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Reverse purchase financing: The financing option no one is talking about

Housing Wire

They own the home with their name on the title, as with any mortgage, traditional or reverse. They own the home with their name on the title, as with any mortgage, traditional or reverse. The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ).

Finance 454
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How Reverse for Purchase can help baby boomer borrowers

Housing Wire

Older Americans are sitting on more than $12 trillion in home equity, according to the National Reverse Mortgage Lenders Association (NRMLA)/ Riskspan Reverse Mortgage Market Index. million homes bought and sold in the U.S. Few loan officers make the purchase product a main part of their business.

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Don’t expect a drastic housing market turnaround in 2023, Fitch Ratings says

Housing Wire

Builders feel more confident in the market, housing inventory data is positive and buyer demand for mortgages has increased — but don’t be fooled. In addition, the credit rating agency expects mortgage rates to move even higher in 2023 and home prices to decline by up to 5%. “We

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FHA borrowers hit first, hardest by sinking economy

Housing Wire

The fate of Federal Housing Administration (FHA)-backed mortgages in the ongoing downcycle housing market is being compared with a canary in the coal mine by several industry experts who track the sector and are seeing early warning signs of distress. Those forces are now shaking the timbers of the federal loan-guarantee program. .

Insurance 475
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Buyside launches a new home valuation pages feature

Housing Wire

Buyside’s new feature enables the millions of homeowners who are currently receiving a Home Valuation Report from Buyside, to now see a personalized Home Equity Dashboard. According to NAR over 69% of buyers have a home to sell, so really homeowners represent the earliest buyer.

Valuation 390
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Everything You Need to Know about the Mortgage Approval Process

Eppraisal

Application: Because You Say So When a mortgage applicant sits down with a loan officer to formally request a home loan, the information conveyed is received in good faith, i.e. the lender's representative gives the prospective borrower the benefit of the doubt as far as representations go regarding income, employment, assets and home value.

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When Should You Seek an Appraisal to Eliminate PMI?

East Coast Appraisal

Private mortgage insurance, or PMI, allows lenders to offer home loans to buyers without the traditional 20 percent down payment. This insurance covers the risk of financing a mortgage with less equity from the buyer. Under typical mortgage terms, PMI remains in effect until the loan balance reflects .