the credit score influences the interest rate a borrower receives and potenti...

  In the third quarter of 2021 homeowners with mortgages, have collectively made gains of $3.2 trillion noted the analysts at CoreLogic. The Homeowner Equity Report from CoreLogic shows an increase of 31.1% year-over-year (YOY). Since Q3 of last year, the average gain is around $56,700 per homeowner. As analysts note that these gains are important for home renovation projects. As homeowners take advantage of home equity loans and increase the value of their homes by making improvements to them. Analysts noted that mass foreclosures could be avoided because of the increase in equity. Accordi n g to Frank Nothaft, chief economist at CoreLogic, home price growth is the main reason for  home equity  creation. According to the report between September 2020 and September 2021, the price of homes has gone up by 17.7%. Even though home price growth has not been favorable for first-time homebuyers, or buyers having budget constraints, it has created wealth stability for existing h...

  Compared to a year ago the refi applications have dropped sharply shows a new survey. The lenders warn that mortgage borrowers do not have much time to take advantage of the  low refinance rate  as it is a known fact that the Federal Reserve will raise interest rates in 2022. The Mortgage Bankers Association reported that there was a decline of 4% in the overall mortgage applications in the 2nd week of Dec. Refi demand was down by 41% compared to the same time in 2020. The MBA’s fore c asting chief Joel Kan said that at current rates not many homeowners can refinance. In 2019 December, the 30-year average was at 3.99% meaning the rates on home loans remain much cheaper than they were before the pandemic broke. Some homeowners have been avoiding refinancing because they’re hoping that lower rates will return, but it looks like a difficult task. The MBA predicts that by the end of 2022, the 30-year mortgage rates will hit an average of 4%. According to a recent study by Z...

  About Mortgage Recording Fees There are quite a few costs involved that are a requirement as part of the  loan closing process . Recording fees  might be one thing that you didn’t anticipate finding among your different closing costs. So, Let’s look at what is a recording fee during a  home buying process . Introduction To What Are Recording Fees? The state and local agencies charge Recording fees for registering a property’s transfer of ownership. These fees are a part of the various other expenses which are referred to as  closing costs . What Is The Cost Of Recording Fees? Depending on the county in which the real estate transaction takes place the recording fee is charged. So the cost of recording fees will differ from county to county. The cost of recording fees may also depend on the size of the document a borrower is filing. A borrower who has a more complicated and lengthy document regarding the sale of their new home is likely to pay more in recording...

  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 m...

  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 ...

  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 w...

  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%...

  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 t...