While the concept of a reverse mortgage has been around for a while, they are less utilized as there are some misconceptions in the market. They may soon become a more popular option for many once one understands how to use this product to enhance their lives. A reverse mortgage is quite simple: a borrower
Housing does not seem to have been affected much by the rising mortgage rates which is not too good of news for those shopping for bargains. This month the mortgage rates have continued to increase from the lowest point but still remain at historic lows. Lenders remain busy as people still continue to purchase and
The lack of vaccine doses and evidence for its efficacy has caused the mortgage rates this week to stagnate while the economy yet again attempts to determine the magnitude of the effect COVID-19 will have on the housing market. As a direct consequence, mortgage rates have not changed much from their slight rise last week.
Todays mortgage myths… Pre-qualification vs Pre-approval Though the terms may look and sound similar. Some people use the terms interchangeably, but there are some differences that every homebuyer should understand. By answering several questions about your current financial situation, you can get pre-qualified which is based on consumer-submitted data. This means that your current financial
The Consumer Protection Act was signed into law after the housing crisis. This mortgage reform created minimum standards for mortgages, such as; loans may not contain negative amortization, prepayment penalties, interest only, balloon payment features, a term exceeding 30 years, and the debt to income ratio may not exceed 43%. Many self-employed borrowers who have