The Mortgage Refinance Index dropped 7.3% compared to the week before and the seasonally adjusted Purchase Index decreased 1.2 % from one week earlier. The unadjusted Home Loan Index fell 2.3% compared with the previous week and was 36.8% lower than the same week one year ago. The decline in total home loan applications was driven [...]
The NAACP, contending that several major mortgage lenders forced African Americans into bad mortgages that sparked a foreclosure crisis, filed a class-action suit last week in a Los Angeles court. Among the culprits, says the nation’s largest and oldest civil rights organization, are Wells Fargo and HSBC, which steered Blacks into bad credit mortgage loans, even in cases when [...]
Interest rates are low but if you are a first-time buyer, is the situation is different? Do you have enough cash for a down payment — at least 3.5 percent for a Federal Housing Administration loan, as much as 20% for a conventional mortgage or FHA home loan. — plus closing costs? Bad credit home [...]
If you believe you’re old enough and have a secure job, but you are nervous, but you feel ready to take that huge leap into the real estate market. Financing your 1st home can be difficult. You don’t have home equity in an existing home to apply toward a down payment. Not to worry though. Everyone who has [...]
One of the central themes that I’ve written about extensively over the course of the past few years here at HousingWire is that the current mess isn’t the result of any one single group — there are, of course, now no less than 25 books out there that you can buy that provide some detail [...]
