The piece of federal lending law that allows borrowers whose mortgages are sold to Fannie Mae and Freddie Mac to have a higher debt-to-income ratio than other types of qualified mortgages was all set to expire on Jan. 10, 2021. But that's not the case anymore.
For years, lenders across the country used the automated underwriting systems of Fannie Mae and Freddie Mac to speed up their origination process. Meanwhile, the process for Federal Housing Administration loans was a bit different. Things are about to change.
The housing industry has just over a month to get ready as Federal Housing Finance Agency Director Mark Calabria reiterated last week that Fannie Mae and Freddie Mac will implement a 50-basis-point fee on certain refinances on Dec. 1, 2020.
A mortgage pre-approval is the result of a process where a lender will look at your financial situation to figure out if you are a good candidate for a mortgage.
It's pretty safe to say that this year has been an unprecedented one, for both the country as a whole and the nation's housing economy. Even though the U.S. has been in the full throes of a pandemic for seven months, the nation’s housing market has arguably never been hotter. But what happens next? Here's a look at experts' predictions for the rest of the year.
California will soon have its version of the Consumer Financial Protection Bureau, as the state recently enacted a new law that 'significantly expands the state's ability to protect Californians against abusive and predatory financial products and services.'
Believe it or not, it's been five years since the acronym TRID became common knowledge for every mortgage company, title company, closing agent, and real estate agent. TRID stands for the TILA-RESPA Integrated Disclosure Rule, but for many of those housing professionals, the acronym came to jokingly stand for 'The Reason I Drink' due to the amount of work that went into implementing the rule.
When buying a house, one of the main questions your lender will ask is whether the property will be a primary residence, a second home, or an investment property.
The leaves are changing colors, temperatures are dropping, and pumpkins abound. Fall is here and it's time to make indoor and outdoor DIY decorations that are seasonally stylish but stay within your budget.
Many first-time home buyers don't think they can qualify for a home loan, but the truth is, there are many types of mortgages available, even for first-time home buyers.