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How Fannie Mae is Changing the Mortgage Industry with Tech

Posted on November 29, 2017 by Scott Li

Since the housing crisis of 2008, Fannie Mae has faced significant challenges. The cost of mortgage origination has more than doubled, leaving Fannie Mae looking at ways to slash expenses. At the same time, more stringent requirements have left lenders with more hoops to jump through before approving a mortgage. New technical investments could solve both of these issues-here are the latest developments.

Day One Certainty Initiative

During the 2017 Mortgage Bankers Association Convention and Expo held in Denver, Colorado, Fannie Mae unveiled its new “Day One Certainty” initiative. Designed to streamline the loan approval process, Day One Certainty makes it possible for lenders to quickly validate an applicant’s income and employment information. read more

HARP has Been Extended through 2018

Posted on November 28, 2017 by Scott Li

In response to the flailing housing market, the federal government established the Home Affordable Refinance Program (HARP) in 2009. That program was designed to help homeowners who were current on their mortgages, yet not eligible for other government-sponsored modification programs. HARP was previously set to expire earlier this year, but has now been extended through the end of 2018. Here’s what we know so far.

What is HARP?

HARP is overseen by the Federal Housing Finance Agency (FHFA), and is responsible for regulating Fannie Mae and Freddie Mac, among other things. It was implemented shortly after the housing bubble of 2007-2008. At that time, many homeowners were in danger of foreclosure, while numerous others found themselves upside down on their mortgage. read more

Why an Adjustable Rate Mortgage Might Be Better Than you Think

Posted on November 4, 2017 by Scott Li

Thirty-year fixed rate mortgages are extremely popular in 2017. Borrowers can’t seem to resist the predictability of a fixed rate. On the other hand, adjustable rate mortgages have historically gotten a bad rap, and homeowners are still hesitant to even explore this option. Many see it as notoriously risky, so skeptical borrowers flock to the safety net of a fixed rate mortgage regardless of how much more they may be paying in the end. However, adjustable rate mortgages have many different options, and they are certainly worth a second look. Depending on the current stage of your life and what your future plans are, an adjustable rate mortgage could be your best bet to saving money in the long run. read more

What it Takes These Days to Get a Mortgage

Posted on November 3, 2017 by Scott Li

It used to be relatively easy to get approved for a mortgage. Prior to 2008, when the bottom fell out of the housing industry, lenders were distributing loans to people who they knew couldn’t even pay them back. Hoards of people defaulted and left a mess in the housing industry that has plagued the home buying process for almost a decade.

Nowadays, if you want to qualify for a mortgage, be prepared to have your act together and be able to prove that you can handle the mortgage. It’s not just about having an excellent credit score; it’s about your financial situation as a whole. read more

How Trump’s Tax Plan Might Change the Way you make Deductions

Posted on November 2, 2017 by Scott Li

Taxes have long been a source of contention for Americans. Navigating the complex world of taxes can often be confusing. A critical aspect of taxes that needs to be determined is whether to take advantage of a standard deduction or spend many hours putting together a list of itemized deductions. A good bit of taxpayers decide on former, as the standard deduction method is much easier. Maybe you’ve tried your hand at the tedious process of itemizing, only to come up against defeat. Perhaps, you were going to try it again someday. Don’t get too excited about your plans to conquer those itemized deductions. Trump’s tax plan could change everything you know about tax deductions. read more

How to Get the Best Mortgage Refinance Rate

Posted on November 1, 2017 by Scott Li

When you want to refinance your mortgage, it can seem a little tricky to get started. Instead of diving right in and looking for lenders right away, it’s smart to do your research and make sure that you are prepared beforehand. Mortgage refinance rates are very fluid, and you want to ensure that you are getting the lowest rate available to you. Here are some things to consider when you are thinking about refinancing.

Credit score

If you have a low credit score, there are some things you can do to increase it before searching for a refinancing option. Having a low score will definitely increase your chances of being rejected by a lender. If your score is just OK as opposed to excellent, you might get a loan, but it will be offered at a high rate. Although the majority of lenders will want you to have at least a 620 credit score, you really want to shoot for the 700s if you want to lock down a great rate. read more

Tips: How Newlyweds can Become Homeowners

Posted on September 29, 2017 by Scott Li

Engaged couples often dream of starting married life in their very own home. However, paying for that “love nest” is easier said than done-that is, unless you follow these easy tips for newlyweds.

Get your Finances in Order

The busyness involved in wedding planning can leave you with little time to assess your financial situation. Even so, it is important for you and your fiancé to sit down together and determine your financial health as a couple. Remember that if one of you has credit problems now, both of you will once you tie the knot. Review your individual credit histories and then take the necessary action to correct any deficiencies you find. read more

Is a Lifetime Mortgage a Possibility?

Posted on September 28, 2017 by Scott Li

At one time, a 30-year fixed rate mortgage was standard. This meant that buyers who purchased at a young age would one day become mortgage free. That scenario is far from the norm these days, leaving many people essentially paying on a home loan for life. What is driving the trend, and will a lifetime mortgage one day become the new normal? Here’s what you need to know.

Trend Toward Older Home Buyers

Those nearing retirement age are not necessarily finished with home buying. Many in their 50s, 60s, and even 70s are taking out a mortgage these days. A good number are even first-time homebuyers with no existing equity to use toward their down payment. read more

How Hurricanes Hurt the Mortgage Industry

Posted on September 27, 2017 by Scott Li

You already know how much damage a hurricane can cause. What you may not realize is that the damage is not just limited to physical structures, as the economy and even the mortgage industry can be affected. Here are a few ways in which recent hurricanes might negatively affect mortgages.

Increase in Delinquencies

Black Knight Financial Services claim that as many as 300,000 Texas families could become delinquent on their mortgages due to Hurricane Harvey. They have not yet assessed the impact of Hurricane Irma, but expect thousands of delinquencies in Florida as well. read more

How does the Greater Philadelphia’s Real Estate Industry Look Like?

Posted on September 26, 2017 by Scott Li

Philadelphia has traditionally had a very robust housing market. Right now, many experts are claiming that Philadelphia’s housing market is “red hot.” A number of things are driving this trend, which is subject to change at any time.

Strong Rebound from Housing Slump

Philadelphia’s housing market hit its lowest point in the first quarter of 2012. Since that time, housing prices have risen an estimated 45 percent according to The Philadelphia Inquirer. 2017 has been an especially good year, with housing prices showing an 11.8 percent increase year-over-year. In addition, first quarter gains were the highest since 1980. read more

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