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Mortgage Refinancing and Automation: More Important than Ever Before

We are in the midst of an extraordinary year that has seen a surprising turn in the mortgage industry. The fact that the COVID-19 pandemic has had unprecedented economic impacts doesn’t need to be overstated. In the case of mortgage refinancing especially, record low rates have led to extraordinarily high rates of refinancing. Black Knight reported that the second quarter of 2020 saw refinance lending rise more than 200% from the same time last year.  Mortgage professionals will agree that there is one overarching problem with the refinance process as it currently stands:…continue reading →

2021 FHA LOAN LIMITS FOR ALABAMA (AL)

2021 FHA Limit Alabama counties is $356,362 and for 2-unit properties is $456,275. See below the list of all 2021 FHA Limit Alabama counties with 2021 loan limits for 1, 2, 3, and 4 Unit properties. Looking! For new FHA loan limits 2022 Alabama counties? » 2021 FHA Mortgage Loan Limits for Autauga County 1 Unit – $356,362 2 Unit – $456,275 3 Unit – $551,500 4 Unit – $685,400 2021 FHA Mortgage Loan Limits for Baldwin County 1 Unit – $356,362 2 Unit – $456,275 3 Unit – $551,500 4 Unit –…continue reading →

2021 CONFORMING LOAN LIMITS FOR ALABAMA (AL)

2021 Conforming Limit Alabama counties is $548,250 and for 2-unit properties is $702,000. See below the list of all 2021 Conforming Limit Alabama counties for 1, 2, 3, and 4 Unit properties. Click here to view New conforming loan limits 2022 for all counties of Alabama State 2021 Conforming Loan Limits for Autauga County 1 Unit – $548,250 2 Unit – $702,000 3 Unit – $848,500 4 Unit – $1,054,500 2021 Conforming Loan Limits for Baldwin County 1 Unit – $548,250 2 Unit – $702,000 3 Unit – $848,500 4 Unit – $1,054,500…continue reading →

2021 FHA LOAN LIMITS FOR ALASKA (AK)

2021 FHA Limit Alaska is $356,362 and goes up to $545,100 for high-cost counties for one-unit properties. 2021 FHA Limit Alaska for 2-unit properties is $456,275 and goes up to $697,800 for high-cost counties. 2021 FHA Mortgage Loan Limits for Aleutians East Borough 1 Unit – $356,362 2 Unit – $456,275 3 Unit – $551,500 4 Unit – $685,400 2021 FHA Mortgage Loan Limits for Aleutians West Census Area 1 Unit – $545,100 2 Unit – $697,800 3 Unit – $843,500 4 Unit – $1,048,300 2021 FHA Mortgage Loan Limits for Anchorage Municipality…continue reading →

2021 CONFORMING LOAN LIMITS FOR ALASKA (AK)

2021 Conforming Limit Alaska counties is $822,375 and for 2-unit properties is $1,053,000. See below the list of all 2021 Conforming Limit Alaska counties for 1, 2, 3, and 4 Unit properties. 2021 Conforming Loan Limits for Aleutians East Borough 1 Unit – $822,375 2 Unit – $1,053,000 3 Unit – $1,272,750 4 Unit – $1,581,750 2021 Conforming Loan Limits for Aleutians West Census Area 1 Unit – $822,375 2 Unit – $1,053,000 3 Unit – $1,272,750 4 Unit – $1,581,750 2021 Conforming Loan Limits for Anchorage Municipality 1 Unit – $822,375 2…continue reading →

Impairment is coming down in the Non-QM Space

Let’s define Impairment. According to the Investment vocab, it is the gross reduction in the recoverable part of a fixed asset. So, it is supposed to be good when the impairment level comes down. Right? Quite so. And this exactly is happening to the non-qualified mortgage space. The non-QM loans are faring quite like the pre-Corona scene even as uncertainty persist in the QM space   Impairment in the non-QM space improving dv01, a data and analytics company, reports that non-QM impairment has come down to 1% from 16% during the peak of…continue reading →

A Complete Guide to VA Streamline Refinance (IRRRL)

VA Streamline refinances are also called the Interest Rate Reduction Refinance Loan (VA IRRRL). Are you eligible for a VA Streamline Refinance (IRRRL)? If you currently have a VA loan and would like to (and why wouldn’t you?) lower your interest rate and/or monthly payments – you should consider a VA streamline refinance. To be eligible for a VA IRRRL, you only need 3 things – You should currently have a VA loan, you currently live or have lived in this home, and you should be current on your mortgage with no more…continue reading →

Refinance Mortgage Rates are going up Next Week

Starting October 1st, 2020, mortgage refinancing is set to get more expensive thanks to the Federal Housing Finance Agency's (FHFA) 0.5% refinancing fees. Request a Refinancing Rate Quote FHFA initially announced this fee to be implemented in August but delayed the implementation to December 1st after hue and cry from the industry associations and some politicians. FHFA governs Fannie Mae and Freddie Mac which together buys almost 90% of conforming loans currently being originated. Which means the fees will make pretty much all conforming loans more expensive. But wait! If the fee is…continue reading →

Drop in New Listings Reveal Inventory Shortage

The housing industry appears to be the only silver lining in an otherwise hampered broader economy. The squeezed inventory could however start affecting real estate shortly. While the new-home sales rose by 8.3% annually in August, new-home listings dropped by 4.1%, says Redfin. The fall in listings was 3.8% in July.  Daryl Fairweather, Redfin’s Chief Economist, stated in a report that "There's plenty of demand for new homes, but builders are facing a unique and costly set of hurdles as they attempt to satisfy that demand. Listings of new homes aren't bouncing back…continue reading →

Home Equity Gains Unlikely in 2021 As Delinquencies Expected to Rise

Home price growth is expected to slow over the next 12 months as delinquencies rise, according to new data from CoreLogic. This comes despite the rise in equity American homeowners enjoyed during the second quarter of 2020. Despite the strong home-purchase activity in Q2, unemployment is expected to remain high for the rest of the year, thereby slowing home price growth and increasing delinquencies. Delinquent mortgages are home loans for which borrowers have failed to make timely payments as stipulated by the loan documents. Typically, delinquent mortgages are those where the payments are 90…continue reading →

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