When you are shopping for a mortgage that fits your limited budget and tight timeline, you’re probably facing two choices: a consumer bank or a mortgage broker. A consumer bank is where you likely have your checking account. Also known as a retail bank, a consumer bank handles basic banking needs such as checking and…
A ‘Perfect Storm’: Sharp Rise in Home Prices, Mortgage Rates Driving Working Americans out of the Market
May 14, 2022
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Business & Economyeconomic policieseconomyinflationmortgagePolicies & Impactsreal estateSocial IssuesUnited StatesUS
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The dramatic rise in home prices and mortgage rates in the early months of 2022 has had a relatively limited effect on wealthy buyers and sellers, but has had a severe impact on lower-income Americans—and the Democratic Party may pay a steep price for their frustrations in the November midterm elections and beyond, according to…
‘Remain Cautious on Mortgage Originators’: Rocket Companies Analysts React to Mixed Q1 Earnings
Rocket Companies Inc. shares are trading lower by 5.5 percent after the mortgage lender reported a sharp decline in revenue. On Tuesday afternoon, Rocket reported first-quarter adjusted EPS of 15 cents, missing consensus analyst estimates of 19 cents. Revenue for the quarter was $2.67 billion, beating Wall Street’s expectations of $2.17 billion. Revenue was down…
Warranty Deed Versus Quitclaim Deed
May 10, 2022
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BrightbudgetingDebt Managementhouse rentalsmortgagemortgage lenderspersonal financequitclaim deedtransferring title
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Dear Monty: We want to give our son a quitclaim deed to our house, which he rents from us. We still have a mortgage of $117,000 on the home. What is our obligation in this transition? Monty’s Answer: There are several steps that must be taken before you can quitclaim your home to your son….
Beware the Popping of the Housing Bubble
Commentary Washington never learns. Never. Politicians are like collective Alzheimer’s disease patients. They have no short-term memories. Does anyone remember 2008? It was only 14 years ago. Then, America suffered through one of the most significant and most painful financial crises in our nation’s history—and the worst losses since the crash of 1929. Millions of…
Housing Beat: 30-year Mortgage at 13-year High; Major Lenders in LinkedIn Spat
The housing and mortgage world witnessed rising rates, an upswing in application levels, and public feud between two major lenders. On The Mortgage Front Freddie Mac reported the 30-year fixed-rate mortgage averaged 5.27 percent, up from last week when it averaged 5.10 percent. The 15-year fixed-rate mortgage averaged 4.52 percent, up from last week when it…
12 Expert Tips to Pay Down Your Mortgage in 10 Years or Less
Purchasing a home is a dream for pretty much everyone. But, taking on that massive debt can prevent you from retiring earlier, sending the kids to college, or taking that dream vacation. Like any other debt, if you’re able to get rid of your mortgage as soon as possible, the better off you’ll be down…
US Mortgage Interest Rates Rise Further, Loan Demand Ebbs
The average interest rate on the most popular U.S. home loan rose to its highest level since June 2009 last week and demand for mortgages ebbed as the impact of rising costs began to bite, Mortgage Bankers Association (MBA) data showed on Wednesday. The average contract rate on a 30-year fixed-rate mortgage increased to 5.37…
Rising Mortgage Rates Prompt Downward Revision to Home Price Forecasts
A sharp run-up in mortgage rates has prompted speculation about possible cooling in house prices in the red-hot U.S. market, with real estate research firm Zillow lowering its home price forecast for 2023 by 1.6 percentage points. Home prices have been on a tear amid broader inflationary pressures in the U.S. economy, with the most…
Housing Beat: Mortgage Rates Hit 5 Percent Level While Property Taxes Inch Higher
The week in housing was one of great challenges, with mortgage rates cracking the 5 percent level while homeowners faced an uptick in property taxes and state attorneys general demanded that mortgage services drop their convenience fees charged to borrowers. High-Five Freddie Mac reported the 30-year fixed-rate mortgage averaged 5 percent on April 14, up…
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