With big changes coming to the mortgage industry, many consumers may need to change their game plan if they want to buy a home next year.
With big changes coming to the mortgage industry at the beginning of next year, many consumers will want to evaluate their home-buying plans. Regulations drafted by the Consumer Financial Protection Bureau will change the definition of a qualified mortgage for any loan applications received on and after Jan. 10, and many consumers may find themselves unable to meet the new requirements.
Qualified mortgages are loans that meet certain standards designed to ensure that borrowers are highly likely to be able to pay back the amount in question.
The right time to pull the trigger is when you're financially and emotionally prepared for the responsibility.
No one can tell you when you’re ready to become a homeowner. But it’s probably fair to say a lot of first-time buyers wish otherwise.
Buying a home is often one of the biggest purchases you’ll ever make. It’s also among the most infrequent. Knowing you’re prepared to buy a couch or a car is one thing. The last lot in a cul-de-sac is something else entirely.
The right time to pull the trigger is when you’re financially and emotionally prepared for the responsibility. But it’s not like the heavens part and a choir of closing agents signal the time has come.
The president and first lady finished the home in October 1963 and spent only two weekends there.
In the winter of 1963, John and Jacqueline Kennedy purchased 39 acres in Middleburg, Va. While the president preferred the family home in Hyannis, Mass., the first lady wanted the pastoral land to pursue her love of horseback riding.
They finished the home in October 1963 and spent only two weekends there. The family last visited on Nov. 10, 1963, just 12 days before JFK was assassinated in Dallas. Jacqueline withdrew to the home after his death to grieve, but within a year, she sold the estate.
Customer satisfaction with mortgage lenders improved for the third consecutive year, according to a J.D. Power survey.
Customers were more satisfied with mortgage lenders this year than they were last year or the prior year, according to the latest mortgage lender customer satisfaction survey by J.D. Power, a marketing information company in Westlake Village, Calif.
The J.D. Power “2013 U.S. Primary Mortgage Origination Satisfaction Study,” released November 14, found that customer satisfaction with mortgage lenders had improved for the third consecutive year, averaging 771 on a 1,000-point scale in 2013, up from 761 in 2012 and 747 in 2011.
The surge in applications for multifamily housing indicates growing demand for either rental units or condominiums.
Building permits increased 6.2 percent in October to a 1.03 million annualized rate, the most since June 2008, after a September pace of 974,000, figures from the Commerce Department showed Tuesday in Washington. The median estimate of 47 economists surveyed by Bloomberg was for a 930,000 rate. Figures for housing starts, which usually accompany the permits data, are delayed until Dec. 18 because last month’s government shutdown prevented the agency from gathering the data in time.
While education appears to be the primary draw for the buyers, many are also concerned about China's political instability, inflation, even pollution.
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Wealthy borrowers often must get mortgages with less-favorable terms for vacation homes that will be rented out when they are away.
Despite their deep pockets, these buyers are encountering resistance and red tape when applying for a private jumbo mortgage. Lenders say they are concerned about providing loans on niche homes where values are difficult to determine and future buyers could be hard to find. This can include seasonal homes, such as ski chalets that are only used a couple months out of the year, and vacation homes that require more than $3 million in financing. Vacation homes are part of a broader mortgage category referred to as second homes, which can also include a pied-à-terre near a borrower's office.
Contracts for home sales slide for the fifth straight month, as the government shutdown impacts the US housing market.
Signed contracts to buy existing homes fell for the fifth straight month in October, as the government shutdown added to an overall slowdown in the U.S. housing market. So-called pending home sales eased 0.6 percent from an upwardly revised September reading and are down 1.6 percent from October 2012, according to the National Association of Realtors.
This is the lowest sales pace since December 2012. Pending home sales are an indicator of closed sales in November and December.