FOMC News Signals Multiple Rate Hikes Through 2024 The Federal Reserve is meeting today for the Federal Open Market Committee's September policy setting session. Interest rates were not raised during this meeting, but the committee is discussing the process of tapering the Fed's bond buying program. Tapering could begin this year, but rate increases are…

Virtual Closings Will Be The New Normal in 2022 Since the onset of the Coronavirus in March 2020, virtual interactions have become more prevalent throughout society to keep the distance. This year in 2021, the real estate industry has also adopted this method of communication/commerce and is growing in popularity throughout the mortgage and real…

Many Seniors Could Boost Their Retirement Income With A Reverse Mortgage A reverse mortgage allows a senior citizen to make money by receiving payments monthly against the home they own. This is a supplemental income source compared to more traditional investment income sources such as bank fixed deposits, national savings certificates, etc. This income is…

Sandra Thompson Has Rapidly Improved The FHFA There have been rumors President Biden is electing a new FHFA director. Despite whether this is true or not Sandra Thompson deserves a round of applause for her work. She has literally cleaned up the mess her predecessor has made and has done a great job of…

California Is The Most Affordable State For Teachers To Buy A Home For an educator or teacher looking to buy a home, California is the most favorable state price-wise to buy a home. Fresno, Merced, Riverside, Modesto, and Bakersfield are among the most affordable areas in California for a mortgage. A teacher in California earns…

No Cost Mortgage Refinancing Allows Many To Tap The Equity Boom Refinancing usually comes with upfront fees. This can deter many homeowners from refinancing, even though doing so would greatly improve their financial profile. If they don't have enough savings to cover the closing costs, economically disadvantaged homeowners will not have access to refinancing options.…

Wells Fargo Faces $250 Million Fine From US Government Wells Fargo is the leading mortgage lender in the United States. The bank's mortgage offices are located in Des Moines, Iowa. The U.S. Office of the Comptroller of the Currency issued an order that the bank overhaul its internal processes and employee training, in addition to…

Refinancing Is More Affordable Since The Removal Of A Government Fee During the pandemic Fannie Mae and Freddie Mac instituted a fee on mortgage refinancing. The Adverse Market Refinance Fee applied to loans over $125,000, and was a .50% fee charged to mortgage lenders for each refinance loan they originated. Lenders passed the cost down…

Rising Home Prices Have Buyers Considering Taking Out Jumbo Loans Home prices have jumped by nearly 25% across the nation, and the housing supply is limited. This is resulting in bidding wars becoming a common part of the home buying process. Buyers are feeling pressure to push their budgets to the max in order to…