The Orange Man pioneered the distribution of neg-am mortgages to the masses, and then hoodwinked Wall Street into thinking the loans were worthy of buying in tranches - yet he didn't want to take the blame and instead enjoyed his retirement as a member at all the...
Hat tip to the readers who sent in this article found in the tabloid newspaper NY Post. It mentions the Fannie/Freddie fee increase for those with higher credit scores, and fee discount for those with lower credit scores. All the revised policy does is reduce the gap...
People thought that this program's $300 million would last a few months. How about two weeks! I doubt the homebuyers all found homes already. Doesn't it have to be that the $300 million in loan preapprovals all happened quickly, and now those buyers are searching for...
The CalHFA Dream For All Shared Appreciation Loan Program is out. It's a way for buyers to purchase a home with no money down. The State of California has thrown $300 million towards the program, and they will provide a 20% down payment and share the future...
The mortgage rates are heading for 7% again, which is shocking, given it was 5.99% on Feb. 2nd. Higher rates will discourage both buyers and sellers, and make them want to wait for a "better market" some day in the future. Whether that day will come isn't considered...
Thanks to JBREC for the chart, and article! https://www.realestateconsulting.com/speedy-escape-from-housing-market-slump-unlikely/ An excerpt: In the mid-1990s when 30-year fixed mortgage rates climbed over 9%, ARM usage jumped to 35% of all mortgages. In 1999-2000 as...
From a buyer who recently applied for a mortgage: Buyer: I've had about 40 calls since 7am this morning for mortgages. I didn't take any of them and most of them are leaving VMs and texts saying they got notified by Experian that my credit was pulled for mortgage...
The Mortgage Bankers Association (MBA) released its latest mortgage application numbers this morning and the modest movement belies the drama unfolding in the world of mortgage rates. As usual, the MBA does a good job of capturing average rate movement week to week...
Rates matter. We gave credit to the ultra-low rates when they were in the 2%-range for helping to create the frenzy. Likewise, higher rates will have something to do with the way the market turns out in 2022. It's not because the payment are so much different. When...
We see on every listing how the estimated values jump all over the place. On my Aviara listing, the initial estimate was $2,247,615, but once the home hit the open market, the red team lowered their estimate by $313,637 to $1,933,978. A few days later, they have...
