Recent Posts: Mortgages + Lending

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You Already Have A Down Payment! (part 1).

A recent NAR survey of more than 2,700 Americans showed that more than 80% of consumers across all ages, income brackets, and education levels believed a down payment of 10% percent or more was required to purchase a home. However, the average median down payment for a first-time buyer has been 5% percent for about […]

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Mortgage Rates Near New Low.

Mortgage rates continue to hover around all-time lows, with the 30-year fixed-rate averaging around 3.43% this week, making this the ninth consecutive week that mortgage rates have been below 3.5%. Want even a lower rate? 15-year fixed-rate mortgages averaged 2.74%.

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Banks are Leaving the Mortgage Business.

MPA Magazine (www.mpamag.com) reports that large banks are leaving the home mortgage business. They originated just 52% mortgages in 2014, down from more than 70% seven years earlier. The magazine cites the CEO of BankUnited (a Florida based bank) who said “We can’t make money in the business. We realized that this was the lowest-margin, […]

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It’s Getting Easier to get a Mortgage.

Over the past few years the federal government and lenders have taken several steps to open up the credit box. Signs that the efforts were paying off came last fall when credit scores on closed loans lowered to 723. As of April 2016, the average FICO score was still 723 – but nearly one-third of […]

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Appraisers Are Dying – Literally!

MarketWatch.com reports that the number of appraisers is down 20% from 2007, and the number in that profession is expected to decline steeply in the next five years. Residential has been hit harder than commercial, with predictions that the decrease could continue by 3% each year for the decade. One reason is that 61% of […]

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Get a Free Down Payment.

The AzHFA Home Plus Mortgage Loan Origination Program provides down payment assistance to Arizona home buyers with an annual household income less than $89,000 using a Fannie Mae, 30-year fixed mortgage. The down payment assistance can be used to purchase a home under $357,000 for the down payment and closing costs equal to 4% of […]

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Get Your Down Payment.

Need help with a down payment for your next home?  SimplySOLD™ is a National Association of Expert Advisors Certified Down Payment Advisor. Go to ScottsdaleAZmaricopa.downpayment.org for a list of free or subsidized down payment programs available to home buyers in Maricopa county.

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Mortgage Rates Hit New Low for 2016.

Last week mortgage rates fell to their lowest level since February 2015. 30-year fixed-rate mortgages averaged 3.59%, and 15-year fixed-rate mortgages averaged 2.88%. Buy or refi now to take advantage of these rates!

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3% Loans are Back!

Bank of America announced a loan program through Freddie Mac and Fannie Mae to help low and moderate income borrowers. B of A is backing loans with down payments as little as 3%, as long as borrowers have a credit score of at least 660. The maximum available loan amount is the Freddie/Fannie limit of […]

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Mortgage Rate Free Fall?

Mortgage rates declined for the week ending February 25, further boosting buyer affordability, with 30-year fixed-rate mortgages averaging 3.62%, and 15-year fixed-rate mortgages averaging 2.93%. Since the beginning of 2016, Freddie Mac reports that the 30-year rate has fallen nearly 40 basis points.

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5 Mortgage Lending Myths.

Myth # 1: You won’t be approved. The requirements to buy a home may not be a tight as you think they are. Some terms have been relaxed. Talk to a reputable loan officer before ruling yourself out. Myth # 2: Talking to a lender can wait. Don’t leave talking to a mortgage professional until […]

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Get A Down Payment!

70% of U.S. adults are unfamiliar with down-payment assistance programs for middle-income home buyers, according to a NeighborWorks America survey. There are hundreds of millions of dollars available for down-payment assistance from many local and state organizations, besides the VA, FHA, and for rural home buyers – the U.S. Department of Agriculture programs. Here in […]

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Increased Condo Financing Barriers.

FHA will insure mortgages in less than 7% of the nation’s condominium developments, according to the New York Times.  Condo projects must be certified (pre-approved) by the FHA before their loans can be made there, and due to the information required, and only the association can make such an application. FHA tightened its financing of […]

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Do you know the New Closing Procedures?

The Consumer Financial Protection Bureau has changed the lending process starting October 3.  The Good Faith Estimate and the HUD-1 settlement statement are being replaced with a Loan Estimate and Closing Disclosure forms. New procedures have been created around those forms that are date-sensitive and could negatively effect the sale of a home. To see […]

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Jumbo mortgages booming.

The volume of jumbo mortgages (loans above $417,000 in most places and $625,000 in high-priced areas) reached an estimated $160 billion in the first six months of 2015 – 36% higher than a year ago, according to Inside Mortgage Finance.  Jumbo mortgages comprised about 20% of all mortgage originations, marking a comeback to pre-recession levels.

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