Assemble a Team to Help You When Buying a Fixer-Upper House

Houses that are move-in ready are a lot more convenient thinking that you don’t have to worry about anything else other than moving in. However, these properties can be very expensive. What makes fixer-upper houses very appealing is the attractive price tag. With some repairs and renovations, you’ll have a home that can be as beautiful […]

Refinancing Demand is High. Is This the Perfect Time to Refinance?

Homeowners commonly choose to refinance for a variety of good reasons. Mostly, it is to score better mortgage terms–whether it is to lower your interest rate, shorten your term, remove mortgage insurance or any other personal benefit. According to recent news, refinances have been in high demand lately. THE HIGH DEMAND FOR REFINANCING Ellie Mae recently released […]

S&P/Experian: Default Rates on First, Second Mortgages Rise in October

“For the first time since January 2017, the default rates for autos, bank cards and mortgages all rose together,” said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jow Indices, which together with Experian released their consumer credit default report for October. The default rates on first and second mortgages, […]

Fannie Mae Removes Cash-out Seasoning for Properties Listed for Sale

It’s not everyday that a home is sold in a month or less. Some properties remain unsold on the Multiple Listing Service (MLS) for six months. What if a homeowner has a change of heart and decides to do a cash-out refinance instead? What about the usual cash-out seasoning period? Existing guidelines across most loan programs would say […]

Qualifying for a Conventional Mortgage Is More Secure With Truncated Asset Account Numbers

The release of Desktop Underwriter® Version 10.1 means more convenience for borrowers applying for conventional loans, cutting back on appraisals, project reviews, and self-employment income requirements. Not only that, Fannie Mae allows for shortened or truncated asset account numbers to further protect mortgage borrowers’ financial information. Indeed, the recent Equifax data breach reiterates the need to secure sensitive […]

More Appraisal-Free Mortgages as Fannie Mae Expands Property Inspection Waiver

More homeowners and homebuyers can hope for appraisal-free transactions as Fannie Mae’s property inspection waiver is in full swing. Approvals on conventional loans with no appraisal are expected to climb, reducing the costs and time it takes to get a mortgage. An appraisal is a staple in any refinance or purchase transaction. Lenders normally require […]

Why Should You Get a Mortgage Pre-approval First?

It’s quite easy to get caught up in the excitement of looking for a home to buy. But within your home buying journey, establishing that you’re a serious buyer is a plus. Usually, this can be established through a mortgage pre-approval. Buying a new home is a long process. It takes effort and preparation, especially when […]

Fannie Mae Offers Solutions for Borrowers with Student Loans Buy Homes, Reduce Student Debt

Fannie Mae has unveiled three big changes to how conventional loans are underwritten via Desktop Underwriter® Version 10.1. These new policies are meant to bring homeownership closer to borrowers with student loans or at least, reduce their student debt via a refinance. “We understand the significant role that a monthly student loan payment plays in […]