Author: badmortgage

As many Americans consider buying a home this spring, they may want to take a closer look at the Cleveland metro area. Not only is it home to one of Redfin’s latest and most unique listings—the Cleveland Cavaliers’ Rocket Arena—it’s also one of the most affordable markets in the country.  The typical Cleveland home sold for $230,000 in February, the latest month for which data is available. Among the 50 most populous U.S. metros, only Detroit had a lower median sale price ($181,250).  Eight other Midwest locales, including fellow Ohio cities Columbus and Cincinnati, also ranked in the bottom 15…

SOME CARD INFO MAY BE OUTDATED This page includes information about these cards, currently unavailable on NerdWallet. The information has been collected by NerdWallet and has not been provided or reviewed by the card issuer. Yesterday, mortgage rates reached their highest peak since September. Today is basically the same. The average interest rate on a 30-year, fixed-rate mortgage fell to 6.44% APR, according to rates provided to NerdWallet by Zillow. This is one basis points lower than yesterday and exactly the same as a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of…

Home prices rose slightly to start the year, but the latest reading was taken before fallout from the Iran war began pushing mortgage rates higher. The S&P Cotality Case-Shiller 20-City Home Price Index, which measures prices in the nation’s largest metro areas, rose 1.18% in January from a year earlier and 0.16% from December. The meager gains reflect the housing market’s low supply and low demand dynamic. First-time homebuyers continue to struggle with affordability, while many would-be sellers put off moving and hang on to their ultralow mortgage rates. Read more: How are people affording houses in today’s market? 10…

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.Refinancing a home loan has long been a complicated and pricey process. The costs can be so high that most experts suggest if a borrower can’t shave at least 75 basis points off their current mortgage interest rate, the refinance isn’t even worth it. Now two property tech leaders…

Key Takeaways Home equity investments (HEIs) provide cash in exchange for a share of your home’s future value, with no monthly payments required. Home equity loans are traditional debt with fixed interest rates and predictable monthly payments. HEIs work best for homeowners with limited cash flow or lower credit scores who cannot qualify for conventional financing. Home equity loans are typically better for borrowers with steady income and good credit who want to retain all their home’s appreciation. Explore your home equity options. Start here If you want to access your home equity, you may be deciding between a traditional…

Today, the mortgage interest rate on a 30-year fixed mortgage is 6.52%, according to the Mortgage Research Center, while the average rate on a 15-year mortgage is 5.63%. On a 30-year jumbo mortgage, the average rate is 6.91%. 30-Year Mortgage Rates Climb 0.03 Percentage Points Today’s

Key Takeaways No-doc HELOCs and home equity loans still require verification through bank statements, asset documentation, or credit analysis rather than traditional tax returns and pay stubs. These loans typically cost 1-3% more in interest and cap borrowing at 70-80% of your home’s value compared to standard home equity products. Self-employed borrowers, retirees, and those with complex income situations benefit most, but only when traditional documentation truly doesn’t reflect their financial stability. Check your home equity loan options. Start here Your income is real, but your tax returns don’t tell the full story. For self-employed borrowers, retirees, and anyone whose…

Almost a year after Premier Mortgage Resources filed a complaint against Canopy Mortgage over an alleged poaching scheme, the lenders reached a settlement.Processing ContentThe companies anticipate they will submit a joint stipulation of dismissal with prejudice within 45 days, according to a document filed Friday in a Washington federal court.”We’re pleased to have reached a resolution and bring this matter to a close,” Premier CEO Cory Swain told National Mortgage News. “Our employees are our most valued resource, and we will always act in their best interest while continuing to uphold the highest standards of integrity and service.”Canopy nor its…

Mortgage interest rates have noticeably changed for borrowers this March, increasing the appeal of a rate lock right now. carlofranco/Getty Images Mortgage interest rates changed significantly this month, increasing by approximately half a percentage point, on average, from where they sat in February. And that increase was more remarkable considering that the Federal Reserve didn’t even raise rates when it met mid-month, electing instead to extend a pause in its interest rate-cut campaign, just as it had done in February. But with geopolitical tensions rising in the month and overseas conflicts pronounced, not to mention a rise in the unemployment…

Key Takeaways Retirees can qualify for home equity loans using Social Security, pensions, and retirement account distributions as income. Tapping home equity creates debt secured by your home, which means foreclosure is possible if you cannot make payments. The right choice depends on your income stability, how long you plan to stay in your home, and what you need the funds for. Check your home equity loan options. Start here After decades of mortgage payments, you’ve built something valuable: equity in your home. Now that you’re retired or approaching retirement, that equity might look like an appealing source of funds,…