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Finding your Dream Home – Where to Start

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Modern, brick, condo, ranch, one-of-a-kind, wood, restored, single-family, two-story, updated, beachfront, contemporary, finished- the options are endless. If you’re reading this blog, chances are you’re about to embark on one of the most exciting experiences of your life- purchasing a home! Exciting, and a bit intimidating for first-time buyers. The home-buying process is different for everyone, but luckily we are compiling the best tips, research, and helpful information in the next few blogs to make the process as easy as possible for you. So where do you start? After you get pre-approved to show that you are a serious buyer, determine how much house you can actually afford, and get in the mindset to find your dream home, you need to get organized.

Here are the basic, but extremely important questions you need to answer to get on the right track of finding and buying your dream home:

  • What basic features do you want for your house? This may seem like a no brainer, but list out exactly what kind of house you want to live in with as much detail as possible. Once you list the basic features out, prioritize what is most important.
    • Home style (condo, ranch, two-story, etc.)
    • Architecture style
    • Landscape Needs
    • Bedrooms
    • Baths
    • Square Footage
  • Where do you want to live? Once again, it’s important to list out the state, city, neighborhoods, and areas you would be comfortable living in. Location. Is. Everything.
  • Think a little into the future… buying a home is a big commitment. Will you be expanding your family with kids (extra rooms, school districts, etc), will you still be at your current job (commute), and how long do you plan on staying in the house?
  • Needs + Wants – here’s the fun part. Now that you have the basics covered, what do you NEED in a house (non-negotiables) and what do you want in a house? Get on Pinterest, check out what you like, and write down as much as you can!

Once you know what you want, it’s time to go out and find that home (or create it)! Keep an eye out for our next blogs leading you through the rest of the home-buying process! Happy hunting!

 

The Importance Of Good Credit

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It’s no secret when we tell you that the better your credit score is, the easier your life can be. Your credit score is a three-digit number that represents how trustworthy you are from the perspective of someone that would lend you money for something like a loan or a mortgage. In fact, your credit is THE single most important determining factor from a lending perspective. Our economy runs on credit. So what is so important about those 3 numbers, and how does it impact your mortgage rates when you decide to buy a home? Here’s what you need to know:

  • Your credit report = Your financial report card. You want all A’s – Like we mentioned before, your credit score is a representation of how well you can handle your money, and can make or break a lender’s decision to approve you for a loan or mortgage, and impact your interest rates majorly. Your credit report is made up of how much money you’ve borrowed, your history of paying it back, and how much open credit is available to you. Here is what appears on your credit report: debts and a history of how they’ve been paid, public record information (tax liens, bankruptcies), bills referred to collection agencies, and inquiries made about your creditworthiness.
  • Credit score: Credit scores range from 300-850 points and are based on debt, amount of time you’ve used credit, debt totals, how often you apply for new credit, and types of credit you currently use based on information received from your credit report.
  • The higher your credit score, the lower your interest rates will be, and vice versa- The better your credit score is, the more banks and lenders can trust you, resulting in much lower interest rates for loans and mortgages. Don’t think interest rates are that big of a deal? Consider this- for a long-term credit loan such as a mortgage, interest alone can add thousands of dollars to your original buying price. Ouch.
  • Banks aren’t the only ones who look at your credit – so do landlords, employers, insurance companies, utility companies, phone companies, and more!

Having good credit is essential for having a healthy financial presence. So now that you understand how vital it is, check out these tips for improving your credit before shopping for a mortgage!

Credit Checklist Preparing for a Mortgage:

  • Start early – A year to a year and a half before you will be buying a home, do a deep analysis of your credit report. This will give you time to make minor changes to your score that can save you big bucks in the end when you start shopping for mortgage rates.
  • ALWAYS pay your bills on time- This is a given! It is also important and make an effort to pay more than the minimum balance if possible.
  • Have a mix of credit (auto, credit cards, student loans, etc.) – Lenders like to see a long and versatile credit history.
  • Keep a low balance – on any given credit card try not to use more than 30% of your limit.
  • Start saving now– It is ideal to try and aim to put a 20% down payment on your home, which requires a decent amount of cash upfront. Start bulking up your savings account now!
  • Don’t forget about closing costs!
  • Whatever you do- do not do these 5 things that will destroy your credit while looking for a mortgage!

When it is time to find a mortgage for your dream home, be sure to contact us so we can help make your dream rate a reality!

 

 

 

 

Recent Changes in USDA Rates

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If you’ve been in the market for a mortgage lately, you’ve undoubtedly heard a lot of commotion about the recent changes in USDA rates, and are probably wondering what this means for you, a person who is looking to purchase or refinance a home. On May 16, 2016, the USDA recently announced a series of changes that will make it cheaper and faster to refinance a USDA loan. We’re here to break it all down for you.

To begin, it’s important to understand what a USDA loan is. USDA loans are mortgages backed by the US Department of Agriculture as a part of its USDA Rural Development Guaranteed Housing Loan program. USDA loans have increased in popularity over the past few years due to their 100-percent financing program that helps approved lenders provide low to moderate-income households with an opportunity to own a home in a rural or semi-rural area (to buy it, refinance it, build it, rehabilitate it, improve it, or relocate another dwelling) with no down payment, reduced mortgage insurance premiums, and an attractively low monthly interest rate. No, you don’t have to be a farmer to obtain the loan, you just have to meet the following criteria:

  • Meet income eligibility
  • Agree to personally occupy the dwelling as your primary residence
  • Be a US Citizen, US non-citizen national, or qualified alien
  • Demonstrate the willingness to meet credit obligations in a timely manner
  • Purchase a property that meets all program criteria including location as defined by the USDA

The loans were created in 1991 to encourage homebuyers to live in rural and suburban areas in hopes of boosting the local economies and growth through more affordable housing options. So what do the new changes mean? Nothing but good news for those who qualify!

Starting June 2nd, 2016, homeowners current on their mortgages for the past 12 months will no longer be required to secure an appraisal, provide a credit report, or undergo a debt-to-income calculation when they refinance for a 30-year term, saving applicants both time and money.

Average savings are expected to be around $150 per month, with some borrowers saving up to $600 per month. When it comes to the changes, Rural Housing Service Administrator Tony Hernandez says “These changes reaffirm the Obama Administration’s commitment to middle-class Americans, and I am pleased that we continue to provide affordable housing to support thriving economies in rural communities. Helping homeowners refinance their homes to reduce their monthly payments and take advantage of low-interest rates will bring increased capital to rural residents and the communities where they live and work.”

Interested in seeing if you qualify for a USDA loan or refinance? Contact us today!

Alpha Mortgage – April Recap

It’s officially May, and the housing market is heating up just like the weather in Wilmington,NC! This month’s blog will cover the updates on the CFPB’s decision to revisit TRID, the hottest smart-home technology to keep an eye out for, as well as the 20 hottest markets in the US for April. Enjoy!

http://www.constructiondive.com/news/20-hottest-housing-markets-in-april/418340/

http://www.constructiondive.com/news/20-hottest-housing-markets-in-april/418340/

Revisiting TRID– You all recall the four letters that started to cause chaos in the real-estate industry late last year- TRID. TRID, also know as the ‘know before you owe’ rule was put into place to help the borrower be better informed and protected during the lending process. The process was expected to transition seamlessly into the lending community, but unfortunately, the rule has run into a few hiccups and many complaints. The biggest? Lack of understanding.

TRID is extremely complex, and many mortgage officers and investors have had a difficult time understanding if they are complying with such a large and intricate rule. Industry groups also have asked for guidance on many other issues like curing errors, accounting for lender credits, and calculating cash-to-close transactions.

7 months after its implementation, the Consumer Financial Protection Bureau (CFPB) has announced that it would reopen rulemaking, with a notice of proposed rulemaking expected to be released by late July to provide greater certainty and clarity to the mortgage industry.

According to Dodd Frank, the new rulemaking, governing what also is known as the Know Before You Owe mortgage disclosures, would incorporate some of the bureau’s existing informal guidance as well as provide adjustments in the regulatory text and commentary, CFPB Director Richard Cordray said in a  letter to the industry.

The industry is pleased that the CFPB is being so receptive of their concerns and complaints. Cordray gives more peace of mind writing “We will continue to work with industry, consumers, and other stakeholders to support a smooth transition for the mortgage market. As we do so, we and other regulators are all agreed that our oversight of the implementation of the Know Before You Owe mortgage disclosure rule in the months ahead will continue to be sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the rule.”

-Top 5 smart home features– While some people may have thought that by 2016 we would be living in a world of flying cars and homes that would virtually do everything we needed them to and more on their own, we aren’t quite there yet. Take your home to the next level this year by investing in these 5 smart-home features that are guaranteed to make your life easier and your home’s value increase as written by US News.

1. Keyless entry systems. With these replacements for standard locks, homeowners don’t have to worry about carrying keys. They can also give instructions to others on how to get into the home when they’re not there.

2. Smart thermostats. Thermostats have grown beyond a mechanism that you can program to raise and lower the temperature. Today’s smart thermostats can be controlled via your computer or smart phone and will even learn habits such as when you’re usually at home and if you raise or lower the temp when you get up or at certain times of day, like when you go to bed.

3. Alarm systems. Today’s home security systems include controls for thermostats and lighting and have features that allow you to arm and disarm them remotely, using a computer or a phone. Security cameras also have fallen in price and grown in popularity among homeowners.

4. Hidden or unobtrusive built-in speakers. Wired speaker systems are still popular, but the speakers are smaller and there may be more than two to a room, Galante says. That makes it easier for homeowners to customize sound for, say, a party.You can expect to see more of these four smart home innovations in the future:

5. Smart building materials. Shingles will be able to notify you of leaks, drywall will detect moisture and wood framing will report termite infestations. “That’s the stuff that’s coming seven to 10 years down the line,” Galante says.

Realtor.com’s 20 hottest markets for April featured many of the same cities from March (we’re talking about you, California), however, there was a spike in popularity around the mid-west that it is important to take note of. So why is this important? Jonathan Smoke, realtor.com’s chief economist explains. “The Midwest region is representative of the status of the broader U.S. recovery. When Columbus, Ohio, is the 10th hottest market in the country, you know that the Midwest – and the U.S. overall – is back and doing well.”

Also on the list? Raleigh, NC at number #15, showing the US that North Carolina is definitely an area to watch in terms of quality of life and property. Check it out:

1. San Francisco

2. Vallejo, CA

3. Denver

4. Santa Rosa, CA

5. San Jose, CA

6. Dallas

7. Santa Cruz, CA

8. Sacramento, CA

9. Ann Arbor, MI

10. Columbus, OH

11. Boston

12. Colorado Springs, CO

13. San Diego

14. Stockton, CA

15. Raleigh, NC

16. Lafayette, IN

17. Fort Wayne, IN

18. Oxnard, CA

19. Modesto, CA

20. Sioux City, IA

As we move into the Summer months, we invite you to stay tuned to the latest in mortgage and real estate news. We are proud to serve the Wilmington, Charlotte, Jacksonville, Winston-Salem, Greensboro, Fayetteville and Asheville areas with the most competitive mortgage and lending services at the lowest rates. Let us help make getting your dream home a reality!

Reverse Mortgages

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It’s no surprise to anyone when we say that the aging process is a difficult thing to handle financially. There are a growing number of seniors planning to retire soon that are struggling to figure out how they will continue to pay their mortgage, maintain their standard of living, and pay medical bills, make home improvements, etc. for many reasons. For many seniors, their home is their largest and most lucrative cash asset- and could be the golden answer in helping to solve their financial worries post-retirement. Enter reverse mortgages. With the Federal Reserve keeping interest rates at an all-time low, reverse mortgages are presenting themselves to be extremely appealing for home-owners aged 62 and older that are looking to tap into their home equity. This is why on March 1st, 2016, Alpha Mortgage started offering North Carolinian’s and Virginian’s reverse mortgages within their scope of services.

So what is a Reverse Mortgage?

According to the HUD, “A reverse mortgage is a special type of home loan for homeowners 62-years or older that lets you convert a portion of the equity in your home into cash. Unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.” Borrowers are still responsible for property taxes, homeowner’s insurance, and property maintenance, but a reverse mortgage requires no monthly mortgage payments, and borrowers do not have to pay back their loan balance until they die, sell, or move.

Reverse mortgages are extremely complicated, but are great for seniors that are cash broke/ property rich, or cash rich/ property rich. The interest and fees on the reverse mortgage are added to your loan balance each month. Over time, your home equity will decrease as your loan balance grows. It’s the reverse of a traditional mortgage. The rising loan balance can eventually grow to exceed the value of the home, however, as the borrower (or the borrower’s estate) you do not have to repay any additional loan balance over the value of your home. Wade Pfau of The American College and McLean Asset Management, highlights what consumers need to know about repaying a reverse mortgage with tips such as “Prior to death, selling, or moiving, repayments can be made voluntarily at any point to help reduce future interest due and to allow for a larger line of credit to grow for subsequent use. There is no penalty for early repayment.” Read more of his tips here.

 Why would I get a reverse mortgage?

Reverse mortgages can be used strategically for many reasons. One of the biggest reasons that people take out a reverse mortgage is to stay in their current home without having to worry about their current mortgage payment.

Many people also open a line of credit with access to the cash over time to supplement social security, 401k, unexpected costs, or unexpected medical costs. People also use reverse mortgages to pay off existing mortgages, purchase a new home that better suits their needs with age, or as retirement income plans.

Sounds Great- Am I eligible?

To be eligible to receive a reverse mortgage, you must be at least 62 years of age or older, the property must be either 1-4 unit primary residences, condominiums, or manufactured homes that meet FHA’s requirements, homeowners must own the property as their primary residence and should have substantial equity in the home, borrowers must not owe any back debt to the government, borrowers are required to maintain the property in good condition to protect the value of the home, pay their taxes annually, and pay for their home owner’s insurance in accordance to HUD guidelines.

So there you have it! Reverse mortgages are great options for seniors who are interested in tapping into their home’s equity. As we mentioned earlier, reverse mortgages are excellent solutions for seniors, but can also be complicated, and aren’t for everyone. To educate yourself further about reverse mortgages, please visit our website devoted entirely to reverse mortgages here. If you’re ready to take out a reverse mortgage today, contact us, and let Alpha Mortgage ease in your retirement process.

NC Housing Loans – The Basics

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Owning a home is an integral part of the achieving American Dream. But where do you begin the process? This blog will teach you the basics of NC Housing Loans and what you need to do to prepare for your first home purchase.

Step 1: Start Early

The first thing that you need to do when you have decided to purchase a home is determine the negotaibles and non-negotiables involving where you will reside and start your research. What do you want in the house? Where do you want to live? Most importantly, what is your budget and can you afford a house? After you figure out the necessities your new home needs to make you happy, start your research.

Subscribe to newsletters, read magazines and newspapers with real estate listings, and research websites that have listings as well. Note how long homes that interest you stay on the market in the area you’re moving to, price, and size that you can afford in the area. Also be sure to watch changes in price over time.

 

Step  2: Get Preapproved

It’s always a good idea to get pre-approved for a mortgage if you can. You may have a basic idea on how much you believe you’ll be able to spend on a home, but until you get prequalified or approved for a mortgage, you won’t know for sure. To get preapproved, meet with your mortgage banker. They’ll tell you the price range of homes you should be looking at.

Step 3: Find your Dream Home

Once you get preapproved for a mortgage, you need to find your home. Find a real estate agent that you can trust, and who is easy to communicate with, and goes above and beyond to provide you with insight about properties you are interested, as well as the areas that these properties are located in. Tour the homes, take notes, take pictures and videos, and be as transparent with your likes and dislikes as possible with your agent!

When you find your home, have your real estate agent negotiate an offer that is fair based on location, size, and value of comparable houses. When you reach an agreement with the seller, the home goes into escrow.

Be sure to get a home inspection within a few days of your agreement to make sure that everything is A-OK with your home, and to make sure that any issues found are can be dealt with through renegotiation, withdrawal without penalty, or understanding what else needs to be done. If there are issues with the home that you want to discuss with the seller, know your options! Ask the seller to fix issues before closing the sale.

Step 4: Find an amazing Loan Officer + CLOSE!

You’ve settled on “The One.” Congrats! The next thing you need to do is find a loan officer that will help you navigate the waters of financing your home through an NC housing loan. A loan officer should be many things, especially transparent, passionate, and accountable on top of other traits. Be sure that you choose a great loan officer, and that you discuss any eligibility you may have for special types of loans like (VA Loans, Jumbo Loans, etc.). You will also need to discuss whether a 15-year or 30-year mortgage works best for you. Once you and your loan officer find a payment plan that best suits your needs, they will arrange for an appraiser to ensure that you will be paying a fair price for the home.

Following an appraisal, the paperwork begins. Your loan officer will coordinate everything and ensure that all rules, ordinances, and laws are met with your home purchase. Once this step is complete, you can close the sale and enjoy your new home!

Alpha Mortgage is a full service mortgage banker offering in-house processing, underwriting, closing and funding. In addition to new purchase loans, Alpha Mortgage specializes in home refinances with various programs and the lowest rates. Our mortgage professionals are well versed in all aspects of how the refinance process flows and can look at your previous loan package and find the best way to make your new mortgage work best for your financial goals.

Difference between Modular, Manufactured, Hybrid, and Stick-Built Homes

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So you’re looking into building a home. Great choice! There are many benefits of choosing to build over buy, including total control over customization, special features, low maintenance costs, warranties, amenities, home-site selection, energy efficiency, and more. However, before you begin the actual building process, it is important to understand a few construction terms. The first thing you’ll need to understand is the differences between manufactured, hybrid, stick built, and modular homes so you can choose the best option that suits your home’s needs. Let’s break it down:

The main points of differentiation you should note when it comes to manufactured, modular, stick-built, and hybrid homes are the locations in which home construction occurs. Other differences include guidelines, price, materials, as well as time to build. Take a deeper look into each below:

Stick-Built Home: A stick-built home is the most common & traditional building method of home construction in America, and refers to a home that is built 100% on-site from the ground up in complete accordance to all local, state, and regional guidelines. All materials are delivered to the job site, and the building happens through various subcontractors and 3rd party vendors. All of the work happens on-site as opposed from in a factory. While Stick-Built homes may be the most popular due to the option of complete customization, they normally take a little longer to construct due to weather delays, high moisture content in lumber, coordination issues, inspection delays/rework due to failed inspections, and typically cost more as well. However, Stick-Built homes tend to appreciate in value.

Manufactured Home: Also known as a “Mobile Home,” the manufactured home is built entirely in a factory. These homes are built according to specialized guidelines set out by the HUD instead of building codes at the desired location, and ensure that all areas of the manufactured homes meet strict guidelines. A big difference between manufactured homes opposed to other options is that they are transported by a vehicle and once at the desired location, the wheels are removed, setting the home in place. They are permanently attached to a black, steel chassis, which acts as floor system support. They are generally less expensive and take exponentially less time to build than Stick-Built or Modular Homes, however some communities do not allow manufactured homes in their area and tend to depreciate over time.

Modular Home: There is no true “definition” of a basic modular home since they can range in size, complexity, and price. However, one main point of distinction is that modular homes are built in sections in a factory setting, and are then transported and put together by a builder or contractor on your building site. Modular homes are built according to local, state, and regional building codes for the destination site. Modular homes have been gaining popularity due to their inexpensiveness, construction time, and tendency to appreciate in value, paired with the many options to customize and that they don’t “look” like they were made in a factory setting.

Hybrid: Hybrid homes are also known as “on-frame” modular homes. They aren’t exactly a true manufactured home or a true modular home, but a blend of the two. They’re typically built to the minimum requirements of state, local, and regional guidelines like a modular home, with the black steel frames like in a manufactured home. They are considered real property; however, they’re typically built with lower quality materials. They cannot be two stories, but they can come in one to three section ranch style houses.

There you have it! Once you decide which type of house you would like to build, the true fun begins. Let Alpha Mortgage help you in your home building purchase by contacting us today.

 

2016 Housing Market Predictions

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New Year, New Housing Market? Not so much. According to many housing predictions, 2016 will bring a whole lot of the same to the table. But is this a bad thing? Absolutely not. While 2015 was known as the best year for housing since 2007 due to many factors such as increased employment rates, implementation of TRID, and more, 2016 will also continue the housing market’s upswing- just not as exponentially.  We’ll start to secure a ‘normal’ in 2016. Remember that word?!

Here are our 2016 Housing Predictions:

  1. Increased Interest Rates– The Federal Reserve is expected to continue to raise interest rates in the short term between now and 2016’s end, & homeowners who have adjustable-rate mortgages or home equity loans will most likely see their interest rate rise as a result.  Housing wire goes as far to say that Fixed-rate mortgages will also rise, perhaps up one-half of a percentage point between now and the end of 2016, reaching 4.5% for 30-year loans. Despite this increase in interest rates, mortgage rates will remain historically low. If the rates do start to rise in 2016, as gradually as they may, we could see slightly lower home-buying numbers next year. But these changes will be minimal due to the continued increase in economic expansion and employment numbers- meaning more people are becoming able to afford houses.
  2. Evolving Mortgage Process – Mortgages may be in reach for more Americans in 2016 due to legislation that would allow Fannie Mae and Freddie Mac to take into account new ways to measure creditworthiness like evaluating rental history and utility bill payments instead of just the FICO credit score. More loans may also allow buyers to include income from room rentals, etc. More lenders are continuing to ease credit standards, and don’t see that changing in the future.  This is good news for potential homebuyers!
  3. Increased Housing PricesReverse Mortgage Daily reports that appreciation in national home price indexes will likely continue at a faster pace than inflation, but grow more moderately than last year. The CoreLogic Home Price Index was up about 6% over the last 12 months, and CoreLogic anticipates a rise of 4-5% during 2016. This increase in home sales and prices can be attributed to the improved economy, which has brightened the financial outlook for many families and enhanced their overall financial security. Prices may be higher, but they will still be affordable to most.
  4. More first time buyers– We expect first-timers to make up a bigger portion of the market than they did this year. The reason is simple: The market will be more welcoming to them thanks to the aforementioned slowing price growth and easier access to loans. It is important to note that Millennials & Young Gen X’ers are expected make up the largest demographic of home buyers in 2016 because they have recovered from the financial crisis, are entering their prime professional years, as well as their prime family raising years.
  5. Rental Homes & Millennials– According to a recent analysis by the Federal Reserve, outstanding student loan debt now totals more than $1 trillion. Student loan debt can create additional hurdles for mortgage shoppers. It increases the borrower’s total debt-to-income ratio, which can cause problems during the underwriting and approval process, and excessive debt can lower a person’s credit score. All of this makes it harder for Millennials to qualify for home loans.  This is why we predict rental homes will continue to increase in popularity- Millennials simply can’t afford homes. Rental vacancy rates for both apartments and houses are at, or near, their lowest levels in 30 years, and rents are rising quicker than inflation.
  6. Smart Homes/ Housing Tech – Smart homes and houses with more technological features available at time of sale will continue to become more popular. Features like beacon technology, security tech, VR and more will make homes more appealing. Smart home features will start to be expected by consumers in 2016.

We can’t wait to help you own your dream home in 2016! On behalf of all of us from Alpha Mortgage, we wish you a very happy New Year!

 

November Alpha Mortgage Recap

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Happy Holidays from your team at Alpha Mortgage! Tis’ the season to enjoy time with family in your beautiful new home! We are proud to serve the Wilmington, Charlotte, Jacksonville, Winston-Salem, Greensboro, Fayetteville and Asheville areas with the most competitive mortgage and lending services at the lowest rates. As we go into December, we invite you to check out the latest in real estate and mortgage news. And don’t forget – whether you’re on Santa’s nice or naughty list, we can make getting your dream home a reality!

November Housing Facts:

  • Most expensive place to live in America: Newport Beach, California.
  • Least expensive place to live in America: Cleveland, Ohio.
  • Google is now registered as a licensed mortgage broker. Though the company won’t be financing mortgages, it will aggregate quotes from local and national lenders it has partnered with, in order to help users find the best mortgage. It is important to recognize that the company will be paid by the mortgage lenders it has partnered with, so the “best rate” may not be just that. More to come once the model goes live.
  • Home prices increased, growing 0.1% for the month and 5.5% on a year-over-year basis from one year ago, according to the September house price index from Black Knight Financial Services.
  • President Obama signed a bill that caps the salaries of Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton. According to the White House, President Obama signed the Equity in Government Compensation Act of 2015 on Wednesday. A statement from the White House states that the President signed S. 2036, the “Equity in Government Compensation Act of 2015,” which “suspends compensation packages approved for 2015 for the chief executive officers of (Fannie Mae) and (Freddie Mac) and any of their affiliates, and reinstates the compensation and benefits previously in effect.”
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