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Experts weigh in on whether seniors should get new mortgages: Bankrate

Housing Wire

This is according to experts who spoke to personal finance website Bankrate about the concept of taking on a new mortgage in retirement. Age information is collected at the time of origination, but only for Home Mortgage Disclosure Act (HMDA) purposes. 30-year mortgages were never meant to be for them. So she was approved.”

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Mr. Cooper exits reverse servicing space with sale to MAM

Housing Wire

Mortgage servicing, origination and transaction-based services company Mr. Cooper Group announced on Tuesday the sale of its reverse mortgage servicing portfolio – operating under the Champion Mortgage brand – to Mortgage Assets Management (MAM).

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Foreclosures are rising, but it’s not yet alarming

Housing Wire

For one, the mortgage servicing industry adopted some COVID-era, rescue-type packages where a house does not go into immediate foreclosure. rising dramatically in the past few years, some owners cannot afford the proportional increase in tax bills. creating chaos in property insurance markets.

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Mortgage rates continue to climb beyond 7%

Housing Wire

Mortgage rate shot up again last week as the bond market continues to grapple with a growing economy in the run up to the next Federal Open Market Committee meeting. By contrast, the 30-year fixed-rate mortgage was at 5.55% a year ago at this time. Other indices showed even higher mortgage rates. What to expect with the Fed ?

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The Pros and Cons of Buying a House

PennyMac

Mortgage interest and property taxes may be tax deductible. Property taxes and HOA fees are the buyer’s responsibility. Homes frequently increase in value over the life of a mortgage. Rental insurance is inexpensive. Mortgage Matters. You Pay Property Taxes.

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Affordable housing inventory is limited due to foreclosure prevention efforts

Housing Wire

In 2019 the number was 200,000. Department of Housing and Urban Development ( HUD ) , that 200,000 represented close to 20% of all single-family homes supplied to the market in 2019. New single-family homes sold for an average price of more than $377,000 in 2019. in April.

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10 VA Loan Benefits You Need to Know in 2020

PennyMac

VA home loans have many well-known benefits, including low rates and the exciting combination of no down payment and no mortgage insurance. By offering mortgages with low or no down payments (as long as the sales price does not exceed the appraised home value), VA loans make home ownership possible for many.