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With affordability shrinking, buyers are taking more risks to secure homes, according to HomeLight s 2025 Lender Insights & Predictions survey. Attom s Q4 2024 Home Affordability Index revealed that the down payment on a median-priced home reached $72,950 not far below the average annual wage of $89,649.
Few loanofficers make the purchase product a main part of their business. Additionally, because HECM /Reverse for Purchase did not exist until late 2008, many don’t fully understand the value propositions the product poses. Real estate agents, loanofficers and builders can attract customers they have never captured before.
The reckoning with homeowners insurance adds another element to keep track of — on top of traditional indicators like interest rates and homevalues. “As Back when I was a loanofficer, I couldn’t tell you how many times I’d get to a few days before closing, and my borrower would ask about what ‘HOI’ was.”
As a result of a refinance, it’s common for your monthly payment and even your total loan amount to change — but will your propertytaxes go up? Your propertytaxes will not go up if you refinance, but let’s dig a little deeper in order to clear up any confusion or concerns. The short answer is, “No.”
Moreover, the reverse mortgage appraisal report, reflecting the current homevalue, significantly aids in the loan application process. The reverse mortgage appraisal report stands as a pivotal element in the loan application, influencing the terms and approval, making it an indispensable part of the entire process.
An escrow account is a special account that holds money for propertytaxes, premiums, homeowners insurance and mortgage insurance. Some lenders require you set aside a few months of propertytax and mortgage payments in an escrow account as part of your closing costs. PropertyTax.
The rise of home renovation television shows has made many homeowners eager to transform rough diamonds into neighborhood jewels. Couple this with the improved job market and an upswing in homevalues, and you have a tidal wave of homeowners willing to invest in fixer-upper dwellings. Plus, it can be a great investment.
Surprisingly, the previous generation has even greater concerns, with 60% of baby boomers worried they will never be able to afford a down payment on a home. By offering mortgages with low or no down payments (as long as the sales price does not exceed the appraised homevalue), VA loans make home ownership possible for many.
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