Mortgage & Real Estate News This Week

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There was some truthful news this week in the mortgage and real estate industry, which, as usual, was dictated by the coronavirus pandemic and its long tail. Here’s the last one.

1. Extended protection for homeowners and renters

The Biden administration has relocated expiration date a national moratorium on evictions and foreclosures until 31 July, which gives living people an extra month of protection due to the pandemic. The expansion is intended to give local authorities additional time to distribute aid funds and inform residents of their options if they are still struggling. The administration also announced a federal-backed mortgage abstinence extension through September.

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2. Black homeowners largely overlooked the refinancing boom

The consistently low mortgage rates have been a boon for homeowners, giving many the opportunity to save money through refinancing. However, black homeowners were least likely in favor, according to new data. Black homeowners have refinanced at lower rates than other demographic groups and are more likely to emerge from the pandemic with a delay in mortgage payments. This is just another way that COVID has exacerbated racial economic inequality.

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3. A workaround to allow any buyer to make an offer in full for cash.

In today’s ultra-competitive housing market, cash buyers have a significant advantage in avoiding funding uncertainties. BUT new breed mortgage companies such as Accept.inc allow all buyers to take this top position by making a cash offer on their behalf and then providing them with financing and a home. The co-founder of the company said his firm is essentially acting like a wealthy uncle for hire.

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4. How Your Personal Information Can Affect The Number Of Mortgage Offers You See

Mortgage companies are also involved in data processing. While there are strict guidelines for how your personal information is used, many lenders are starting to cleanse online presence for clues on what suggests aiming in your direction. With technology playing a larger role in the mortgage market – like pretty much everything else – this is a trend that is likely to only intensify in the future.

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5. Getting a mortgage for a new mom.

Maternity leave can complicate your opportunity to get a mortgage is not forever, but while you are not working. Proof of work is usually required to obtain a mortgage, and your status as an employee may be affected while you are on vacation. Documentation of your status from your employer, as well as a guaranteed return-to-work date, is usually enough to iron things out, but it’s still important to know that maternity leave can cause hiccups if you’re trying to buy a home. in the same time.

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