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Fannie Mae/Freddie Mac Allow Non-FICO Score

Fannie Mae/Freddie Mac Allow Non-FICO Score   Surprising mortgage watchers, the Federal Housing Finance Agency will allow Fannie Mae and Freddie Mac to use VantageScore as an alternative to the FICO credit scoring model. How will this affect you when you are scouting out a new home purchase? By allowing new entrants into the credit scoring game, FHFA is opening up the market for credit scoring models to be considered in the government-entity mortgage market — and potentially helping mortgage seekers like you with an alternative to the FICO credit scoring model. The FICO...

October 10th, 2019 Fannie Mae/Freddie Mac Allow Non-FICO Score

Finding True Success: A Life Journey

Finding True Success: A Life Journey - Available on Amazon Kindle  SUMMARY Most people are at a loss for what to do in a society where success is measured by one’s pedigree or the appearance of their names on the Forbes list of the world’s richest persons.  Most of them think about all these things and it turns around to unconsciously condition and control how they aspire for wealth and greatness, making them define success as the manifestation of what the eyes can see. The truth of it all is that success is not dependent on any material possession. Just like the st...

August 9th, 2019 Finding True Success: A Life Journey

Drop in Mortgage Rates

The average rate on the popular 30-year fixed mortgage hit 3.70% on Friday, the lowest since November 2016, according to Mortgage News Daily. That rate will likely dip even lower Monday, as bond yields continue to fall. The drop last week meant that 8.2 million 30-year mortgage holders could likely qualify for a refinance and save at least 0.75% off of their current interest rate by doing so, according to a new tally by Black Knight, a mortgage software and analytics company. While rates are now incredibly favorable for both refinance and home purchase, consumers still need to shop arou...

August 5th, 2019 Drop in Mortgage Rates

Refi Boom

The mortgage market had one of its most significant quarters since the financial crisis as falling rates prompted a flurry of refinancing and an uptick in purchases. The 30-year mortgage rate unexpectedly dropped to below 4% in May and has remained near its lowest level in three years, opening a window for borrowers who bought at higher rates to lower their payments and for purchasers to jump in. With the Federal Reserve expected to lower short-term rates this week and the yield on the longer-term 10-year Treasury yield lingering just above 2%, the period of low rates stands to continue....

July 30th, 2019 Refi Boom

Reversed Course

The bubble in the mortgage prepayment rate burst in June.  Black Knight, in its "first look" at the month's loan performance statistics, said the single month mortality rate (SMM), the pace at which mortgages are paid down or off, declined for the first time in five months.  The rate is usually an indication of refinance activity, although home sales also play a major role, and it dropped 7.5 percent compared to the previous month despite continuing low interest rates.  The prepayment rate had surged 24 percent in May to the highest level since late ...

July 23rd, 2019 Reversed Course

Home prices downshift

Rates aren’t the only thing hitting the brakes. Home price growth saw a 13-month slowdown in April, which was another win for homebuyers hoping to break into a seller’s market. However, by May prices started to ramp up again — breaking the more than year-long streak, according to the S&P CoreLogic Case-Shiller national home price index. Home price growth decelerated to the slowest pace since 2012 through the first few months of 2019. In 2018, home prices ramped up by 4.5 percent; however, by April of this year, annual gains had fallen by one percentage point to 3.5 per...

July 12th, 2019 Home prices downshift

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