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Construction-to-Permanent Loans: August 2020 Archive
Historical notice — August 27, 2020. This URL previously carried a NorthStar construction-to-permanent mortgage promotion. Its rate, payment and closing-cost statements should not be used as current loan terms or an offer. Construction financing can involve funds released as building work progresses. Some loan
Inventory and Appraisal Issues Complicate Existing Sales
“Frustratingly low inventory levels in many parts of the country” assume the fault from the National Association of Realtors® (NAR) for a drop in July existing home deals, the first loss following four straight months of gains. Resales of single-family homes, townhomes, condominiums, and com
Mortgage Rates Rise Slightly on Strong Jobs Report: Freddie Mac
Mortgage rates were little changed from the previous week as they rose two basis points on better-than-expected economic news, according to Freddie Mac. The 30-year fixed-rate mortgage averaged 3.45% for the week ending Aug. 11, up from last weekwhen it averaged 3.43%. A year ago at this time, the 30-year fixed-r
Resurgence of PMI Could Force FHA to Cut Premiums
In last month’s Housing Finance Chartbook the Urban Institute showed how a recent surge in issuance of private mortgage insurance (PMI) had come at the expense of the Federal Housing Administration’s (FHA’s) Mortgage Insurance Fund (MIF). PMI grew from a 33 percent share of the market in Quarter
Mortgage Rates Near 2-Month Lows
Mortgage Rates maintained their recent winning streak today, falling for the 5th straight day. The average lender is now offering the best rates in nearly 2 months. You’d have to go back early August or late July. It depends on the lender to see a better combination of rate and upfront cost. This raises a c
MBS Day Ahead: Are Bond Markets Reading From Same Scary Script?
There are no significant economic reports or scheduled events on tap for today. This will give us an opportunity to feel out the new trading ideas, not only for the rest of the week (which ends with Friday’s NFP), but for the month of October in general. It turns out that October is historic
‘Massive’ shortage of appraisers causing home sales delays
Housing demand is rising rapidly, but a key cog in the wheel to homeownership is in deep trouble. The people most needed to close the deal are disappearing. Appraisers, the men and women who value homes and whom mortgage lenders depend upon, are shrinking in numbers. That is causing growing delays in closings,
1 in 10 borrowers may be missing out on mortgage savings
The average rate on the popular 30-year fixed mortgage has been so low for so long that a good chunk of borrowers can't even contemplate the idea of it ever going higher. Why should they? Every time we warn of rising rates, or see a tiny bump up, some global economic tantrum pushes them back down. Most borrowers
Specialty Mortgage Planning: Explore Your Options
Not every mortgage question fits one standard checklist. NorthStar Funding helps borrowers compare conventional, government, jumbo, renovation, investment-property, alternative-documentation, asset-based, bank-statement, and other specialty options. The useful first step is identifying what is distinctive about y
FHA Compensating Factors and DTI Guidelines
FHA compensating factors can matter when a mortgage requires manual underwriting, but no single debt-to-income (DTI) number approves every FHA borrower. A lender must review the full loan file, including income, debts, credit, cash to close, and the property. The older version of this page presented a 56.99% DTI
How Decreasing Migration Affects The Mortgage Market
Americans are staying put, both in their homes and in their jobs. The two appear to be related but which is the driving force? In a recent Urban Institute blog researcher Bhargavi Ganesh points to the decreasing incidence of state-to-state migration, a trend that started in 1990. Her cites research from Raven Mol
The Dos & Don’ts Of Credit Scores
Here are some important facts about credit scores you should know! Don't Apply For New Credit during the loan process. Every time that you have your credit pulled by a potential creditor or lender, you can lose points from your credit score immediately. Don't Close Credit Card Accounts. If you close a credit card