Rocket Buying Nation’s Largest Loan Servicer Mr. Cooper to Reclaim Top Mortgage Lender Title
I’ve been saying for a year or two, maybe longer, that recapture was the next big thing in mortgage. Instead of going out and spending a lot of time and money to acquire new customers, why not just tap into the ones you already have? This is especially true when it’s no longer easy to […]
Should I Wait for Mortgage Rates to Drop Before Buying a Home?
I’ve seen a lot of posts lately on social media talking about waiting for mortgage rates to drop before buying a home. Or conversely, NOT waiting for mortgage rates to drop before buying a home. The typical argument, when it comes from an interested party, such as a real estate agent or loan officer, is […]
Non-Permanent Residents No Longer Eligible for FHA Loans
A sweeping change took place this morning that blocks non-permanent residents from taking out FHA loans. After conforming loans backed by Fannie Mae and Freddie Mac, they are the most popular loan type available to home buyers today. They also have the most liberal underwriting guidelines, which allow for credit scores as low as 580 […]
Mortgage Rates Could Go Up If Foreign Countries Dump Their MBS Holdings
File this one under unintended consequences of a global trade war. When you start a trade war, or at least threaten one, unexpected things can happen. We already got the sense that mortgage rates don’t like the trade war because of all the uncertainty involved. But there’s another wrinkle to consider here as well, and […]
The Trade War Matters More to Mortgage Rates Than Cool Economic Data
It’s clear that the trade war is now the biggest driver of mortgage rates today. Prior to the arrival of tariffs and a wider trade war, inflation and unemployment dictated their direction. Surging inflation was a big reason why mortgage rates climbed to 8% in late 2023. But no longer. At least not for the […]
How to Reduce Closing Costs on Your Mortgage
When you take out a mortgage, whether it’s a home purchase or a refinance, you must pay “closing costs.” These costs can vary considerably from transaction to transaction, but typically amount to 1-6% of the purchase price or loan amount. For example, on a $450,000 home purchase you might pay $13,500 (3%) in closing costs. […]
If You’re Buying a Home Today, Expect to Keep It for a Long Time
It seems pretty clear that the housing market has cooled, and is now more of a buyer’s market than a seller’s market. While this does and will always vary by metro, it’s becoming increasingly common to see higher days on market (DOM), price cuts, and rising inventory. This all has to do with record low […]
How to Navigate a Cooler Housing Market
Let’s talk home selling tips. While still-high mortgage rates will undoubtedly make prospective home buyers feel stretched, there’s still plenty of hope for home sellers in 2025! Sure, the lofty asking prices of 2022 and early 2023 have perhaps come down, but if you pan out a bit, property values remain well above pre-pandemic levels. […]
If You Have a Mortgage, You Are Not Rich
I’ve been a lot more active on social media over the past few years. And one of my observations is that everyone is looking to go viral with some controversial take that ruffles feathers. You’re essentially rewarded for sparking a healthy (or perhaps unhealthy) conversation, so that’s often the goal. One recent tweet I came […]
Where Would Mortgage Rates Be Today If Kamala Harris Won?
A couple weeks ago, I wrote about how mortgage rates hadn’t really done much since the U.S. presidential election took place. By not doing much, I meant they didn’t really go anywhere. They definitely moved around a lot since then, but really only went full circle. In other words, rates are more or less the […]