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Mortgage costs, lender denials jumped in 2022: CFPB

Housing Wire

Homebuyers faced surging mortgage costs, fees and monthly payments in 2022 amid a tightening monetary policy designed to combat persistent inflation. And because their income didn’t keep up, lenders’ denials for a home loan jumped last year, according to a Consumer Financial Protection Bureau (CFPB) report released Wednesday.

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Bridge Loans in Phoenix: How to Unlock Home Equity to Buy Before You Sell

HomeLight

Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. It uses the equity youve built in your existing home to give you quick access to cash for a down payment or to cover closing costs on your next purchase.

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Bridge Loans in NYC: How to Unlock Home Equity to Buy Before You Sell

HomeLight

You might be curious if theres a way to access your homes equity for a down payment before it sells or if your only option is to move out and crash somewhere temporary while you house hunt. This short-term loan is designed to help you buy your next home first, and then sell your current home afterward. Why Move Twice?

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LOs and brokers, are you prepared for an evolving workforce?

Housing Wire

These borrowers may have already experienced rejection when applying for more traditional loans due to factors like having less than perfect credit, high debt-to-income ratios, low reportable income and a number of other increasingly common reasons such as being self-employed or freelance workers. Why partner with Newrez?

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Bridge Loans in Las Vegas: Unlock Your Equity to Buy Before You Sell

HomeLight

Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. It gives you access to the equity in your existing home so you can cover a down payment and closing costs on your new purchase without waiting for your old house to sell. Why Move Twice?

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Opinion: how to close the minority homeownership gap

Housing Wire

Income and credit information are inputted into the AUS. Then, it makes a decision based on three primary factors: debt-to-income ratio (DTI), credit score and loan-to-value ratio (LTV). Lenders use systems called automated underwriting systems (AUS) that are accessed by Fannie Mae and Freddie Mac.

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When rates skyrocketed, mortgage servicing reset the board. The next battle is about to begin

Housing Wire

In the meantime, these companies could market other products, such as home equity loans, to borrowers in these portfolios. Middleman pointed to average loan-to-value ratios of 50%, average debt-to-income ratios in the low 40% range, and credit scores in the low 700s as indicators of an “extraordinary” credit.

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