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

HomeLight

A bridge loan is your short-term financial bridge, designed to help you purchase that new home while your old one is still on the market. Here’s how it works: Your bridge loan, also known as a swing or bridging loan, leverages the equity you’ve built up in your current home. Now, let’s talk numbers.

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

HomeLight

Enter the bridge loan — a strategic, short-term financing solution designed to help you purchase that new dream home without waiting for your old one to sell. At its core, a bridge loan provides you with the equity you’ve accumulated in your existing home, allowing you to forge ahead with the purchase of your next Utah residence.

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

HomeLight

Enter the bridge loan, a financial tool designed to bridge this very gap. Discover the Innovative Way to Buy Your Next Home Before Selling Your Current Home Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home.

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