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Michigan attorney general reissues reverse mortgage consumer alert

Housing Wire

The attorney general of Michigan has re-released a consumer alert about the reverse mortgage product category during financial literacy month. A reverse mortgage is a type of home equity loan extended, in most cases, to those who are 62 years of age or older,” the announcement stated.

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Lenders: Looking to simplify closings? Work with an insurance agency

Housing Wire

HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. Take insurance, for example.

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Taking the leap: The benefits of buying vs. renting a home

Housing Wire

When you make a mortgage payment, part of that money goes toward the principal balance. The longer you live there and pay down the mortgage, the greater your stake in the property’s value. Should the property increase in value over time, then you, in turn, will have built up more equity. NMLS #412915.

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Pennymac profits are up as it tests for a recession

Housing Wire

Amid surging mortgage rates, Pennymac’s total loan acquisitions and originations came in at $26 billion in the third quarter, down 3% from the prior quarter and 56% from the same period last year. Cutting costs. The company netted $237.2 However, the result was partially offset by $164.7 With total available liquidity of 2.8

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Unwrapping what to expect in your home inspection, appraisal and closing

Housing Wire

During closing, buyers sign several legal documents and pay additional fees, some of which are recurring costs like property tax. Others are one-time closing costs expenses, which may include: loan origination fees, application fee, mortgage broker fee, title insurance, appraisal fees, title search fee and other miscellaneous payments.

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Home Appraisals – What Do They Look For?

D Fritz Appraisals

They are also used to assess the value of the home for home improvement loans and insurance evaluations. Read on for more information about how a home appraiser determines the value of your property. A home appraisal is a legal document containing information that determines the current fair market value of a new or existing property.

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The Assumable Mortgage – Is It the Right Move for You?

PennyMac

We’re talking about the Assumable Mortgage. What Is an Assumable Mortgage? An assumable mortgage is a special type of home financing that allows a homebuyer to take over (or, assume) the seller’s existing mortgage and all of the terms that come with it, such as the interest rate, current balance, and repayment period.