by koredesign | Jan 17, 2017 | LLT, News
In an era of bloated closing times, some lenders are looking to quicken the pace it takes to get a buyer to the settlement table. Some lenders are retooling operations and aiming to close a loan within 21 days.
For example, national retail lender CrossCountry Mortgage Inc. in Brecksville, Ohio, is committing its staff to aim to close a purchase loan from application to funding within 21 days.
“When you look at contracts, they are typically written for 30 days,” says Chief Operating Officer Jodi Hall. “Many of them have gone out to 45 and 60 day contracts because of the long turn times that have occurred within the industry. If you can deliver well ahead of a 30 day contract it’s very attractive to our REALTOR® partners and customers. That is the best practice.”
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by koredesign | Jan 16, 2017 | LLT, News
Thinking about buying a home in the near future? You’ll need a solid savings fund to accomplish this goal. In addition to covering such expenses as closing costs, escrow, and initial payments on taxes and insurance, cash is necessary for a down payment on a mortgage.
Planning to have 20% of a home’s purchase price to use as your down payment is a smart move. It not only makes you a more attractive borrower to a lender, but it also makes you a more reliable buyer. The more money you put down, the less likely your financing (and your home purchase!) will fall through.
A 20% down payment is a great savings goal, but it’s also a lot of cash. Let’s say you want to buy a home that costs $250,000. You’ll need $50,000 in cash to put down. That’s no small number. But you can make it happen in the near future. Here’s how you can work to build a down payment in one year, three years, or five years.
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by koredesign | Jan 13, 2017 | LLT, News
Mortgage rates pulled back again this week as the exuberance that led to their rapid rise is beginning to temper.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to 4.12 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.2 percent a week ago and 3.92 percent a year ago.
After escalating for nine consecutive weeks, the 30-year fixed rate has fallen the past two weeks. It is back to where it was in early December.
Read the full article here.
by koredesign | Jan 12, 2017 | LLT, News
Construction of single-family homes is expected to gradually rise this year, as a growing economy, solid employment gains, and rising household formation buoys builders’ forecasts.
Last year, the National Association of Home Builders projected 1.16 million total housing starts in 2016, which was up nearly 5 percent from the previous year. Now NAHB is forecasting a 10 percent increase in single-family production for 2017 and a 12 percent rise for 2018.
Read the full article here.
by koredesign | Jan 11, 2017 | LLT, News
November saw yet another annual decline in foreclosure inventory, according to the November 2016 National Foreclosure Report from CoreLogic.
Once again, foreclosure inventory declined 30% annually in November, and completed foreclosures decreased by 25.9% from November 2015, according to the report. Since November of 2015, foreclosures dropped from 35,000 to 26,000. This represents a decrease of 78.2% from September 2010’s peak of 118,339 foreclosures.
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