Homeowners

Housing affordability reaches 10-year low

Climbing home prices and interest rates are the culprit
Housing affordability reached a 10-year low in the second quarter of 2018, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. NAHB Chairman Randy Noel says homebuilders are struggling to ensure pricing does not outpace expected gains in wage growth.
Read More

NAR: Home prices soar to all-time high

Affordability becoming a distant memory for today's homebuyers
According to research from National Association of Realtors, second quarter home prices soared to an all-time high. The national median existing single-family home price in Q2 was $269,000, up 5.3% year-over-year and surpassing last year’s Q2 as the new peak.
Read More

Would a reverse mortgage by any other name smell… sweeter?

Maybe the name is holding the product back
It comes as a surprise to…well, no one, that reverse mortgages come with some deep-seated negative connotations attached, which is why the industry has long debated the so-called “name problem.” Unfortunately, an issue like this is kind of a hard one to get around.
Read More

Hard-up for cash? Sell your home and then buy it back

Sale-leaseback startup EasyKnock offers an equity-release solution for homeowners in a bind
EasyKnock wants to help homeowners get back on their feet. They'll buy your house – handing you that equity in cold hard cash – and then rent it to you for as long as you like, or until you're able to buy it back.
Read More

Pen pals with your mortgage lender? Yeah, it's a thing

Life is complicated. When underwriters have questions, they might reach out to you
Did you know that underwriters often reach out to borrowers via letter? According to a piece in the Wall Street Journal, borrowers shouldn’t be surprised if they are asked to provide a letter of explanation or “comfort letter” to underwriters who are curious about mushy spots in their knowledge of the borrowers’ situations.
Read More

The last domino: Zillow is getting into the mortgage business

First homebuying, now lending
The dramatic reshaping of Zillow’s place in the real estate ecosystem is about to take a giant step forward, as the online real estate behemoth announced Monday that it is getting into the mortgage business. To power its expansion into mortgages, Zillow is buying Mortgage Lenders of America.
Read More

Want an extra $1,000 to pay off your mortgage?

New Jersey senator proposes tax credit relief
A New Jersey senator proposes a $1,000 tax credit to help middle-class homeowners pay off their mortgages. With home prices increasing at least twice the rate of inflation, the measure could bring much-needed relief to Garden State homeowners.
Read More

Can you afford to finance a tiny home?

You won't be able to use a traditional loan
As more people buckle under the weight of mortgage and rental rates, alternative housing has become a viable option. Specifically, tiny homes have piqued the interest of those wanting to ditch the picket fence and fat loan. But how affordable is a tiny home? Not very.
Read More