Housing Wire

NOVEMBER 1, 2022

As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. Generally speaking, a buydown is a real estate financing technique that makes it easier for a borrower to qualify for a mortgage with a lower interest rate.

Seller concession 468

Seller concession Loan Officer Closing costs Mortgages 468

Housing Wire

OCTOBER 21, 2022

In times as tough as these, mortgage lenders must be proactive in borrower outreach and find consumers’ home finance needs if they’re going to close a deal, a new report by mortgage relationship data company Sales Boomerang concludes. Rocket launched a similar product in September.

Seller concession 370

Seller concession Mortgages Loans Finance 370

Housing Wire

SEPTEMBER 16, 2022

Rocket Mortgage and its wholesale arm Rocket Pro TPO will reduce homebuyers’ monthly mortgage payments by one full percentage point for the first year of their loan. Rocket Mortgage will be covering the difference in mortgage payments in the first 12 months through a special escrow account.

Mortgages 418

Mortgages Seller concession Fixed-rate mortgage Loans 418

Housing Wire

APRIL 8, 2024

After a few months of downward data in its performance metrics, the reverse mortgage industry saw a slightly different story play out in March that should come as welcome news. Home Equity Conversion Mortgage (HECM) endorsements increased 8.3% The gains were led by Guild Mortgage (rising 96.6% to 84 loans), respectively.

Mortgages 457

Mortgages Seller concession Loans Equity 457

Housing Wire

JANUARY 17, 2024

They own the home with their name on the title, as with any mortgage, traditional or reverse. They own the home with their name on the title, as with any mortgage, traditional or reverse. But the fact is, most people simply don’t know that a new home can be purchased with a reverse mortgage.

Finance 482

Finance Seller concession Loan Officer Loans 482

Housing Wire

MARCH 6, 2024

Despite feelings of optimism expressed by loan originators in the opening weeks of 2024, the road to more normalized levels of reverse mortgage volume and securities issuances may be longer than expected. Home Equity Conversion Mortgage (HECM) endorsements fell 11.8% and Longbridge Financial recorded increases for the month.

Mortgages 463

Mortgages Seller concession Principal Loans 463

Housing Wire

APRIL 15, 2024

If the settlement is approved by the court, although agents and home sellers will not be able to list offers of compensation on the MLS, home sellers may still offer to cover the buyer’s agent fees if they so choose. The Community Home Lenders Association (CHLA) expressed support for the GSEs’ announcement.

Agents 532

Agents Seller concession VA loan Finance 532

Housing Wire

AUGUST 25, 2022

But there’s another threat that Homepoint executives must worry about – United Wholesale Mortgage (UWM), the top dog in wholesale, has embarked on a strategy of heavy price cutting, forcing Homepoint and others to limbo to compete for business. Mortgage executives project that number to remain steady or even tick up in the third quarter.

Mortgages 418

Mortgages Equity Loans Seller concession 418

Housing Wire

FEBRUARY 2, 2024

With ongoing liquidity challenges and a continuing lag in Home Equity Conversion Mortgage (HECM) case numbers, reverse mortgage business in 2024 started off with a bit of a whimper. New York passed a law in 2021 that allows for proprietary reverse mortgages to be conducted on co-ops, but HECM loans do not qualify.

Mortgages 434

Mortgages Seller concession Loans Finance 434

Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. VA loans offer a 100% financing option for qualifying military service members and veterans, and don’t require mortgage insurance. points from the 7.5%

VA loan 482

VA loan Agents Seller concession FHA loan 482

Housing Wire

OCTOBER 27, 2022

Mortgage rates have surged firmly above the 7% mark, making alternatives such as temporary rate buydowns and down payment assistance programs more popular, according to loan officers. United Wholesale Mortgage (UWM) launched the product in August. A year ago at this time, rates averaged 3.14%. Searching for new options.

Mortgages 397

Mortgages Fixed-rate mortgage Loan Officer Seller concession 397

Housing Wire

APRIL 12, 2023

With the mortgage industry still rightsizing, mortgage professionals are worried about regulation of the industry and inflation that thins already tiny margins. of the surveyed mortgage professionals said loans falling through was the biggest challenge, ranking as the second most challenging factor. About 19.4% Of the total, 36.1%

Mortgages 414

Mortgages Loan Officer Marketing Seller concession 414

Realty Biz

JUNE 22, 2021

What to Know About a Seller Concession. Many terms get bantered around in real estate that either a buyer or seller may not know the meaning of. One such term is seller’s concessions. It is not uncommon at all for a client to ask what are seller concessions. What is a seller concession?

Seller concession 128

Seller concession Closing costs Purchase and sale agreement Closing 128

Housing Wire

AUGUST 24, 2022

Top wholesale lender United Wholesale Mortgage (UWM) is the latest originator to join the resurgent home-equity lines of credit (HELOC) market. According to UWM, standalone HELOCs are an alternative when a “cash-out refinance doesn’t make sense due to having a low-interest rate on their current mortgage,” the company said in a news release.

Seller concession 397

Seller concession Equity Loans Mortgages 397

Housing Wire

FEBRUARY 9, 2021

When you go to buy a home , your mortgage lender will almost always order a home appraisal. 5 reasons to refinance your mortgage right now. Ask for seller concessions to make up for the increased price. Change your closing date to a more convenient one for the seller. The purpose?

Earnest money deposit 482

Earnest money deposit Seller concession Loans Lending 482

Housing Wire

JANUARY 25, 2023

This, in turn, will lead to risks of higher delinquencies for mortgages originated last year or late 2021, according to the company. According to Redfin, San Diego and Phoenix are among the most popular markets for seller concessions. Mortgage rates will also stay higher for longer than investors expected.

Seller concession 418

Seller concession Investor Mortgages Land 418

Housing Wire

NOVEMBER 16, 2022

Mortgage lender NewRez added the temporary rate buydown feature to its “Smart Series” non-QM products to leverage the growing group of non-traditional borrowers. Other options, such as the 2-1, and 1-0 rate buydowns are also available for non-QM mortgage products. Caliber was acquired by NewRez in a deal closed in August 2021.)

Seller concession 397

Seller concession Mortgages Lending Loans 397

Realtor.com

NOVEMBER 15, 2022

One type of incentive that buyers—and sellers—can use is called seller concessions. Seller concessions occur when a seller agrees to cover the cost of things the buyer usually pays for, such as closing costs , title searches, property appraisals, and other fees. How do seller concessions work?

Seller concession 121

Seller concession Purchase and sale agreement Closing costs Title search 121

Housing Wire

MAY 14, 2024

Even after navigating the climate of higher mortgage rates and a dearth of available listings, 82% of recent buyers had regrets about their purchase, Clever reported. More than 40% of this group said they’ve struggled to make on-time mortgage payments or have taken on new debt to maintain their current lifestyle.

Seller concession 488

Seller concession Brokerage Agents Development 488

Broke Agent Media

MARCH 16, 2023

BAM Key Details: A new Redfin report shows over 45% of sellers giving concessions to incentivize buyers, with a record 13% of sales involving both price cuts and concessions. Pandemic boomtowns, led by Seattle, have seen the biggest increases in seller concessions, which are most common in Las Vegas at 51.6%

Seller concession 98

Seller concession Closing costs Sales Mortgages 98

Housing Wire

NOVEMBER 20, 2023

Savvy sellers are consumers who will choose to have a seller agent complete a basic MLS listing, then take the process into their own hands by fielding orders directly from buyers rather than give 3% to have offers brought to them. If this is to happen, buyer agents and mortgage companies will be forced to adapt.

Pre-approval 481

Pre-approval Agents Loan Officer Seller concession 481

The Mortgage Report

JULY 31, 2020

A seller concession is an agreement where the home seller pays the buyer's closing costs. Learn how seller concessions work here.

Seller concession 115

Seller concession Closing costs Closing Mortgages 115

Housing Wire

JULY 4, 2024

This article explores these issues and underscores the role of real estate and mortgage professionals in guiding clients through these turbulent times. The role of real estate and mortgage professionals In times like these, the role of real estate agents , brokerage owners and lenders becomes even more critical.

Pre-qualification 476

Pre-qualification Pre-approval Seller concession Finance 476

Housing Wire

NOVEMBER 23, 2022

Mortgage rates for a 30-year fixed-rate loan are hovering around 7% levels and still-high home prices are slashing purchasing power. What helped Erica Davis, a loan originator at Guild Mortgage , in the current high-rate environment is a seller-funded temporary 2-1 rate buydown. It’s a terrible time for homebuyers.

Marketing 493

Marketing Loan Officer Loans Seller concession 493

Housing Wire

MARCH 27, 2023

But with the tech sector in turmoil, a looming recession, and consistently elevated mortgage rates, that trend is now making an about-face. Sellers are locked in because they can’t justify giving up a 2.9% mortgage rate to buy a new home with a 6.5% rate,” San Jose Redfin manager Kimberly Douglas said.

Industrial 397

Industrial Marketing Seller concession Sales 397

Housing Wire

JUNE 6, 2023

and home prices still near record highs, homebuyers are demanding that their loan officers provide options to lower monthly mortgage payments as much as possible. Barnes, a branch manager at Mann Mortgage , recently had a client who planned to live in a new home for five years before selling it. With rates around 6.9% versus a 6.5%

Loan Officer 397

Loan Officer Loans Seller concession Pre-approval 397

Housing Wire

OCTOBER 16, 2023

Zillow research also found that a majority of homeowners with mortgages have locked in a rate below 5%, and are almost half as likely to consider moving. However, this rise in first-time buyers helps explain what’s driving demand and keeping upward pressure on prices in a market with mortgage rates currently surpassing 7%.

Agents 435

Agents Seller concession Closing costs Mortgages 435

Redfin

FEBRUARY 18, 2025

Can you roll closing costs into your mortgage? Your lender can explain their specific policies, the rules around this practice, and which costs are eligible to be rolled into the mortgage. Your lender can explain their specific policies, the rules around this practice, and which costs are eligible to be rolled into the mortgage.

Closing costs 52

Closing costs Closing VA loan Seller concession 52

Real Trends

APRIL 11, 2023

To think outside the box, some Realtors began using seller concessions. Whereas seller concessions make the home-buying process more affordable and exciting for potential buyers, while also maintaining the home and the community’s value. In some areas of the U.S., So, what do you do?

Seller concession 76

Seller concession Closing costs Purchase and sale agreement Inspection contingency 76

Housing Wire

JANUARY 13, 2023

Just two weeks into 2023, Guaranteed Rate ‘s top LO and managing director Ben Cohen has also seen an increase in inbound calls from buyers wanting pre-approval for mortgages. Read on for more about Cohen’s business strategies for 2023, his take on the housing market and what mortgage products to pay attention to this year.

Pre-approval 418

Pre-approval Marketing Seller concession Mortgages 418

Housing Wire

FEBRUARY 19, 2025

Secure a mortgage pre-approval As a rule of thumb, its best to have your clients obtain a mortgage pre-approval prior to setting up any searches and conducting property tours. This is the time for buyers to discover any deficiencies in the property and work with the seller to resolve any issues.

Closing 228

Closing Earnest money deposit Due diligence Pre-approval 228

Redfin

FEBRUARY 20, 2025

On average, sellers typically pay between 6% and 10% of the homes sale price in total closing costs. This percentage includes real estate agent commissions, title insurance, escrow fees, and potential seller concessions. Heres a general estimate of different seller closing costs: Expense Typical Cost Who Pays?

Closing costs 56

Closing costs Closing Seller concession Title 56

Lighter Side of Real Estate

JANUARY 11, 2023

Forget about asking for any concessions from a seller! Then mortgage rates went up, and many buyers felt like it was an awful time to buy a house. Just months ago, buyers were regularly waiving their rights to even get an inspection done on the house, let alone hoping to have a seller take care of any repairs.

Seller concession 98

Seller concession Closing costs Inspection Mortgages 98

Inman

APRIL 17, 2024

Fannie, Freddie and FHA say sellers can continue to pay the buyer's agent's commission. But it remains to be seen if buyers will be allowed to finance their agent's commission into their mortgage.

Industrial 199

Industrial Mortgages Finance Agents 199

Inman

APRIL 22, 2024

Anthony Lamacchia thinks some agents are reading too much into guidance issued by mortgage giants Fannie Mae and Freddie Mac confirming sellers can continue to pay buyer's agents' commissions.

Mortgages 190

Mortgages Agents Seller concession Finance 190

Broke Agent Media

MAY 31, 2023

of home sales during the three months ending April 30 involved seller concessions—just under February’s record high of 45.6% While sellers in some parts of the U.S. are offering freebies to attract buyers, thanks to the dampening effect of high mortgage rates, sellers in markets with severe housing shortages don’t need to.

Seller concession 52

Seller concession Closing costs Sales Mortgages 52

Housing Wire

AUGUST 30, 2024

Real Estate professionals have long been the resource that people turn to for advice on mortgage professionals, title companies, plumbers, contractors, and other vendors.

Branding 435

Branding Agents Technology Seller concession 435