Want to hear some good news about mortgage rates that involves them being a lot higher than they previously were? Yes, I know that sounds absurd, but hear me out. There are now millions more mortgages that feature rates above 6.5%, and many with rates above 7%. There are also millions less that feature rates … Read more
In case you missed it, the Federal Housing Finance Agency (FHFA) granted conditional approval to Freddie Mac to purchase single-family closed-end second mortgages. What this means is lenders will now be able to originate second mortgages and sell them off to one of the two government-sponsored enterprises (GSEs). Arguably, this should improve access to such … Read more
As if paying for a mortgage today weren’t hard enough, some homeowners are getting collection notices for loans taken out over two decades ago. Major gains in home values have led to an unintended consequence: debt collectors coming after old, unpaid home loans, appropriately called “zombie mortgages.” The issue has become widespread enough that the … Read more
If you’re having trouble obtaining a home loan, perhaps after speaking to multiple banks, lenders and even a mortgage broker, consider reaching out to a “portfolio lender.” Simply put, portfolio lenders keep the loans they originate (instead of selling them off to investors), which gives them added flexibility when it comes to underwriting guidelines. As … Read more