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The average U.S. mortgage rate for a 30-year fixed loan fell two basis points this week to 2.65% – the lowest rate in the Freddie Mac ’s Primary Mortgage Market Survey’s near 50-year history. This week’s mortgage rate broke the previous record set on Dec. 24. With this week’s record drop, there have now been 22 consecutive weeks when average mortgage rates have been below 3%, and this is the 17th time this year rates have broken a record.
Welcome to 2021! I hope you all are hanging in there and doing as well humanly possible. To start off the new year, I thought that I would tackle the topic of land. It can be easy to over-simplify value because value is not always as clear cut as it appears. For example, if a one-acre lot is selling for $10,000, does that mean that a two acre lot is worth $20,000?
Back on December 4, 2020, I wrote about the sham bylaw change being floated by the Appraisal Institute to avoid the embarrassment of the recent sham election process: The Sham 45-Day Bylaw Modification Process To Keep Jim Amorin’s Sham Petition Process Explained. To rush this through, the Appraisal Institute Board of Directors meeting is being held Wednesday, January 6th with sketchy notice.
Are you searching for office space for lease in Columbus, Ohio? The region certainly has a lot to choose from, providing you understand the best methods for your search for office space. Once you find that dream office, though, you have to rely on your preparations and negotiating strategies to get the best lease price and terms of the space. You’re likely here because you want to learn some tactics.
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
There’s a common misconception that you need a 20% down payment to purchase a home. But the truth is, your down payment depends on your lender, credit score and the type of mortgage you qualify for. For example, some loans require as little as 3% down. . If you’re thinking about buying a house, we have good news. Some lenders will let you buy your home with a much smaller down payment.
I touched on this last year a few times but am getting questions again because so many people have built Accessory Dwelling Units (ADUs) as a result of the COVID crisis. HOW MUCH IS MY ADU WORTH? An ADU or in-law or granny flat or outside cottage (or whatever you want to call it) is […]. The post Valuing An In-Law Unit Or An ADU (Accessory Dwelling Unit) appeared first on JVM Lending.
I touched on this last year a few times but am getting questions again because so many people have built Accessory Dwelling Units (ADUs) as a result of the COVID crisis. HOW MUCH IS MY ADU WORTH? An ADU or in-law or granny flat or outside cottage (or whatever you want to call it) is […]. The post Valuing An In-Law Unit Or An ADU (Accessory Dwelling Unit) appeared first on JVM Lending.
If you’re a real estate agent who caters to investor clients, you absolutely want to know the basics of executing a 1031 exchange. For one, if your clients go that route, they stand to save—and make—a good bit of money. If you are the person who recommends it, you receive some brownie points for guiding them toward such a wise decision. And you can put some extra cash in your own pockets, too.
In real estate, buyers and sellers must be knowledgeable to make informed decisions. Are you familiar with a land contract in Ohio, as well as the state-specific requirements? What is a land contract in Ohio, really? Essentially, a land contract is an alternative financing option if you’re investing in: Farmland or raw land. Multifamily housing. A commercial building.
If you’re looking to buy a home, you’ll stand the best chance in a buyer’s housing market, where listings are flush, demand is low and buyers have the upper hand — not to mention most of the negotiating power. Seller’s markets, on the other hand, are on the opposite side of the spectrum. They’re marked by high levels of competition and rising home prices, and in most cases, you’ll have a harder (and more expensive) time finding a home.
Have you ever wondered what’s going on in your neighborhood’s real estate market? The Riverfront Appraisals team is excited to introduce to you a new podcast we’re launching this year, the Owensboro Real Estate Update! This will be a weekly podcast bringing the latest news and information about our local real estate market directly to […]. The post New Podcast!
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
Last month (December), we asked our CE Plus members , “What are your career goals for 2021?” Here’s what they had to say. Real Estate Career Goals For 2021. “To sell more houses.” A lot of real estate agents stated that they wanted to “earn more” in the new year than they did in the previous year. However, when setting goals or resolutions, it is helpful to be as detailed as possible.
Do you need to learn your home’s real market value? It is best to turn to one of the reputable and established appraisal firms in Toronto to hire a professional property appraiser. Knowing the actual market value of your home can be practical in different situations, such as when buying or selling, applying for a home equity loan, refinancing, or when verifying if your property can serve as collateral for cash or a small business loan.
The end of 2020 won’t necessarily mean saying goodbye to the favorable 2% mortgage rates that hit historically low levels 16 times over the past 12 months. In fact, most industry observers believe rates will remain at the same low levels in 2021 as the Federal Reserve uses low rates as a weapon to combat the economic effects of the COVID-19 pandemic.
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
What New Year’s goals do you have for your appraisal business? Last month we asked our community of real estate appraisers, “What appraisal skill would you most like to improve in 2021?” The top answer was “adopting new technology,” and the three runners up were “obtaining new clients,” “staying up-to-date on industry and market trends,” and “time management and efficiency.” Below, we share insights into which areas appraisers plan to focus t
Chicago-based lender Guaranteed Rate is acquiring multi-channel lender Stearns Holdings for an undisclosed sum, multiple sources told HousingWire Tuesday. Employees at Stearns, which is owned by financial giant Blackstone Group , were told in an all-hands call on Tuesday afternoon, sources told HousingWire. In a statement confirming the deal Tuesday afternoon, Guaranteed Rate said the acquisition of Stearns would enable a boost in retail loan originations and further scale its JV platform, while
Are you considering purchasing a home for the first time? Then you’re probably already saving money for your down payment. But what about all the other costs needed to complete the transaction? Understanding what expenses are required at closing to buy a house will help you budget and save more effectively. In this article, we break down exactly what closing costs are so you’re prepared when you start shopping for a home: What are closing costs?
For many middle-aged and older homeowners with several years of equity on their homes, 2021 could be a prime time to refinance from a 30-year fixed-rate mortgage into a 15-year mortgage. The three primary reasons homeowners refinance to shorter-term loans are to save money on interest, to pay off the loan faster, and to build equity. But the possibility of reduced future earnings is another key reason some refinance into a 15-year loan.
Over the past few decades, the inventory of affordable homes has been in sharp decline while home prices have risen dramatically. In fact, since 2012, the average price of a home has risen by almost 47%. As a result, affordable housing solutions like manufactured homes may be more suitable for homebuyers looking for a starter home or seeking to downsize.
In December, Rocket Mortgage became the first lender to use eNotes in closing a Ginnie Mae -backed loan as part of a pilot program. Now, it says the market is set to see widespread eClosings of Ginnie Mae loans by the end of this year. Ginnie Mae launched the pilot program in 2019, paving the way for the agency to accept eNotes as satisfactory collateral for its mortgage-backed securities.
The number of mortgages in active forbearance rose by 15,000 in the last week of 2020, according to a report on Friday from Black Knight. Though the raw number increased for the third consecutive week, the number of mortgages in active forbearance remained at 5.3%, unchanged from the two prior weeks. Last week’s uptick was largely driven by the share of Federal Housing Administration and Veterans Administration ‘s loans in forbearance rising some 11,000 from 9.5% to 9.6%.
This is the fifth installment of our economist Q&A series, as we work to answer the top 2021 housing market questions for our HW+ members. Every Tuesday in December, HousingWire interviewed a top economist in the HW+ Slack channel. In each Q&A, we attempt to bring clarity to the top questions around housing supply shortages in 2021, the future of foreclosures and the future generation of homebuyers.
This year, eClosings surged as remote online notarization became more popular and consumers looked for alternative ways to close on a home. Moving forward, the Mortgage Industry Standards Maintenance Organization , a not-for-profit subsidiary of the Mortgage Bankers Association , will continue to focus on digital closings. Over the final months of 2020, MISMO saw the number of companies with its RON certificate double to a total of eight companies.
For the second consecutive month , Fannie Mae’s Home Purchase Sentiment Index , a composite index designed to track the housing market and consumer confidence to sell or buy a home, dropped six points in December to 74. Year-over-year, the HPSI is down 17.7 points. Both the “good time to sell” and “good time to buy” components fell significantly as respondents overwhelmingly noted unfavorability of economic conditions, according to Fannie Mae Senior Vice President and Chi
Homeowners in the petri dish of iBuying can now sell their home via RedfinNow. Phoenix is the first market RedfinNow has launched in 2021, following the launch of San Francisco and Seattle early last month. RedfinNow is entering an already crowded market, joining the likes of Zillow , Opendoor and Keller Offers as well as bridge solutions like Knock Home Swap.
For many of us, the start of a new year is usually synonymous with a renewed sense of professional self, focusing on new goals, new prospects for the year and, of course, the excitement for the upcoming spring real estate market. As we think about coming out of this first month of the year, we’ve quickly realized this year is going to be anything but planned or what we in the mortgage lending industry are used to.
2020 has certainly been a year to remember. While we may be ready to firmly plant our feet in 2021, we shouldn’t leave the past 12 months behind without taking a critical look at how the COVID-19 pandemic has impacted the housing market, and how it will pave the way for 2021 and beyond. Before we repress these 2020 memories, let’s dive into how this pandemic has created housing disruption in a number of areas of the industry, providing us all a nudge toward trying new processes and technologies
The Federal Reserve made another bid for economic stability on Friday after Vice Chairman Richard Clarida said he expects the central bank to maintain the pace of its bond purchases through 2021. “My economic outlook is consistent with us keeping the current pace of purchases throughout the rest of this year,” Clarida said to the Council of Foreign Relations on Friday, CNBC reported.
Another month of rising COVID-19 cases left the unemployment situation in the U.S. virtually unchanged in December, with the rate holding for the second month at 6.7%, the U.S. Labor Department said on Friday. Due to massive losses in the servicing sector outnumbering professional and construction job gains, the raw number of nonfarm payroll employment fell by 140,000 – the first decline since April of last year.
To generate buzz for its upcoming independent public offering , United Wholesale Mortgage (UWM) is offering a special deal on conventional mortgage loans to select borrowers for the next two months. “We’re going to celebrate this exciting time by kickstarting 2021 with 61 basis points for the next 61 days on all of our conventional W2 borrowers,” UWM President and CEO Mat Ishbia said in a video sent to brokers on Wednesday.
Citadel Servicing Corporation (CSC) , one of the country’s largest non-QM lenders , is rebranding as Acra Lending (Acra). The change is effective Monday. “We are excited to rebrand our business as Acra Lending to reflect the substantial time and resources we have dedicated to internalizing customer feedback, fine tuning our financial and operating model, and investing in the best people and technology,” Keith Lind, executive chairman and president, said in a news release. “The
Correspondent and wholesale lender Homepoint is the latest mortgage company to aim for an IPO. The Ann Arbor, Michigan-based lender filed an S-1 with the Securities and Exchanges Commission on Friday afternoon. The company indicated in the S-1 that its price offering was $100 million, generally a placeholder for a larger offering. The company is expected to go public in the first quarter, sources told HousingWire.
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