Millions of homeowners have missed their chance to refinance

Refinancing is no longer an option for 6.5 million homeowners as rates have picked up over the summer months. Since the start of 2018 there has been a 56% decrease in the number of homeowners who have a financial incentive to refinance – just 1.86 million – according to the September Mortgage Monitor Report from the data and analytics division of Black Knight Inc.

Source: Millions of homeowners have missed their chance to refinance

Mortgage rates, home prices costing buyers an extra $1,416

The impact of rising mortgage rates is highlighted in a new report on the monthly cost of homeownership. The analysis by Zillow finds that higher rates are responsible for about two-thirds of the increase in buyers’ monthly mortgage payments compared with what those costs would have been a year ago had home values remained constant at their current level.

Source: Mortgage rates, home prices costing buyers an extra $1,416

Do your buyers know? 5 Don’ts and your buyers’ credit.

Your clients may know the Do’s, but how about the Don’ts?

Your clients are probably making these mistakes thinking it will help them get approved. Share these tips with your clients, they’ll be glad you did.

1. Don’t Pay Off Collections or “Charge Offs”. If you want to pay off old accounts, do it through escrow, making sure that the debt is yours. Request a “letter of deletion” from the creditor.

2. Don’t Close Credit Card Accounts or it may appear that your debt ratio has gone up. It also affects other factors in the score, including credit history.

3. Don’t Max Out or Over Charge Credit Card Accounts. Keep your balances below 40% of their limit during the process. Pay down balances if possible.

4. Don’t Consolidate Your Debt. When you consolidate all of your debt onto one or two credit cards, it will appear that you are “maxed out” on that card and you will be penalized.

5. Don’t Do Anything That Will Cause A Red Flag To Be Raised By The Scoring System. This includes adding new accounts, co-signing on a loan or changing your name or address with the bureaus.

Lock & Shop

You can now lock your interest rate while you shop for your new home. Even without a formal offer on a property, Lock & Shop gives you rate security with 60 or 90 day rate locks. If the rates improve as you shop, you can float down to the better rate.
Along with the Lock & Shop, you can submit an approval with conditions to make your offer strong in a competitive market.

Click here to apply now.

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  • No income limits
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  • Gift funds accepted from family members
  • Available on conventional fixed-rate loans
  • Minimum 640 credit score

Make home ownership a reality for more of your borrowers. Check out HomeOne and all of our other low down payment options today.

Fed announces rate hike decision

The Federal Reserve’s governing board has released its decision on interest rates while acknowledging that inflation is closing in on its target without indicating any intention to veer from their gradual path of interest-rate increases.

“Inflation on a 12-month basis is expected to run near the committee’s symmetric 2 percent objective over the medium term,” the policy-setting Federal Open Market Committee said in a statement Wednesday in Washington. “The committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate.”

Source: Fed announces rate hike decision