Online mortgage – Small Biz 3000 http://smallbiz3000.com/ Tue, 17 May 2022 20:09:20 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://smallbiz3000.com/wp-content/uploads/2021/11/profile.png Online mortgage – Small Biz 3000 http://smallbiz3000.com/ 32 32 How to get help with rent, mortgage and utilities https://smallbiz3000.com/how-to-get-help-with-rent-mortgage-and-utilities/ Tue, 17 May 2022 17:27:06 +0000 https://smallbiz3000.com/how-to-get-help-with-rent-mortgage-and-utilities/ CLINTON, South Carolina (WSPA) – With everything from food to gasoline on the rise, it has become harder for many people to pay their bills. Many don’t realize that the financial aid programs that began during the pandemic are still going strong. They offer help with everything from rent and mortgage payments to utilities and […]]]>

CLINTON, South Carolina (WSPA) – With everything from food to gasoline on the rise, it has become harder for many people to pay their bills. Many don’t realize that the financial aid programs that began during the pandemic are still going strong. They offer help with everything from rent and mortgage payments to utilities and even property taxes.

When a mother Clinton came to 7NEWS asking for help, we wanted to share what we learned about who qualifies and how long these hundreds of millions of dollars in aid are expected to last.

When Brittany Green Vance became a mother, she swore she would protect her children from the worry of unpaid utility bills.

“I grew up with my lights off sometimes and never wanted my kids to go through that,” Green Vance said.

So when the lights went out two weeks ago at her rental home in Clinton, the mother of four tried to explain to the utility company that there had been a mistake.

“People came back. I think they’ll turn my lights back on, [but] they cut off my water. I was like, ‘Okay, I don’t have any lights. I have no water. How will I feed my children? How will my daughters bathe and get ready for school? How are we going to survive all night because it’s hot? said Green Vance.

She immediately called the South Carolina Housing Authority because she had applied a month prior to a program that provides utilities and rental assistance called SC Stay Plus.

Chris Winston of SC Housing said the $430 million in federal COVID-19 relief funds are for people who have had a negative financial impact from the pandemic.

To qualify, you must also have an annual salary that does not exceed 80% of your county’s average median income (AMI). You can view your AMI here. This chart shows more specific numbers for South Carolinians based on your household size.

“In Cherokee County or Union County, it will look something like your household income in the $40,000 to $50,000 range, and again, that changes by county and the size of the household. The larger the household, sort of the more populous county you are in, the higher the income limit will be for this program,” Winston said.

While SC Stay Plus serves 39 counties, the others, like Spartanburg, Anderson, and Greenville, have their own COVID-19 emergency rental assistance.

Clicking on your county in this interactive SC Housing map shows you which programs are available to you.

And it’s not just tenants. A new South Carolina “homeowner rescue program” just started this spring is helping struggling homeowners pay mortgages, property taxes and utilities.

And the median income for this program is higher, 150% of the county average based on household size. So, for a family of three in Greenville, this online eligibility calculator says the threshold is $115,000.

Back at Clinton, Green Vance said she knew she qualified and was told the check was on its way to Clinton Utilities. But as the day went on, she called 7NEWS for help.

We contacted Clinton and SC Stay Plus. Later in the afternoon, his water and electricity were back. And with temperatures in the 80s, she was grateful.

“I would like to thank SC Stay Plus as well as News Channel 7 because if it wasn’t for you both I don’t know where I would be,” Green Vance said.

“We were happy to make the calls and make sure everyone was aware of the situation and knew it had been approved and things were being resolved. We’re glad she was able to stay safe at home,” Winston said.

About half of the SC Stay Plus program for tenants has already been used. But the Housing Authority has said there should be enough funding to last until 2023. As for the homeowner rescue package, it has at least $145 million available.


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Opinion: Use data to grow your mortgage servicing business https://smallbiz3000.com/opinion-use-data-to-grow-your-mortgage-servicing-business/ Fri, 13 May 2022 18:43:05 +0000 https://smallbiz3000.com/opinion-use-data-to-grow-your-mortgage-servicing-business/ Mortgage servicing is a large-scale business, which means economies of scale can be achieved with a larger servicing portfolio by spreading fixed costs across multiple loans being serviced. Such scaling; however, has not achieved the expected results, as indicated by both the increase in management fees per loan and loans managed per employee, according to […]]]>

Mortgage servicing is a large-scale business, which means economies of scale can be achieved with a larger servicing portfolio by spreading fixed costs across multiple loans being serviced. Such scaling; however, has not achieved the expected results, as indicated by both the increase in management fees per loan and loans managed per employee, according to research conducted over the past decades by the Mortgage Bankers Association.

This trend is clearer for non-performing loans whose servicing costs quadruple, from less than $500 before the housing crisis in 2008 to more than $2,000 in recent years. Apparently, such an increase is largely due to compliance requirements imposed by regulators. The servicing industry should reform by adopting new technologies and a data-driven approach to automate the compliance process in a cost-effective manner.

Follow the right indicators

When you use your data to track the right metrics, this insight allows you to focus on what matters most to your business and provide intelligent scaling. Rapid profiling of risky borrowers in different situations can be a very useful technology in the service. Using the forbearance plan under the CARES Act, for example, a surge of borrowers comes out of forbearance which greatly extends a servicer’s operating capacity limit.

Services can use aggregated monthly service data to hone in on borrowers at each forbearance stage and prioritize resources for those most in need of help. By doing so, you can reduce unnecessary expenses and maximize the capacity of your employees.

Profiling these risky borrowers involves characterizing them using social, economic, geographic, and monthly loan performance information compared to national and regional statistics. For example, a combination of a borrower’s credit score, loan repayment history, employment, loan-to-value ratio, location, local income level, and many other characteristics can be used to deduce the repayment capacity of the borrower.

When you use machine learning and artificial intelligence in addition to this profiling, you can make personalized recommendations of remediation options at scale. Raising awareness among your borrowers can be more targeted and therefore more effective. And, you can avoid the mistake, for example, by offering a 40-year modification to a waived loan with a remaining term of 5 years.

Data on top of machine learning and AI give you the edge

Maintenance rules change quickly and their implementation times are short. You can identify bad areas by running rule-based exception monitoring functions. Since servicing is all about timing – when things start and when things end – constantly monitoring and tracking loan performance and regulatory changes is critical to managing compliance. You can only become more proactive in mitigating compliance risks as well as other risks quickly and efficiently with rapid information handling and quick action on information.

Similarly, in financial portfolio management, these profiling techniques are used to adequately and timely assess the default and prepayment propensity of the borrower under changing market dynamics. This can have a huge impact on a repairer’s bottom line and MSR ratings. With data at your side, you can actively manage your risks and increase your profitability through corresponding hedging actions and customer education.

Diagnose the health of internal processes

The data can also be used to diagnose the health of your internal process. Each borrower touchpoint, from collecting payments to customer complaints, represents a data point in the service process. By tracking each step of this process, you can get a better view of inefficiencies and bottlenecks in the maintenance operation, such as employee productivity, customer service performance, and others.

These analyzes can help optimize operations and identify ways to grow smarter without incurring huge outlays in hiring and capital investments. For example, a customer’s call history might show a few common topics that would have been easier to answer by making that information available online or through written communication. This can free up time and resources for customer calls on larger issues.

Data will not replace humans; it will make them smarter

At the heart of this digital success is data technology. Technology should not replace humans but make humans smarter. It can free up humans to do what they are good at by automating some of the work the machine can do best. Instead of spending 99% of the time getting the right data and 1% of the time understanding the insights from that data and making smart decisions, it should work the other way around using the machine to automate and reduce time of data processing. from 99% to 1%. So you can get the best of both worlds. In the end, it will be human to find out all the whys and tell a good story.

This will require the data management system to be able to analyze big data. Big data means not only the sheer volume of data, but also the variety and speed of data. The system should be able to extract data of all different formats from all different sources and generate results in near real time.

Technology can now be adapted to small businesses

The good news is that this has been a reality in modern SaaS solutions thanks to scalable native cloud infrastructure. Cloud technology is evolving in such a way that small businesses can access large sets of data and the same level of technology infrastructure that was previously reserved for large enterprises. Access to large-scale technology has been democratized.

Billions of data points can be processed in minutes or even seconds. Data can be segmented and analyzed at very fine granularity across multiple dimensions and quickly aggregated into different hierarchical levels. Analysis of loan performance data can go back and forth in time in terms of selecting historical retrospectives and projecting future forecasts.

More importantly, elastic pricing systems in cloud computing minimize fixed costs and allow a reduction in variable costs of per-minute IT resources, which is certainly more acceptable than that of human resources. Therefore, the industry can further stabilize without experiencing significant employee turnover due to the cyclical nature of this business.

Going forward, repairers are likely to face greater regulatory scrutiny, as they learned from the latest housing crisis. Staying compliant is more expensive than ever. Investing in data technology to implement effective risk and control can help better scale the business in light of these challenges. Services need to keep this in mind when growing the business – not only to grow faster, but also to grow smarter.

Howard Lin is president of mortgage risk analysis firm Cielway.

This column does not necessarily reflect the opinion of the editorial department of RealTrends and its owners.

To contact the author of this story:
Howard Lin at [email protected]

To contact the editor responsible for this story:
Sarah Wheeler at [email protected]

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What is a Mortgage Lender? | News https://smallbiz3000.com/what-is-a-mortgage-lender-news/ Tue, 10 May 2022 19:06:28 +0000 https://smallbiz3000.com/what-is-a-mortgage-lender-news/ When you’re in the market to buy a home, chances are you’ll need to finance your purchase with a mortgage. From start to finish, you’ll likely talk to many people before you finally close on your new home. Find out what a mortgage lender is and what role they play in your home buying process […]]]>

When you’re in the market to buy a home, chances are you’ll need to finance your purchase with a mortgage. From start to finish, you’ll likely talk to many people before you finally close on your new home. Find out what a mortgage lender is and what role they play in your home buying process below.

A financial advisor could help you determine which financing options benefit you the most and how to leverage mortgage debt to your advantage. Find a qualified advisor today.

What is a Mortgage Lender?

A mortgage lender is a financial institution or bank that provides and guarantees home loans to borrowers. Lenders set the terms, interest rate and timing of your mortgage loan, assessing your loan application against your ability to repay the loan.

When shopping for different mortgage products, you’ll likely come across various banks and institutions that all offer different terms and rates. You can compare them individually, online or in person, or you can speak with a mortgage broker.

A mortgage broker is not a mortgage lender. A licensed mortgage broker is more of an intermediary between you and potential lenders. Mortgage brokers can collect your mortgage application and advise you on how to improve your creditworthiness, and since they often work for independent mortgage companies, they are able to shop around and find the best mortgage deal and the best possible conditions for your situation. Brokers are paid on commission, usually in addition to the mortgage lender’s fee you’ll pay for your home loan.

Different types of mortgage lenders

Just as there are different types of mortgages, there are several types of mortgage lenders. The best lenders offer a variety of interest rates and incentives so a mortgage deal can be tailored to your personal situation.

  • Banks: Banks often offer mortgage services as part of their lending product offerings. Applying for a mortgage through your bank can allow you to take advantage of benefits and discounts reserved for bank account holders. On the other hand, you may pay a higher interest rate and wait longer for processing due to bank fees and high volume of applications.
  • Credit Unions: Credit unions offer some of the lowest interest rates available, but mortgages from credit unions are often in high demand and in limited supply. Many borrowers may not meet the requirements to join a credit union, so it can be a little tricky to get a mortgage from these lenders.
  • Non-bank lenders: Mortgage companies that are not banks or credit unions are considered non-bank lenders. Online mortgage companies and money lenders fall into this category, but since they are online-only or even all-cash, they can offer very competitive rates and terms.

It is important to note that there are many approved mortgage lenders, but you should seriously consider the reputation and stability of the company before applying for a loan from them. Some lenders provide mortgages directly to consumers, originating their own loans, and others do not, instead working with other lenders to fund mortgages behind the scenes. Sometimes you will apply for a mortgage with one lender and then pay off your mortgage to another company, the mortgage agent. You should always ask your potential lender what help they provide and whether they will service your loan after closing.

Conclusion

A mortgage lender is a bank or financial institution that issues and underwrites mortgages for borrowers. You’ll likely compare many different lenders in your search for the best home loan, online and in person.

Consider speaking to a mortgage broker for advice on improving your credit and to compare mortgage options available to you. You can also talk to a financial expert to find out how to leverage your home purchase to its greatest tax advantage.

Mortgage advice

  • Not sure which mortgage options are the right choice for your long-term financial goals? Consider speaking with a qualified financial adviser. SmartAsset’s free tool connects you with up to three financial advisors who serve your area, and you can interview your matching advisors for free to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.
  • Use SmartAsset’s free mortgage calculator to get a good estimate of how much home you can afford.
  • Mortgage rates are more volatile than they have been in a long time. Check out SmartAsset’s mortgage rate chart to get a better idea of ​​what the market looks like right now.

Photo credit: ©iStock.com/utah778, ©iStock.com/Courtney Hale, ©iStock.com/fizkes

The post What is a Mortgage Lender? appeared first on SmartAsset Blog.

For additional copyright information, see the distributor of this article, SmartAsset.

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Jonathan and Diri want an efficient mortgage system in Nigeria…as NARD lays the groundwork for a housing estate https://smallbiz3000.com/jonathan-and-diri-want-an-efficient-mortgage-system-in-nigeria-as-nard-lays-the-groundwork-for-a-housing-estate/ Sun, 08 May 2022 22:30:58 +0000 https://smallbiz3000.com/jonathan-and-diri-want-an-efficient-mortgage-system-in-nigeria-as-nard-lays-the-groundwork-for-a-housing-estate/ Former President Goodluck Jonathan and Bayelsa State Governor Senator Douye Diri over the weekend advocated an effective mortgage system to meet housing needs in the country.The duo made the call in their separate remarks at the groundbreaking and foundation-laying ceremony of the Goodluck Ebele Jonathan Doctors Estate located on the outskirts of the Otuokpoti community […]]]>

Former President Goodluck Jonathan and Bayelsa State Governor Senator Douye Diri over the weekend advocated an effective mortgage system to meet housing needs in the country.
The duo made the call in their separate remarks at the groundbreaking and foundation-laying ceremony of the Goodluck Ebele Jonathan Doctors Estate located on the outskirts of the Otuokpoti community in the Ogbia Local Government Area of the state.
The Tide reports that the Doctors’ Estate project, which is an initiative of the Doctors Welfare Cooperative, under the aegis of the National Association of Medical Residents (NARD), Federal Medical Center, Yenagoa Chapter, is to be funded through a partnership with the Federal Mortgage Bank of Nigeria (FMBN).
Speaking at the ceremony, Dr Goodluck Jonathan said housing was one of the basic human needs that could be met through an effective mortgage system enabling people to own affordable homes.
The former president, who thanked the medical residents for finding him worthy and deserving of the honor of having the estate named in his honour, said the project, when completed, would not only contribute to socio -economic of its residents, but also to the whole State.
Describing the medical profession as noble, he said he had great respect for doctors, who are trained to take care of people’s health needs.
Jonathan assured NARD that he would provide the necessary support to ensure the smooth execution of the project to achieve their vision.
In his address, the Governor of Bayelsa State, Senator Douye Diri, said the state government was delighted with the project started by FMC’s Physician Welfare Cooperative, Yenagoa.
Governor Diri, who was represented by his deputy, Dr. Lawrence Ewhrudjakpo, called on the Federal Mortgage Bank of Nigeria (FMBN) to review its mortgage policies and procedures to make them more inclusive and feasible for more professional groups and people. noting that the efforts to provide shelters are a step in the right direction, just as he assured that his administration will do its best to ensure the actualization of the project within the targeted completion time.
While commending NARD’s immediate past leadership in the state for conceptualizing the project, Governor Diri also praised the Association’s outgoing President for taking the bold steps to translate the idea into reality.
“We are very happy with what the FMC Yenagoa chapter resident physicians are doing here today. Adams Smith made this very clear from the start, and Abraham Maslow expanded on it by saying that housing is one of the basic human needs. And even God himself recognized it. This is why after the creation, He created the Garden of Eden as a shelter for man. Elsewhere in the world, nobody builds their house with their own money. It is the mortgage system that finances the construction of residential houses. If you see people driving big cars, they have a mortgage; the man living in a big house, this house is mortgaged. Virtually everything is executed on mortgage.
“We decided to talk about mortgages, but we didn’t imitate mortgages well. I therefore wish to take this opportunity to appeal to the Federal Mortgage Bank of Nigeria (FMBN) and other mortgage institutions to facilitate their systems and ease the conditions for accessing mortgage loans. This is the only way for this country to develop.
“So anything we do to provide shelter is a step in the right direction to meet a basic human need. It’s only someone who has a roof over their head who can have a quiet sleep. We are therefore quite associated with this project in all its ramifications and we are committed to doing our part, to ensure that this project is carried out as planned” he mentioned.
Earlier in their separate speeches, the chairman of the estate’s committee, Dr Divine Iroli, and the state chairman of the Nigerian Medical Association, Dr Ongowari Torunana, said the estate was named after Dr. Goodluck Jonathan, to immortalize him as an illustrious son. of State and in recognition of his contribution to the development of the medical profession.
According to Iroli, the estate will have 300 housing units, nursery, primary and secondary schools, a shopping center, a security post and other amenities.
Also speaking, a representative of DanielBob Nigeria Limited, the project consultants, Prof. William Obiazor, said his company has what it takes to deliver the project in sixteen (16) months from the start date. Works.

By: Ariwera Ibibo-Howells, Yenagoa

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Mortgage Rates Daily Trend Down This Week | May 7 & 8, 2022 https://smallbiz3000.com/mortgage-rates-daily-trend-down-this-week-may-7-8-2022/ Sat, 07 May 2022 09:28:04 +0000 https://smallbiz3000.com/mortgage-rates-daily-trend-down-this-week-may-7-8-2022/ After a week of swinging rates, the average 30-year fixed-rate mortgage rate ended the week at 5.939%, 0.17 percentage points lower than last weekend’s rate. Mortgage rates are expected to continue to rise, but at what pace is unclear. Borrowers planning to buy a home this year should work on their credit to improve their […]]]>

After a week of swinging rates, the average 30-year fixed-rate mortgage rate ended the week at 5.939%, 0.17 percentage points lower than last weekend’s rate.

Mortgage rates are expected to continue to rise, but at what pace is unclear. Borrowers planning to buy a home this year should work on their credit to improve their chances of qualifying for a lower rate.

  • The final rate on a 30-year fixed rate mortgage is 5.939%. ⇓
  • The final rate on a 15-year fixed rate mortgage is 4.976%. ⇓
  • The last rate on a 5/1 ARM is 4.375%. ⇓
  • The latest rate on a 7/1 ARM is 4.542%. ⇓
  • The latest rate on an ARM 10/1 is 4.687%. ⇓

Money’s daily mortgage rates are a national average and reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan. right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac weekly rates will generally be lower since they measure the rates offered to borrowers with higher credit ratings. Your individual rate will vary depending on your location, lender and financial details.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 5.939%.
  • It’s a day offold by 0.16 percentage points.
  • It’s a month increase by 0.319 percentage points.

The long payback period and fixed interest rate of a 30-year mortgage results in lower monthly payments that won’t change over the life of the loan. The trade-off is that total borrowing costs will be higher compared to a short-term loan because you’ll be paying a higher interest rate for a longer period.

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Average mortgage rates

Data based on US mortgages closed May 5, 2022

Type of loan May 5 Last week Switch
15-year fixed conventional 4.98% 4.87% 0.11%
30-year fixed conventional 5.94% 6.01% 0.07%
ARM rate 7/1 4.54% 4.53% 0.01%
ARM rate 10/1 4.69% 4.6% 0.09%

Your actual rate may vary

Today’s 15-Year Fixed Rate Mortgage Rates

  • The 15-year rate is 4.976%.
  • It’s a day offold of 0.095 percentage points.
  • It’s a month offold by 0.055 percentage points.

A 15 year fixed rate mortgage will have a lower interest rate than a 30 year mortgage. Because you’ll be paying this lower rate for half the time, your overall borrowing costs will be lower than an equivalent 30-year long-term loan. However, it is not such an economical option on a monthly basis. You have to repay the loan in less time, so your monthly payments will be a little higher than on a 30-year loan.

Use a mortgage calculator to determine which option is best for you.

The latest rates of adjustable rate mortgages

  • The last rate on a 5/1 ARM is 4.375%. ⇓
  • The latest rate on a 7/1 ARM is 4.542%. ⇓
  • The latest rate on an ARM 10/1 is 4.687%. ⇓

An adjustable rate mortgage will start out with a low fixed interest rate for an introductory period. After the fixed rate period ends, the rate becomes variable and resets periodically based on market conditions. For example, a 5/1 ARM will have a fixed rate for five years that will adjust each year once it becomes variable.

Some borrowers are attracted to ARMs because the introductory rate tends to be lower than other types of loans. The potential downside is that the rate could increase significantly after it begins to adjust.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 5.585%. ⇓
  • The rate for a 30-year VA mortgage is 5.486%. ⇓
  • The rate for a 30-year jumbo mortgage is 5.184%. ⇓

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 6.262%. ⇓
  • The refinance rate on a 15-year fixed rate refinance is 5.215%. ⇓
  • The rollover rate on a 5/1 ARM is 4.695%. ⇓
  • The refinance rate on a 7/1 ARM is 4.882%. ⇓
  • The rollover rate on a 10/1 ARM is 5.193%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed May 5, 2022

Type of loan May 5 Last week Switch
15-year fixed conventional 5.22% 5.03% 0.19%
30-year fixed conventional 6.26% 6.21% 0.05%
ARM rate 7/1 4.88% 4.57% 0.31%
ARM rate 10/1 5.19% 4.65% 0.54%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly dipped to the lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve also began to scale back its purchases of mortgage-backed securities and raised the federal funds rate for the first time in March to combat rising inflation. The Fed has signaled that six more hikes are likely this year.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

Also, take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase before the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by over 8,000 lenders across the United States, with the most recent business day rates available. Today we are posting rates for Thursday, May 5, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan right now. These rates were offered to people depositing 20% ​​deposit and include discount points.

More money :

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What’s going on with mortgage rates in the UK? – Forbes UK Advisor https://smallbiz3000.com/whats-going-on-with-mortgage-rates-in-the-uk-forbes-uk-advisor/ Thu, 05 May 2022 11:17:42 +0000 https://smallbiz3000.com/whats-going-on-with-mortgage-rates-in-the-uk-forbes-uk-advisor/ The ever-tightening cost-of-living crisis and soaring inflation (which stood at 7% in the 12 months to March) are fueling the likelihood of further interest rate hikes this year, putting further pressure on the monthly budgets of millions of mortgaged UK homeowners. What’s going on with interest rates? The Bank of England raised interest rates to […]]]>

The ever-tightening cost-of-living crisis and soaring inflation (which stood at 7% in the 12 months to March) are fueling the likelihood of further interest rate hikes this year, putting further pressure on the monthly budgets of millions of mortgaged UK homeowners.

What’s going on with interest rates?

The Bank of England raised interest rates to 1% on May 5, which will add around £300 a year to a £200,000 2.25% variable rate mortgage. The next interest rate decision will be June 16, when the Bank may well decide to raise rates again in pursuit of the fight against inflation, which shows few signs of waning.

Existing mortgages tied to bank rates, such as base rate trackers, will reflect May’s rise, while the cost of many new fixed rate offerings will have already factored it in. This is the fourth increase in the bank rate since December 2021, when it was at just 0.1%.

Fixed rates 2 and 5 years

According to Trussle, our mortgage partner, an increasing number of homeowners are opting for longer-term fixed mortgages in a “stability offer”. He said the original term of new fixed-rate mortgages taken out by customers had increased by 17%.

While borrowers would historically pay more for the longer-term security that a five-year deal provides, Halifax offers a five-year fixed-rate mortgage that’s cheaper than its two-year fixed-rate equivalent. The five-year “no-fee” solution is priced at 2.82% for borrowers with a 40% deposit, compared to 2.94% for the same transaction over two years. .

Low deposit offers

As rising house prices and soaring cost of living put increased pressure on affordability, the choice of 95% mortgage deals is increasing. First Direct is the most recent entrant to the market (April 27), launching 2- and 5-year no-load fixed rate offerings priced at 2.79% and 2.94% respectively.

Loans will be available for up to £550,000 with maximum borrowing terms of 40 years.

For more on this and other mortgage news, check out our mortgage updates page.

And for more lenders offering 95% deals and all other loan-to-value mortgages, check out our charts below.

Why are interest rates rising?

The Bank of England’s Monetary Policy Committee (MPC) is using interest hikes as a tool to cool the economy and bring soaring inflation under control. And the consumer price index (CPI) measure of inflation jumped 7% in the 12 months to March 2022, marking its highest level in 30 years.

The Office for Budget Responsibility (OBR) had predicted that inflation would peak at 8.7% this fall, but that figure could now rise. This reflects both the uncertainty surrounding the Russian invasion of Ukraine, as well as the cap on UK energy prices which climbed 54% in April, driving up energy bills for millions of people. households.

The cap will rise again in October, when analysts expect at least an additional £500 will be added to the cost of a typical annual energy bill.

What are today’s mortgage rates?

With a frequently moving bank rate and inflation rate, it is difficult to keep track of mortgage costs, especially since they can change daily. An easy way is to use our mortgage tables, powered by Trussle – a trusted online mortgage broker and our mortgage partner.

To find out which offers are available at the current rates for the type of mortgage you are looking for, you will need to enter your personal criteria in the table below. Here’s what to do:

  • Indicate whether the mortgage must finance the purchase of a house or if it’s a mortgage for an existing property
  • Enter the property value and the mortgage amount you need. This will automatically generate a percentage which is known as your ‘loan to value’. The lower the value of your loan, the lower the mortgage rates available
  • Check the appropriate box if this is a purchase for lease or interest-only mortgage (you will need a repayment strategy in place for these transactions), or if you are looking for a mortgage to fund a shared ownership goods
  • Finally, filter your search by type of mortgage you want, for example a patch or a tracker of two or five years. The filter is set to a full mortgage term of 25 years, but you can change it if needed.

What else should I know?

The mortgage offers offering the cheapest rates usually come with fees. You can choose to pay them upfront or add them to the loan. To account for the cost of fees, sort your results by “initial period cost” (in the “Sorted by” drop-down menu).

Alternatively, you can sort the results by initial rate, lowest fee, or monthly repayment – even by lender’s trailing rate the deal will revert to at the end of the term.

While mortgage rates change daily, the cheapest are reserved for larger deposits, typically 60% of the property’s value or more. And in any case, you will need sufficient income and a clean credit history to be accepted for a mortgage loan.

If you want to see what your monthly mortgage payments might look like under different scenarios while stacked against household bills, our mortgage calculator will do the sums.

While Trussle lists around 12,000 mortgage deals from 90 lenders – representing the vast majority of the market – some deals are sometimes available exclusively through a handful of brokers, so you might not see them.

When can I start a mortgage?

Mortgage offers from major lenders tend to last six months (as noted in our Best Lenders for Remortgage), although some lenders cap expiration dates at three months. It’s worth researching a new mortgage deal this far in advance, because you’ll be able to lock in a rate you’re seeing today – free of charge and with no strings attached.


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Eight Leading Residential Mortgage Originators Named Top Originators for Customer Satisfaction https://smallbiz3000.com/eight-leading-residential-mortgage-originators-named-top-originators-for-customer-satisfaction/ Fri, 29 Apr 2022 05:09:16 +0000 https://smallbiz3000.com/eight-leading-residential-mortgage-originators-named-top-originators-for-customer-satisfaction/ Copyright 2022 PR Newswire. All rights reserved2022-04-29 Leading Experience Management Software Provider Announces Annual List of America’s Best Loan Officers for Customer Satisfaction SALT LAKE CITY, April 28, 2022 /PRNewswire-PRWeb/ — Primary Residential Mortgage, Inc. (PRMI) is thrilled to announce that eight of its loan originators have been named to the Top 1% of America’s […]]]>
Copyright 2022 PR Newswire. All rights reserved
2022-04-29

Leading Experience Management Software Provider Announces Annual List of America’s Best Loan Officers for Customer Satisfaction

SALT LAKE CITY, April 28, 2022 /PRNewswire-PRWeb/ — Primary Residential Mortgage, Inc. (PRMI) is thrilled to announce that eight of its loan originators have been named to the Top 1% of America’s Best Loan Originators of 2021 for Customer Satisfaction by Experience.com. Along with this achievement, PRMI was also ranked number two in the giant size business category with an average customer satisfaction rating of 4.91 out of 5 stars.

The following loan originators have received this prestigious recognition: Steve Wilcox (NMLS 85327), Kyndle Quinones (NMLS 156081), Kaley Giessing (NMLS 1292078), Renee Hinojosa (NMLS 1238625), Jim Conway (NMLS 135401), Chad Erling (NMLS 1138223), Kyle Travers (NMLS 23208) and Lane Baron (NMLS 332466).

“I am proud of these initiators”, said the CEO of PRMI Kenneth Knudson. “Each of them has taken the time to give their clients the individual care they deserve. They are what make the process of becoming an owner easy and successful.”

Results are based on survey completion rates, number of reviews and stars submitted to the Experience.com customer experience platform by verified customers. To ensure data integrity, the integrated cloud-based platform is directly connected to each company’s credit granting system and requests are automatically sent to the borrower and co-borrower for all closed loan transactions .

“It is extremely difficult to obtain a position on the list of the best loan officers”, explains the CEO of Experience.com Scott Harris. “The Loan Officer (LO) needs to close a high volume of mortgages and provide every customer with a great experience every time. One poor rating out of 100 closed loans can prevent an LO from landing on this prestigious list.”

Experience.com is a rapidly growing experience management software provider. With its integrated cloud-based platform and customizable processes, any business can manage customer and employee experiences across its products, locations and brands. By driving behavior change, Experience.com delivers impactful business results, including increased customer satisfaction, brand loyalty, online reputation and visibility, and increased employee engagement.

Primary Residential Mortgage, Inc. is a multi-billion dollar nationwide operation co-founded in 1998. Its key executives are mortgage industry authorities. With over 250 branches, licenses in 49 states and over 2,500 employees, PRMI has been repeatedly recognized as one of the top mortgage lenders. For more information, call 800-255-2792, visit primeres.com or follow us on LinkedIn, Twitter and Facebook. PRMI is a housing equality lender. NMLS #3094.

Media Contact


Maddi HardyPrimary Residential Mortgage, Inc., 8012552792, mhardy@primeres.com

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SOURCE Primary Residential Mortgage, Inc.

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Mortgage Refinance Rates Today: 30-Year Rates Drop Slightly https://smallbiz3000.com/mortgage-refinance-rates-today-30-year-rates-drop-slightly/ Tue, 26 Apr 2022 19:45:24 +0000 https://smallbiz3000.com/mortgage-refinance-rates-today-30-year-rates-drop-slightly/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own. View mortgage refinance rates for April 26, 2022, which are mostly unchanged from […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own.

View mortgage refinance rates for April 26, 2022, which are mostly unchanged from yesterday. (Credible)

Based on data compiled by Credible, mortgage refinance rate have been unchanged for three key terms and have fallen for another term since yesterday.

Rates were last updated on April 26, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

If you’re considering doing a cash refinance or refinancing your home loan to lower your interest rate, consider using Credible. Credible’s free online tool will allow you to compare the rates of several mortgage lenders. You can see pre-qualified rates in as little as three minutes.

What does that mean: Rates for a 30-year refinance, which is the most common term, fell slightly today. And 15-year rates marked a 7th day at 4.5%. With rates for longer repayment terms still hovering above 5%, homeowners looking to refinance may want to consider shorter terms. Homeowners who want to make improvements to their home can save more on interest with cash refinancing than they would by financing those improvements with credit cards or personal loans.

WHAT IS CASH-OUT REFINANCING AND HOW DOES IT WORK?

How mortgage rates have changed over time

Current mortgage interest rates are well below the highest average annual rate recorded by Freddie Mac – 16.63% in 1981. A year before the COVID-19 pandemic upended economies around the world, the mortgage rate he average interest on a 30-year fixed rate mortgage for 2019 was 3.94%. The average rate for 2021 was 2.96%, the lowest annual average for 30 years.

The historic decline in interest rates means that homeowners with mortgages from 2019 could potentially realize significant interest savings by refinancing with one of today’s lowest interest rates.

30-year-avg-mortgage.jpg

If you’re ready to take advantage of today’s mortgage refinance rates that are below average historical lows, you can use Credible to check rates from multiple lenders.

How to get your lowest mortgage refinance rate

If you’re interested in refinancing your mortgage, improving your credit score, and paying off any other debt, you could guarantee you a lower rate. It’s also a good idea to compare rates from different lenders if you’re hoping to refinance so you can find the best rate for your situation.

According to a study by Freddie Mac.

Be sure to shop around and compare current mortgage rates from several mortgage lenders if you decide to refinance your mortgage. You can do it easily with Credible’s free online tool and view your pre-qualified rates in just three minutes.

How does Credible calculate refinance rates?

Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence how mortgage refinance rates move. Credible’s average mortgage refinance rates reported in this article are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) point discount and a 20% deposit.

The credible mortgage refinance rates listed here will only give you an idea of ​​today’s average rates. The rate you receive may vary depending on a number of factors.

Think now might be a good time to refinance? Be sure to shop around and compare rates with multiple mortgage lenders. You can do it easily with Credible and view your pre-qualified rates in just three minutes.

Is it the right time to refinance?

Everyone’s situation is different, but generally, it may be time to refinance if:

  • You will be able to get a lower interest rate than you currently have.
  • Refinancing will save you money over the life of your home loan.
  • Your refinance savings will ultimately outweigh the closing costs.
  • You know you’ll stay in your home long enough to recoup the refinance costs.
  • You have enough equity in your home to avoid private mortgage insurance (PMI).

If your home needs major and expensive repairs, now may be the time to refinance to take out some of the equity to pay for those repairs. Just be aware that lenders generally limit the amount you can take out of your home in a cash refinance.

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.

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Gold Star Mortgage Financial Group Launches New Website https://smallbiz3000.com/gold-star-mortgage-financial-group-launches-new-website/ Mon, 25 Apr 2022 15:03:09 +0000 https://smallbiz3000.com/gold-star-mortgage-financial-group-launches-new-website/ Buying a new home can seem like a daunting task, often made worse by the complexity of financing, paperwork and terms. With that in mind, getting the right professional help can be critical to making or ending a property purchase. There are also different considerations for financing solutions depending on whether it is a first […]]]>

Buying a new home can seem like a daunting task, often made worse by the complexity of financing, paperwork and terms. With that in mind, getting the right professional help can be critical to making or ending a property purchase.

There are also different considerations for financing solutions depending on whether it is a first time purchase, an upgrade or relocation, or a refinancing project to free up capital. It can be off-putting for some to take on this level of complexity, which is why many Florida residents continue to rent instead of going ahead and buying their property.

Going it alone with home purchase financing is unlikely to be successful without in-depth mortgage market expertise. The team of experts at Gold Star Mortgage Financial Group in South Florida has relaunched their website with a whole suite of tools and resources to help their clients find the most competitive products on the market, as well as to navigate the processes and requirements of the application.

Type of product

Even a quick search for financial products potentially generates thousands of results. On the one hand, that means there’s a lot of choice, but that can also have its downsides. On the other hand, knowing which option corresponds to individual circumstances is a difficult choice. On the other hand, this is where an expert such as Gold Star Mortgage Financial Group makes its living.

From conventional mortgages to refinance loans and everything in between, Gold Star professionals guide clients through every detail. Specific funding arrangements include:

  • First real estate purchases.
  • Expansion to meet larger family needs.
  • Refinance to get a better rate.


A gold star reputation

Gold Star Mortgage Financial Group has developed a top notch reputation among its clients. Refined lending practices are still adopted, along with a broad portfolio of lending solutions. Gold Star refuses to turn its back on the demands of any client, from perfect credit scores to poor financial situations.

Tools and Resources

As part of the launch of its new website, the Gold Star Mortgage Financial Group team has also compiled a suite of tools for clients to help them assess their borrowing capacity and check the overall health of their finance. Payments can also be calculated to understand the difference between renting or mortgaging a property and the tax implications for each scenario. There are also tools to determine the most effective approach for clients wishing to consolidate debt or prepay their mortgage.

Payments can be made online, and any adjustments or queries can be made in the customer’s secure online account. Creativity is also on the agenda for Gold Star Group clients. Customers can be assured of genuine research across the entire market, from conventional loans to reverse mortgages and all the options. The company’s blog also offers a wealth of resources on all things finance, primarily for Florida residents.

The group is led by the Ballard family team and hand-picked experts to secure the best possible mortgage options for their clients.

Media Contact
Company Name: Gold Star Mortgage Financial Group
Contact person: Media Relations
E-mail: Send an email
Call: 954 568 7876
Address:3322 NE 33rd Street.
City: Fort Lauderdale
State: FL 33308
Country: United States
Website: https://www.goldstarmortgageflorida.com/

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3 of the best and worst mortgage lenders https://smallbiz3000.com/3-of-the-best-and-worst-mortgage-lenders/ Sat, 23 Apr 2022 14:30:13 +0000 https://smallbiz3000.com/3-of-the-best-and-worst-mortgage-lenders/ Gutesa / Shutterstock.com Although mortgage lenders all provide the same essential service – offering loan products to customers – they are not all the same. Some lenders charge higher fees for the same services, such as application and underwriting fees, according to Forbes. See: 7 financial habits that improve your daily lifeFind: 20 home renovations […]]]>

Gutesa / Shutterstock.com

Although mortgage lenders all provide the same essential service – offering loan products to customers – they are not all the same. Some lenders charge higher fees for the same services, such as application and underwriting fees, according to Forbes.

See: 7 financial habits that improve your daily life
Find: 20 home renovations that will hurt your home’s value

Also, depending on the size of the lender, number of locations, and other factors, some lenders may get you better rates. Other criteria that can make one lender better than another include the speed of the loan application process, customer service, and location. Based on these criteria, here are three of the best and worst mortgage lenders, but keep in mind that everyone’s experience may be different.

Weekend Images Inc./Getty Images

Weekend Images Inc./Getty Images

Best: New American Funding

ConsumersAdvocate.org chose New American Funding as its top choice for lenders in 2022 based on several criteria, including: historically low rates; free prior approval; the ability to apply for a mortgage online and speak with live agents, as well as down payment and first-time homebuyer assistance programs.

This lender serves all states except Hawaii and New York. Homebuyers can get loans with a minimum down payment of 3% and a credit score of 620 or higher. For a small regional lender, New American provides an in-house lending service and offers flexible terms. They have also been rated well for their good customer service and transparency.

According to NerdWallet, they offer a wide variety of loan products including: Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA.

Accelerate lending

Accelerate lending

Best: Quicken Loans

Quicken Loans (now known as Rocket Mortgage) is one of the largest online mortgage lenders in the United States. On the plus side, because they have such a large network of lenders, borrowers are more likely to find a loan option with a low interest rate and payment terms that work for them.

Plus, according to ConsumersAdvocate.org, they have a streamlined digital fence system that makes signing all documents simple and convenient. Homebuyers can get loans with a minimum down payment of 3% and a credit score of 620 or higher. They also earned an A+ from the Better Business Bureau.

According to NerdWallet, they offer the following loan types: Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA. The downsides are that they don’t offer home equity loans, and sometimes lender fees can be high.

POLL: Where have you cut the most because of inflation?

Weekend Images Inc./Getty Images

Weekend Images Inc./Getty Images

Best better

Forbes chose Better as one of its top picks for mortgage lenders because of its penchant for convenience and speed. Not only is the application process completely digital, but they have a fast pre-approval time – as little as 20 minutes.

Their closing time is also 32 days on average, about 10 days less than the industry average. This lender is also actively seeking discounts that borrowers may qualify for at no additional cost.

Best of all, they don’t charge commission or lender fees for anything from application to underwriting or origination fees. They claim that it saves 1% of the loan amount, or about $19,000 on average, over the life of the loan. Better services in all 50 states, excluding Nevada – including Hawaii, Massachusetts, Minnesota, New Hampshire, Vermont and Virginia – plus Washington, DC You need a minimum credit score of 620 to apply.

kate_sept2004 / Getty Images

kate_sept2004 / Getty Images

Worst: DHI Mortgage

This Texas-based mortgage lender appears to have done more harm than good. In addition to being charged too much interest by the California Department of Business Oversight in 2013 and 2017 (for which they had to pay penalties to settle claims), according to a statistical survey by The Markup, this lender also has a bad record. loans to minority candidates.

They found he was 160% more likely to turn down black applicants and 100% more likely to turn down Latino applicants than white applicants.

Olena Yakobchuk / Shutterstock.com

Olena Yakobchuk / Shutterstock.com

Worst: Sage Mortgage

For a borrower who wants lots of options and the ability to buy in a wide variety of states, Sage Mortgage is probably not the right choice for you, as they are a relatively new and only mortgage lender. available in the following states: California, Colorado, Florida, Georgia, Minnesota, North Carolina, Oklahoma, Oregon, South Carolina or Texas.

This lender is really best for those who are comfortable with a do-it-yourself approach, who don’t need a lot of hands-on. Additionally, loans are capped at $548,250, which may limit where you might want to buy. Also, you need a credit score of 660 to apply.

More: 3 of the best and worst life insurance companies

Jonathan Weiss / Shutterstock.com

Jonathan Weiss / Shutterstock.com

Worst: Chase Bank

Chase is one of America’s largest banks and mortgage lenders. Like other lenders, they offer a variety of loan products and can facilitate minimum down payments of 3% and more.

However, US News and World Report only rated them 3.7 out of 5 on the affordability scale compared to other lenders, and they only got a B+ from the Better Business Bureau. Larger lenders can sometimes take longer to complete a loan. Chase charges fees for things like origination, underwriting, and rate lock fees.

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This article originally appeared on GOBankingRates.com: 3 of the Best and Worst Mortgage Lenders

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