Mortgage: The Death Pledge
Mortgage: ‘mortuus’ meaning ‘dead’ and ‘gage’ meaning ‘pledge‘
Lately, I’ve been a hearing a lot of people say that mortgage rates are “average” or “normal.” As in, they aren’t high or low. They’re just typical. This is usually in response to someone pointing out that they’re much higher than they were just a couple years ago. In a...
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Published on: 2024-11-18
Source:
The Truth About Mortgage
In today’s fast-paced financial environment, every loan opportunity is critical. We value the importance of quick turnarounds for pre-qualifications, and we are committed to providing a service that goes beyond the ordinary. Our pre-underwriting process is designed to offer more than just a simple pre-qualification; it’s about delivering confidence and...
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Published on: 2024-11-18
Source:
Mortgage Depot
If you’re thinking about buying or selling a house right now, you’re not alone. The housing market has seen a lot of unusual trends in the past couple years, so it makes sense that you’d want the latest update on what’ll happen in the market before you decide to buy...
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Published on: 2024-11-15
Source:
Ramsey Solutions
Recently, a lot of people have argued that we won’t return to lower mortgage rates. That there’s no possible way we can go back to low mortgage rates. Thing is, when they say that, they’re always thinking about 3% mortgage rates, maybe 4%. In reality, mortgage rates could go down...
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Published on: 2024-11-14
Source:
The Truth About Mortgage
If you’ve been home shopping since early 2022 when mortgage rates surged higher, you’ve likely come across the buydown. The buydown is used to lower a home buyer’s mortgage rate, either temporarily or permanently. It can make the mortgage payment cheaper for the first few years of the loan term,...
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Published on: 2024-11-13
Source:
The Truth About Mortgage
Did you know that we DO NOT require these income sources to be averaged over 24 months? This can make a significant difference in your mortgage application process. Flexible Income Sources We recognize that many of our clients have diverse income streams. Here are some examples of additional income sources...
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Published on: 2024-11-12
Source:
Mortgage Depot
While mortgage rates have already seen some improvement since the election dust settled, they remain quite elevated. At last glance, the 30-year fixed was hovering around 6.875%, down about 0.25% from its recent highs. It’s been a good few days, but rates are still at least 0.75% higher than they...
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Published on: 2024-11-12
Source:
The Truth About Mortgage
It’s a tale as old as time. Someone attempts to time the market, only to fail miserably. Then they either miss out completely, or chase an opportunity that is no longer there and perhaps overpay in the process. Recently over dinner, a friend told me a story that seemed worthy...
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Published on: 2024-11-11
Source:
The Truth About Mortgage
No matter how hard you try, it’s impossible to outrun debt. Yep—debt is a predator, lurking in the shadows of your life, following you from address to address and place to place. And just when you think you’re off the hook, you get a letter in the mail from a...
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Published on: 2024-11-11
Source:
Ramsey Solutions
I sometimes wonder with so little equity extracted this cycle if it’s still early innings for the housing market. At least in terms of the next collapse. Sure, home sales volume has plummeted thanks to unaffordable conditions, driven by high home prices and significantly higher mortgage rates. But do we...
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Published on: 2024-11-08
Source:
The Truth About Mortgage
It’s been no secret that most everyone thinks mortgage rates will be higher under President Trump. But because it’s been so telegraphed this time around, we’ve seen a very defensive bond market leading up to the election. Many have argued that him winning the election was already priced in to...
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Published on: 2024-11-07
Source:
The Truth About Mortgage
In its fight against crazy high inflation, the Federal Reserve (aka the Fed) raised interest rates in December for the seventh time in 2022—boosting them by half of a percent.1 That’s a big deal for people who want to buy a house because when the Fed raises rates, it usually...
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Published on: 2024-11-07
Source:
Ramsey Solutions
Welcome First-Time Investors Explore Our 5 to 24 Residential and 2 to 8 Unit Mixes Use Property Mortgages Our mortgage offerings cater to a diverse range of investment needs. Whether you’re interested in residential properties or mixed-use properties, we have the financing options to support your financing goals. Our 5-24...
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Published on: 2024-11-06
Source:
Mortgage Depot
Sounds scary, doesn't it? You have been summoned to a 341 meeting with your creditors. Don't sweat it. You may go into a courtroom with trustee(s) and your lawyer sitting at a table. Creditors will be there to ask the trustee(s) and lawyer questions in an open format. Some jurisdictions do...
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Published on: 2024-11-05
Source:
Ramsey Solutions
The National Association of Realtors (NAR) reported that the first-time home buyer share fell to a historic low of just 24%. That was down from 32% a year earlier based on transactions between July 2023 and June 2024. At the same time, the typical home buyer age reached an all-time...
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Published on: 2024-11-05
Source:
The Truth About Mortgage
If you recall, Chase took over troubled First Republic Bank back in May 2023. Prior to First Republic going under, they were the leading jumbo home loan lender in the
United States. They catered to very wealthy homeowners and businesspeople. And it was ironically their ultra-low rate mortgages that eventually...
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Published on: 2024-11-04
Source:
The Truth About Mortgage
Did you know that conventional loans offer surprising flexibility when it comes to condo units? Let’s dive into the specifics. The 99% Rule: A Game Changer for Owner-Occupied Units One of the most significant advantages of conventional loans is their leniency towards condo developments with high rental rates. If you’re...
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Published on: 2024-11-04
Source:
Mortgage Depot
Everyone knows high mortgage rates have been a total drag lately, especially for prospective home buyers facing extremely high asking prices. But what if I told you that nearly half of those who purchased a home recently still got an interest rate below 5%? Sounds pretty unlikely, given the fact...
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Published on: 2024-11-04
Source:
The Truth About Mortgage
Seems pretty clear now that it doesn’t matter what economic data shows up between now and next week. Mortgage rates aren’t going to improve by any significant margin this week or until after the election. Unfortunate for those who need to lock their rate and/or close this week. And the...
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Published on: 2024-11-01
Source:
The Truth About Mortgage
Figure Lending has unveiled a new piggyback loan at a time when housing affordability has rarely been worse. Call it a sign of the times, and maybe an eerie reminder of the early 2000s housing market. But perhaps with a few added safeguards this time around, such as actual loan...
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Published on: 2024-10-30
Source:
The Truth About Mortgage