One in four U.S. properties that have a mortgage are now considered to be rich in home equity or “equity rich,” according to a report by ATTOM Data Solutions.What does this mean? A property is considered “equity rich” when the combined amount of all loans secured by the property is 50% or less of the… Read more »
While builders are starting to increase their volume of new homes, a recent article in Consumer Affairs stated that new homes are still out of reach for most first-time homebuyers simply because of their prices. Prices for both existing and new homes have been steadily rising in recent months because the demand for houses, driven… Read more »
Freddie Mac has announced that it will no longer purchase very low down payment mortgages requiring only a 1% down payment from the borrower. The change is effective for mortgages with settlement dates on and after November 1, 2017. Surprisingly the news comes soon after reports that Freddie Mac expected to double its volume of… Read more »
D.C. home prices reached a record high in May, when the median sales price of homes in the city reached $599,000, according to MarketStats from Showing Time.This is reportedly the highest median home sales price ever for the city and is 5% higher than May of 2016. The median home price in D.C. was more… Read more »
Beginning this month, the three major credit bureaus—Equifax, Experian, and TransUnion will start removing tax liens and judgments from credit reports, making it easier for them to qualify for mortgages and other loans. The action is part of the National Consumer Assistance Plan (NCAP) initiative. The NCAP was created in March 2015 when it became… Read more »
As metro areas in the U.S. become more and more expensive, Americans are moving to find more affordable homes elsewhere. Big cities are extremely expensive, both house-wise and with regard to the cost of living in general. People are searching for homes in areas that are relatively less expensive but still have access to good… Read more »
Are you looking to buy a home or condo in one of these D.C. neighborhoods? Be prepared to pay at least the asking price! In March, homes in Capitol Hill Northeast, Chevy Chase D.C., Columbia Heights/Mount Pleasant, Foggy Bottom/West End and Logan Circle/Dupont sold for up to 101.7% of the asking price. So what does… Read more »
Did you know that mortgage rates are being affected by the French election and the prospect of U.S. tax reform? See which way the rates are headed. Refinance Market Bouncing Back According to the Mortgage Bankers Association, total mortgage application volume rose 2.7 percent last week. While this was quite a significant uptick, volume was… Read more »
All too often, homebuyers go into the home-buying process with very little knowledge about how mortgages work or about the various aspects of taking out a home loan. This point was driven home recently with a study by Fannie Mae about homebuyer education. Homebuyers Lack Educational Resources After conducting more than 50 face-to-face interviews and… Read more »