Mortgage Loans

July 22, 2020

Press Release: Q2 2020 Buyer Purchasing Power Index rises due to historically low interest rates

The California Buyer Purchasing Power Index (BPPI) figure was +10.5 in June 2020. This positive figure tells us a homebuyer with the same income is able to borrow 10.5% more today than a year ago. The BPPI figure has remained positive throughout 2019-2020 as a result of ...

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June 22, 2020

Spotting appraisal deficiencies

number 2 pencil

For home sales contingent on financing, the appraisal has the potential to derail the entire sale — or validate the price, cinching mortgage approval.

When an appraisal comes in below the price the buyer and seller agree to, this is known as a low appraisal. The mortgage lender will not ...

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June 13, 2020

Current market rates June 12, 2020

The average 30-year fixed rate mortgage (FRM) rate remained roughly level in the week ending June 5, 2020, now at 3.21%. The 15-year FRM rate also remained flat, at 2.62%. FRM rates have descended to historic lows due to efforts to stimulate lending during today’s unstable economic times ...

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May 29, 2020

Preparing for Meeting with a Lender

Guidance and advice

As part of the transaction our advice and guidance as real estate agents in the mortgage application process, the transaction agent instructs the buyer regarding:

 

  • the expectations held and the role of each servicer provider involved in the mortgage transaction. This includes the lender’s representative, the appraiser ...
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May 15, 2020

How has the appraisal process changed?

house for sale

If you’re looking to buy a home this season — or thinking about refinancing — you may be wondering how things have changed in recent months.

Many routine activities, including parts of the home financing process, look a little different now due to social distancing and other safety guidelines.

Getting ...

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April 29, 2020

Loan applications for home purchases jump 12%

(credit : iStock)

Home loan applications dropped last week as refinancing requests waned but requests for purchases showed a healthy gain.

The Mortgage Bankers Association’s index measuring home loan application volume slid 3.3 percent, seasonally adjusted, for the period ending April 24 from the week before. But one element of ...

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April 26, 2020

Current market rates April 24, 2020

The average 30-year fixed rate mortgage (FRM) rate remained roughly level at 3.33% in the week ending April 24, 2020, just above the record low reached in the prior month. The 15-year FRM rate increased slightly to 2.88%. FRM rates recently descended to historic lows due to global ...

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March 27, 2020

First-time homebuyers prefer lower interest rates to bigger tax breaks

money market low interest rates mortgage

Forget a two-car garage and a white picket fence — first-time homebuyers want lower interest rates.

A recent Redfin survey of homeowners who purchased their first home within the prior 12 months found lower interest rates were highest on first-time homebuyers’ wish lists. Of the first-time homebuyers surveyed about what ...

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March 18, 2020

Recovery News in Coronavirus

-China has closed down its last coronavirus hospital. Not enough new cases to support them.

 

- Doctors in India have been successful in treating Coronavirus. Combination of drugs used: Lopinavir, Retonovir, Oseltamivir along with Chlorphenamine. They are going to suggest same medicine, globally.

 

- Researchers of the Erasmus Medical Center ...

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March 9, 2020

National Market Update Week of March 9, 2020

NATIONAL MARKET UPDATE

Freddie Mac's Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate hit "the lowest level in its nearly 50-year history," as noted by their chief economist. 

He added that mortgage applications are up 10% from a year ago "and show no signs ...

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