Mortgage Rejection: How To Reduce Your Chance of Refusal

mortgage rejection

Your home loan application was denied. These words sound unforgiving, however they don’t generally mean you can’t get a home loan. About 1 in 2 applications for a home loan gets rejected by lenders according to the Mortgage Bankers Association or about 30 percent of mortgage applications for new purchases. Regardless of the tight lending condition, borrowers shouldn’t generally take “no” for an answer. At times, they simply need to apply with a different lender or find a way to improve their credit. Once denied, find out exactly why the lender turned you down. By…

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Sales Of New Homes Increased Despite Rising Mortgage Rates

new home sales

Americans reacted to higher home loan rates by snapping up new homes in February at the quickest pace since July. New home sales increased 6.1 percent month-over-month to an occasionally balanced yearly rate of 592,000, according to the Commerce Department. That sales pace is almost 13 percent higher than February of a year ago, a favorable indication for the housing market that demand is strong towards the beginning of the spring home buying season. An improved job growth and a recovering economy have pushed up enthusiasm for new homes, while the possibility of rising home loan rates since the November presidential race may…

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Experts Say Rising Inflation Could Impact Housing and Mortgage Markets

inflation

Mortgage giant Freddie Mac released its month to month Outlook for February 2017 which looked at the potential effect that rising inflation could have on housing and home loan markets. The outlook explains that rising inflation would significantly affect housing markets by driving home loan financing costs higher. Also, a huge tax reduction or major infrastructure bill could shock markets and cause a further increment to expansion. But what should real estate agents be on the lookout for during the spring home buying season? With higher inflation and increasing interest rate, there comes a negative effect on the…

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Mortgage Deduction To Hurt Long Island Homeowners The Most According To Schumer

mortgage deduction

Long Island homeowners would be hit by “tax jeopardy” if government impose findings for home loan premium get reduced or eliminated, as the country’s new Treasury secretary and some members of Congress have proposed, Senate Minority Leader Chuck Schumer (D-N.Y.) said at a news gathering Tuesday. Scaling back those deductions “would hurt Long Island especially hard, because we all know living on Long Island doesn’t come cheap,” and it would debilitate youngsters from purchasing homes in the district, Schumer stated, standing outside the home of Mindy and Joshua Schreiber, who acquired…

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