After home buyers get preapproved for a loan, they aren’t guaranteed a swift ride to closing. If they make a financial misstep, they could face a change to their mortgage terms and interest rate or even have their mortgage denied.Here are some tips with their finances they’ll want to avoid on their road to closing:Don’t move your money around.Your buyers may have been storing their cash reserves. Warn them not to move that money out of savi
The number of riskier mortgages is growing, which is increasing delinquencies—albeit slightly—and raising concerns about defaults, USA Today reports. Federal Housing Administration loans, which typically require down payments of 3 percent to 5 percent, are at the center of most of the concern.FHA-backed loans are becoming more available through non-banker lenders, who have in some cases eased credit standards compared to banks.While still far
The flippers are back. The number of single-family homes and condos flipped in 2016 zoomed to a 10-year high, a new report from ATTOM Data Solutions shows.The report shows that 193,009 single-family and condos were flipped in 2016, up 3.1 percent from 2015 and the highest level since 2006. ATTOM Data Solutions defines a flip as a home that was sold twice within a 12-month period.Home flips comprised 5.7 percent of all single-family and condo sale
Colorado and Texas claimed nine out of the top 10 best places to sell a house, according to a new study by SmartAsset.Researchers evaluated 161 cities with populations greater than 150,000 across five factors, including the change in median home value, the percent of homes in the area sold at a loss, the average number of days a home sits on the market, the closing costs, and the number of real estate offices per 1,000 residents.The following mar
One million U.S. borrowers regained equity in 2016, according to CoreLogic’s newly released housing report. Further, about 63 percent of all homeowners saw their equity increase last year.Now, 93.8 percent of all mortgaged properties—or about 48 million homes—are in positive equity territory, according to the report.“Average home equity rose by $13,700 for U.S. homeowners during 2016,” says Frank Nothaft, chief economist for CoreLogic.
The 30-year fixed-rate mortgage surged to its highest average of the year this week, reaching 4.21 percent, Freddie Mac reports in its weekly mortgage market survey.“The 10-year Treasury yield rose about 10 basis points this week,” said Sean Becketti, Freddie Mac’s chief economist. “For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday’s emplo
Real estate investor Sidney Torres is dishing on his big secret to making millions in real estate: Buy, don’t sell.Torres says the priority is to have a smart buying strategy where you truly can net the most profits, not in the renovations.“A lot of people think, ‘Oh, I’m going to go in there and I’m going to renovate [the property] for a lot less, and that’s where I’m going to make my money,” says Torres, the host of CNBC’s “
Americans have, so far, stood resilient to rising mortgage rates, but a bigger impact will come soon, say Goldman Sachs economists.Housing’s share of the economy rose above normal levels from November to January, despite mortgage rates surging 60 basis points at the time.Still, economists caution that there may be a lag to the impact of rising rates and particularly their effect on home prices. In an analysis—pulling data from past 100-basis
Borrowers are getting spooked by rising rates and, as a result, they’re rushing to lock in rates before any further increases. That’s pushing mortgage application volume higher, increasing a seasonally adjusted 3.3 percent week over week, the Mortgage Bankers Association reported Wednesday. Buyers are also increasingly turning to adjustable-rate mortgages to try to get more savings in their monthly payments too."Mortgage rates increased last
Millennials and baby boomers often steal the spotlight in real estate. But Generation X says it’s time for the housing market to pay more attention to them instead. Gen Xers are the only generation to purchase more homes last year than they did the previous one, according to the National Association of REALTORS® Home Buyer and Seller Generational Trends survey.Gen Xers, aged 37 to 51, made up 26 percent of home buyers in 2015, but grew that pe
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