It’s been a bumpy ride for mortgage companies lately. Some lenders have gone out of business, merged with other companies or narrowed their focus. And more changes are likely in 2023. What does all this mean for borrowers? Here are answers to common questions, whether you’re shopping for a mortgage or paying off a home…
Agent Calls Lender Without Client Approval. Is This Unethical?
Dear Monty: My wife and I are currently looking for homes with an agent. We have received preapproval letters from three lenders and are still deciding which way we will go. Upon providing our agent with our preapproval letters (all for the same amount and similar interest rates), the agent called our potential lenders and…
How Much Would Famous Sitcom Homes Cost in Real Life?
By Alex Chhith From Star Tribune (Minneapolis) Minneapolis—Watching sitcoms on television, who hasn’t thought, “I want to live there”? If you want to buy a house like the one in “Full House” in San Francisco’s Lower Pacific Heights neighborhood, one comparable to it—a five-bedroom, four-bath, three-story Victorian—would cost you $3.5 million, according to San Diego-based…
Australian Government Introduces $10 Billion Fund to Tackle Social Housing Issues
The Australian government has introduced a $10 billion (US$6.95 billion) package to address the lack of social and affordable housing across the country, touting it as a “turning point” for Australian home ownership. On Feb. 9, the Australian government announced that it would table new legislation to the parliament to establish the Housing Australia Future…
Mortgage Demand Up as Rates Fall for 5th Consecutive Week
February 8, 2023
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30-year mortgageBusiness & Marketseconomic policieseconomyHome salesinflationInvestmentMarketsmortgage applicationsreal estateUSUS Real Estate
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Mortgage demand is recovering as rates continued to fall last week for the fifth consecutive time. The news caused current homeowners and potential homebuyers to immediately react to the changes. The total mortgage application volume, including refinances and loans to purchase a home, jumped 7.4 percent for the week ending Feb. 3, according to the…
Has Policy in Beijing Turned a Corner?
Commentary Authorities in Beijing seem eager to signal a change in policy. They want, or so the signals imply, to take reform beyond the abandonment of zero-COVID, jumpstart China’s still-stalled economy, and also improve strained diplomatic relations with the West. If the change involves a relaxation of the authoritarian, statist trend of recent years, people…
UK House Prices Stabilised in January, Halifax Figures Show
February 7, 2023
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Business & MarketseconomyGlobal Real EstateHouse Pricesinflationinterest ratesInvestmentKwasi Kwartengliz trussmortgagereal estateUKWorld
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House prices in the UK stabilised in January following a series of monthly falls last year, according to new figures from the Halifax bank. Halifax said the typical property value remained largely unchanged in January 2023 at £281,684, compared with December 2022. The bank’s House Price Index (pdf) recorded 0.0 percent house price growth in…
Condo Remodel Requires Extra Due Diligence
Dear Monty: I found a condo near my office, but my agent quickly let me know that the outside of the complex has structural damage and that a special assessment would come. It is also in poor condition inside. There are signs of water penetration and mold everywhere. Nothing works; there is junk around and…
Single Women Own More Homes Than Single Men in Most US States
February 3, 2023
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Business & Marketseconomygender gaphomeownershipInvestmentpersonal financereal estateSocial IssuesUSUS Real Estate
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Single women now own more homes than single men in most U.S. states for the first time in the nation’s history, according to a recent study. In an analysis of U.S. Census Bureau data from 2021, LendingTree released a report that found that single women who lived by themselves were outpacing single men in homeownership in 48 out…
Construction Loans—What You Need to Know
Are you thinking about building a home? Unless you have the cash on hand, you will need financing. Building a home is different than purchasing a home. You take out a different type of loan. If you plan on building, it’s essential to know the difference between a new construction loan and a mortgage. Construction…
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