Housing Wire

JANUARY 9, 2025

A reverse mortgage is a possibility for seniors with substantial equity in their homes, the column stated. It essentially enables you to borrow against your equity, and you aren’t required to make any payments while you’re still alive as long as you live in the house.

FHA loan 369

FHA loan Mortgages Equity Closing costs 369

Housing Wire

MAY 23, 2022

HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink , about the ways lenders can capitalize on these trends by revving up their home equity solutions. Barry Coffin : It’s a good time to prioritize home equity transactions for a couple of reasons.

Equity 396

Equity Title Technology Loans 396

Housing Wire

NOVEMBER 27, 2024

Saving for the down payment and closing costs takes time, sacrifice and determination. And for many Americans, becoming a homeowner means they are creating wealth through equity, which in turn creates generational wealth and confers all the benefits we in this industry understand so well. They are now a homeowner.

Equity 397

Equity Mortgages Industrial Closing costs 397

Housing Wire

AUGUST 12, 2024

Piggybacks are a type of home equity loan taken out as a separate , additional loan from the borrower’s first mortgage. But these second liens usually have higher interest rates compared to first mortgages and likely require the payment of closing costs or origination fees. meaning they are left with zero or negative equity.

Loans 476

Loans FHA loan Equity Closing costs 476

Housing Wire

APRIL 26, 2024

FHA will move forward with its proposal that permits contributions by the property seller, real estate agent, builder, or developer to HECM for Purchase borrowers’ closing costs,” the update said. Historically, mortgage lenders and originators have been prohibited from contributing to closing costs to protect borrowers.”

Closing costs 488

Closing costs Development Equity Closing 488

Housing Wire

JUNE 8, 2022

The plans establish a flexible framework for the government-sponsored enterprises to address barriers to sustainable housing and close the racial homeownership gap. Freddie Mac will also conduct research on formerly redlined areas, to more effectively target its equity plan.

Equity 370

Equity Finance Loans Development 370

Housing Wire

APRIL 18, 2024

They also added “enhancements” to the programs themselves, including the addition of “a credit of $2,500 for very low-income borrowers that lenders must pass through to borrowers by applying it to the down payment or closing costs,” the report stated. The GSE also purchased 6,828 loans originated through lender-sponsored SPCPs.

Closing costs 443

Closing costs Loans Design Finance 443

Housing Wire

DECEMBER 14, 2023

In 2023, Fannie Mae and Freddie Mac announced plans to make it easier to buy a home and close the racial homeownership gap in the United States. Specifically, title and settlement fees have been characterized as a high-burden and regressive (costing proportionally more for low- and moderate-income borrowers) cost to borrowers.

Title 459

Title Closing costs Loans Title search 459

Housing Wire

APRIL 30, 2024

After the release of proposed new rules for the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program late last year, the reverse mortgage industry expressed a lot of excitement. AARP applauds HUD’s update to its Home Equity Conversion Mortgage for Purchase Program which keeps vital consumer protections in place,” Jones said.

Mortgages 441

Mortgages Closing costs Equity Construction 441

Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. If they lost their job, they have a lot of equity in their home, and most likely their financials have gotten better over time.

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

JULY 1, 2024

By 2024, in addition to owning more than double their share of all real estate, the Top 20% of incomes held 87% of all corporate equities and mutual funds. Equity management firm Carta found that most employees do not exercise stock because of cost and financial risk.

Equity 530

Equity Banks Finance Investor 530

Housing Wire

JANUARY 7, 2025

That means most members of the baby boomer generation are sitting on as much as $17 trillion in home equity as of the second quarter of 2024, and they are largely planning to keep that wealth within their own families. Baby boomers also expressed a desire to protect their home equity as opposed to tapping it in retirement.

Equity 391

Equity Closing costs Finance Technology 391

Housing Wire

MARCH 7, 2024

In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters. The White House estimates that this “will raise an additional $3.79

Construction 535

Construction Closing costs Renovation Title 535

Housing Wire

MARCH 20, 2024

The upfront lump sum can be applied toward a down payment, closing costs or other expenses related to the homebuying process. Ally Home , the residential mortgage lending arm of Ally Bank , is offering a $5,000 grant for eligible homebuyers in the select markets of Charlotte, Detroit and Philadelphia, the company announced on Tuesday.

Banks 456

Banks Closing costs Lending Equity 456

Housing Wire

MAY 20, 2024

So, as the loan balance increases, your home equity decreases.” The CFPB advises that upfront fees can be “as much as $6,000 plus closing costs in an initial mortgage insurance premium,” in addition to an annual mortgage insurance premium and obligations related to property taxes and homeowners insurance. You can sell your home.

Mortgages 446

Mortgages Equity Loans Closing costs 446

Housing Wire

JUNE 9, 2022

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs).

FHA loan 368

FHA loan Renovation Equity Loans 368

Housing Wire

NOVEMBER 13, 2023

Any person involved in selling a home knows that you cannot increase the price of your home randomly to cover the cost of commissions and other closing costs. The market sets the price of the home, and it cares little for closing costs — or what the homeowner invested in it — when determining the price for which it will sell.

Closing costs 375

Closing costs Equity Agents Technology 375

Housing Wire

JUNE 21, 2024

The Montana Board of Housing is aiming to remind the state’s seniors about a government-administered program that is specifically designed to help older adults access their home’s equity — and it should be very familiar to members of the reverse mortgage industry. This is where the RAM program can come into play.

Mortgages 396

Mortgages Equity Finance Closing costs 396

Housing Wire

JULY 5, 2023

The company’s management team implemented this policy, the complaint alleges, because refinancing can come with high closing costs that range between $5,000 and $10,000 dollars. Members of the bilingual team expressed concern about the policy to management, the complaint says.

Mortgages 370

Mortgages Closing costs Lending Closing 370

Housing Wire

JANUARY 25, 2023

Among some of the benefits the initiative claims to offer are a minimum of $5,000 for down payment and closing cost assistance and up to an additional 1% of the sales price — or $3,000 — for a maximum of $8,000 in homebuyer assistance.

Equity 397

Equity Closing costs Loans Title 397

Housing Wire

MAY 3, 2022

A Palo Alto, California-based fintech startup Point , which bills itself as allowing homeowners to tap into future home appreciation, closed on a $115 million Series C funding round, the company announced Tuesday. Point now says it has raised $170 million in equity capital.

Equity 395

Equity Investor Closing costs Finance 395

Housing Wire

JUNE 26, 2024

That’s because relative to homebuilders, homeowners have more options for offering concessions, such as help with closing costs and repairs. Sales volume in that segment of the market dropped 2.8% compared to last year and by only 0.7% month over month.

Sales 459

Sales MLS Closing costs Equity 459

Housing Wire

JANUARY 17, 2024

The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ). And after years of advertisements and TV commercials promoting the benefits of better-known reverse mortgage loan uses like continuing to live in your current home while tapping your home equity, 4 who could blame them?

Finance 482

Finance Seller concession Loan Officer Loans 482

Housing Wire

FEBRUARY 15, 2024

And that’s how Saller’s clients — siblings in their early 20s — can close on a $335,000, three-bedroom condominium in Jackson, New Jersey, early in March. They made good money, but with student loans and car payments, they didn’t have the money for the down payment and closing costs,” Saller said.

FHA loan 476

FHA loan Loans Closing costs Loan Officer 476

Housing Wire

AUGUST 10, 2023

Mortgage , and/or Closing Cost Credit. For eligible borrowers at or below 80% AMI, the mortgage program allows a 3% down payment on a fixed-rate mortgage and the closing cost credit program provides up to $5,000 to use toward closing costs. Wells Fargo’s mortgage originations reached $7.8

Fixed-rate mortgage 370

Fixed-rate mortgage Closing costs Lending Banks 370

Housing Wire

JULY 2, 2024

Home Equity Conversion Mortgage (HECM) endorsements fell by 14.4% Equity takeout” loans — reverse mortgages that are neither purchases nor refinances — dropped by 4.8% Purchase is one we’re watching closely with the recently implemented tweak to closing costs that we expect to open that door more fully.

Mortgages 432

Mortgages Equity Loans Loan Officer 432

Housing Wire

AUGUST 6, 2021

While refinancing can be a good way to build equity and manage debt, it can cost money – anywhere between 3% to 6% of the amount of debt you still owe on your current loan. So while you might eventually save money from refinancing, you’ll also spend money on closing costs.

Title search 459

Title search Title Closing costs Loans 459

Housing Wire

MARCH 1, 2021

These mortgages come with lower interest rates, a quicker payoff timeline and the opportunity to build equity much faster than 30-year loans. You often won’t need a credit check, home appraisal or much paperwork, and you can close on your loan in just a couple of weeks. . It doesn’t stop there.

Mortgages 459

Mortgages VA loan Loans Loan Officer 459

HomeLight

APRIL 14, 2023

But even though the monthly mortgage payments fit into your budget, you’re concerned about coming up with enough cash for a myriad of closing costs in addition to the down payment. Find a Buyer's Agent What are closing costs? Some of these costs, such as property taxes and insurance, apply to homeownership in general.

Closing costs 105

Closing costs Closing Purchase and sale agreement Title 105

Housing Wire

SEPTEMBER 16, 2022

. “The Inflation Buster pairs perfectly with the Rate Drop Advantage program which covers many of the costs to refinance when interest rates fall,” Bob Walters, CEO of Rocket Mortgage, said in a prepared statement. Combined, these put buyers in the driver’s seat with unmatched benefits.”

Mortgages 418

Mortgages Seller concession Fixed-rate mortgage Loans 418

Housing Wire

APRIL 26, 2023

Bridge loans are popular among his clients since they allow homeowners to tap into their equity when buying a home, as well as a professional mortgage where buyers in a specific industry can make a 10% down payment without mortgage insurance, Parkinson explained. Niche loans consist of about 5% of Parkinson’s business.

Loan Officer 418

Loan Officer Mortgages Loans Closing costs 418

Housing Wire

JANUARY 10, 2023

With the rise in mortgage rates and inflation, concessions regained popularity, reducing the overall cost for homebuyers through money toward repairs, closing costs and mortgage-rate buydowns. When the 30-year mortgage rate was around 3%, there was a higher demand for homes and such deals were not as popular.

Seller concession 482

Seller concession Mortgages Loans Closing costs 482

Housing Wire

FEBRUARY 14, 2024

As a result, homeowners either must sell their current home and suffer through double moves and short-term rentals to access the equity they’ve accrued, or they have to make contingent offers that require the sale of their current house to close. HW: How has the proptech space evolved in the last 5-10 years?

Backup offer 448

Backup offer Loan Officer Home sale contingency Branding 448

Housing Wire

NOVEMBER 3, 2021

The government-sponsored enterprise will provide closing cost credits on multifamily loans for rental landlords who agree to report on-time rental payments through Esusu Financial. Esusu, a credit-building fintech, will deliver the on-time rental payment reports from landlords’ property management software to the credit bureaus.

Finance 468

Finance Closing costs Property Management Equity 468

Housing Wire

MAY 25, 2023

Older Americans are sitting on more than $12 trillion in home equity, according to the National Reverse Mortgage Lenders Association (NRMLA)/ Riskspan Reverse Mortgage Market Index. These homeowners are seeking different retirement solutions to help allocate their home equity and make it more durable over the next 20 to 30 years.

Loan Officer 418

Loan Officer Equity Finance Loans 418

Housing Wire

MARCH 2, 2021

Add the fact that lenders are not only dealing with a remote workforce these days, which is an operational challenge in itself, they are also facing a major shortage of qualified appraisers, underwriters and other operational staff in certain markets, which could cause even longer closing delays. It’s easy to see why.

Title 334

Title Lending Due diligence Title search 334

Housing Wire

MARCH 14, 2023

The increase in Special Purpose Credit Programs (SPCPs) could play a promising role in closing the non-Hispanic White and Latino homeownership gap, NAHREP said. SPCP mortgage types include refinance, purchase, construction, home equity lines of credit ( HELOC ) and down payment or closing cost assistance.

Debt-to-income ratio 418

Debt-to-income ratio Mortgages Closing costs Equity 418