Good credit is essential in today’s age for investing in large products such as a car, an apartment or even a house. According to the real estate firm Zillow, prospective homebuyers with a credit score below 620 are being denied quotes, resulting in 30% of Americans without a mortgage. Home equity loans are becoming extremely […]
RealtyTrac’s latest report shows that cash sales continued to rise, hitting 40 percent in July from 35 percent in June and 31 percent in July of 2012. RealtyTrac cited the recent uptick in interest rates as the reason for more cash buys, as some non-cash buyers can no longer afford to purchase a home, particularly […]
(Huntington, NY) —Brian Leibowitz, CEO and Owner of Affordable Financial Services LTD, is reminding everyone that March is Credit Education Month. He is urging those who are looking to apply for a mortgage to check their credit score, as the federal government has recently tightened its lending requirements. Credit Education Month is a month-long campaign […]
The Federal Housing Administration has announced that it will be implementing changes to its Home Equity Conversion Mortgage (HECM) program by the end of the month. These changes include a moratorium on the Standard Fixed Rate HECM reverse mortgage and creating guidelines for conducting financial assessments of borrowers and an escrow account to pay for […]
The housing market may be impacted by the possibility of a government shutdown. The Wall Street Journal reported on April 7 that Housing and Urban Development Secretary Shaun Donovan told Senate lawmakers that he is “very concerned” that if the government shuts down as a result of lawmakers failing to reach an agreement on a […]
Affordable Financial Services LTD is reminding everyone that April is Credit Scores Education Month. Those who are looking to apply for a mortgage should check their credit score, as the federal government has tightened its lending requirements. Credit Scores Education Month is a month-long campaign sponsored by the Consumer Bankers Foundation and the Leadership Conference […]
The Washington Post reported today that Fannie Mae will charge people more to get a home loan — even for those with perfect credit and can afford to put down a large down payment. The cost for a home loan may be even higher for those with less-than-perfect credit who do not have that much […]
Reuters reported today that the number of mortgage applications fell last week as mortgage rates — after a series of record lows — shot back up, as the housing market struggles to recover. The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, was down 10.5% […]
National Mortgage Professional Magazine reported today on its website that mortgage applications were up as interest rates fell for a fifth consecutive week. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey showed that the Market Composite Index — a measure of mortgage loan application volume — increased 14.6% on the week ending October 8. The […]
Housing Watch reported today that applications for mortgages from the Federal Housing Administration (FHA) increased last week as applicants rushed to fill out the paperwork before the new FHA requirements took effect on October 4. According to data from the Mortgage Bankers Association, the seasonally adjusted Purchase Index rose 9.3% from the previous week to […]