Mortgage Refinance Applications Soar Despite New Fees
A 0.5% refi fee took effect Dec. 1, but the impact appears minimal. It adds about an eighth of a point to a loan’s interest rate, and most banks already apply it.
Brace Yourself for Pandemic Vaccine Scams
When can you get the COVID-19 vaccine? Unknown. How long before the world gets back to normal? Unclear. And those unknowns give scammers a foot in the door.
Climate Change Impacting Home Value in Higher Risk Areas
Study: Homes in high-risk flood areas appreciated about 5% less than homes in low-risk areas over the past five years. For homes in fire-risk areas, it was 3% less.
Fla.-Run Citizens Insurance Proposes 3.7% Rate Hike
Every county has at least one home covered by Fla.-owned Citizens Property Ins. An average 3.7% increase is as high as 7.6% in one – but a 0.6% drop in Miami-Dade.
Mortgage Rule Changes Should Help Homebuyers
Lenders like to issue qualified mortgages (QM) because they know upfront that they can sell those loans to Fannie Mae or Freddie Mac, and then fund more home purchases. A change to QM standards should, in many cases, make it easier for buyers to qualify for a loan.
Higher Home Prices Added $1T to U.S. Owners’ Equity in 3Q
Homeowners gained an average $17,000 – or almost 11% rise – in property equity this year, creating a buffer that can help in case of financial woes.