ALERT: IT’S GOING TO COST YOU MORE TO REFINANCE STARTING DECEMBER 1ST!

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to increase the fees charged to lenders by .5% beginning December 1. Fannie and Freddie insure a large majority of mortgage loans and this fee increase will be passed on to borrowers. On a $500,000 mortgage loan that means an extra $2500 in …

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NEW INCREASED LOAN LIMITS EFFECTIVE IN 2020: WHAT DOES THIS ACTUALLY MEAN?

Just before the end of November, the Federal Housing Finance Agency (FHFA) announced new maximums for 2020 loan limits on mortgages that will be acquired by Fannie Mae and Freddie Mac. For one-unit properties nationwide, the maximum limit increased to $510,400 – a 5.38 percent rise from the $484,530 number from this year. This makes it the …

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AN INCREASE IN MORTGAGE APPLICATIONS SHOWS STRONG LUXURY MARKET

According to the Mortgage Bankers Association, mortgage applications saw a 1.7 percent gain from the previous week, after consecutive declines. Positive mortgage activity plays into the surge of expensive home sales in the third quarter at a 41.5 percent increase. This gain is the largest year-over-year in seven years. Home prices continue to rise due …

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HOW TO NAVIGATE THE HOME BUYING BIDDING WARS IN A COMPETITIVE MARKET

Since the summer months, buyers and sellers have gone head to head in navigating the home buying bidding wars. Buyers and sellers are on the hunt for their dream home despite the low inventory across the country. It is essential for those entering the market to prepare for the inevitable competition. In August, 59 percent …

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FORECLOSURE IMPACT WILL HIT THE INDUSTRY IN 2021 – BUT IT’S NOT AS BAD AS YOU THINK

The housing market has seen stable recovery, but a flood of mortgage foreclosure impact 2021 to hit the industry is in anticipation of 2021. About one-third of all Americans have missed housing payments in July. Entering into month five; August saw a 9 percent decrease in early-stage delinquencies. According to a consumer report by TransUnion; …

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2020 OCTOBER REAL ESTATE AND MORTGAGE TRENDS – SAN DIEGO, CALIFORNIA

Hot topics in the Fall housing market: foreclosures, millennials, and the election.  As we near the end of the year, the mortgage forbearance expiry date sparks questions of what will happen with payments and foreclosures next year; especially for those who may remain unemployed. Thankfully, foreclosures and short sales numbers have been much lower than …

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MILLENNIAL HOME BUYERS RESPONSIBLE FOR 53 PERCENT OF NEW HOME LOANS

The millennial home buyers Generation is currently the largest living adult group in the U.S, outnumbering the Baby Boomers. They are at the prime home-buying age – mid-twenties to late thirties; – and have been entering the housing market in surges for the past few years. The NAR shared this generation made up 38 percent …

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