Low Inventory is Causing High Prices

So Why Aren’t People Selling? Seattle wins the wait and hold game. Homeowners hold onto their houses for longer in just four other places — Boston; San Jose; Providence, R.I.; and Hartford, Conn. — among the 40 U.S. metro areas with at least 1 million people. We’re tied with San Francisco, with sellers waiting 10.2 years. Sure, they could get a good profit — on average, home sellers today make about 65 percent return on their original purchase before closing costs, the Attom data shows. That’s the third best profit in the country, behind the San Francisco and San Jose regions. But then what? If you want to remain a homeowner locally, you still have to turn around and buy at today’s high prices, and deal with transaction costs like taxes and realtor commissions on both sales. https://www.seattletimes.com/business/real-estate/seattle-home-prices-are-so-high-partly-because-barely-anyone-is-selling-despite-chance-for-big-profits/

Wells Fired Head of Lending:Misconduct

The bank has been on unstable footing ever since the revelation of the bank’s fake account scandal, which saw the company fined $185 million for more than 5,000 of the bank’s former employees opening more than 2 million potentially unauthorized accounts to get sales bonuses. Wells Fargo announced Friday that it fired Franklin Codel, a senior executive vice president and head of the bank’s consumer lending division, for misconduct. Wells Fargo

Drop In Mortgage Applications Means It’s Time To Shake Off Repayment Burden

Mortgages Drop The rollercoaster that is mortgage applications saw the final days of May 2017 close on a down note and that’s likely due to a shorting in available housing to purchase, according to recent news reports. CNBC reports that U.S. mortgage applications were down 3.4 percent for the week ending May 26 compared to the previous week. The recently released information, which was pulled from Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, comes on the heels of a climb of a little over 4 percent and a drop of about the same amount the week before that. According to Abby Shemesh, CEO and founder of Amerinote Xchange, these fluctuations – not to mention the seasonally-adjusted index that’s 14 percent lower than it was this time last year – means it’s a seller’s market for those looking to sell their mortgage note. “It’s a simple premise, really,” said Shemesh. “If there are no house to buy, then there’s no need for a mortgage. What we can offer you is the best price for current mortgage holders looking to avoid the ebbs and flows of the stock market — which ultimately affect your principal payments and interest.” Amerinote Xchange offers mortgage holders a quote in exchange for their note after putting it on the secondary mortgage market. If the holder accepts the offer, then the note holder will relinquish the document in exchange for a fast and fair cash payment. Home Sales The MBA’s chief economist also told CNBC that…

Why A Reverse Mortgage Might Make Sense For You

According to American Association of Retired Persons (AARP) research, nearly 90 percent of seniors want to age at home. Some will stay put in their memory-filled home, while others will downsize. Options are plenty. But, it’s important to understand what’s feasible. Will your retirement investments last? What backup options do you have? Your home should be near the top of your list. https://www.americanfinancing.net/about-us/articles/aging-reverse-mortgages

NAR: How to Buy a Home with a Reverse Mortgage

What is a Reverse Mortgage? A financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income. “unlike traditional mortgages, which decline as you pay down the loan, reverse mortgages rise over time as interest on the loan accrues”

Considerations When Getting a Home Loan

When you decide to get a home loan, there are a number of costs that are involved. If you are fortunate, the seller of the home may agree to cover some of the expenses for you. Some of the expenses you will see when getting a home loan is the closing costs, prepaid items, and loan discount fees. Understanding these terms will make purchasing your next home easier. The closing costs are the expenses that the lender will charge borrowers for a new loan. While some of these fees may be a part of your loan application, others may involve the appraisal of the home. The lender may also charge you fees to process your application. All of these fees are placed together in what is called the closing costs. The borrower is likely to pay these costs, and they average about 3% of the total amount borrowed. Each state will have various costs that are different from other states. To get information about these fees, you will want to check local lenders. Loan discount fees are interest that is prepaid. They are measured in points, and one discount point is the equivalent of one percent of the amount that is borrowed. You will have to pay it at the closing, and it will be charged to the borrower as interest. Discount points are good because they help lower the interest on the amount of money you borrow. You may not have to pay discount points, but sometimes sellers will…