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Rocket mortgage payment12/14/2023 The median sales price of new houses sold in April 2023 was $420,800, with the average price being $501,000, according to the U.S. These new loans sound like they could be a great deal for prospective homebuyers. In a similar move, United Wholesale Mortgage (UWM) announced May 24 that it was expanding its Conventional 1% Down payment assistance program, launched in April, where borrowers could make a 1% down payment, with UWM covering an additional 2% up to $4,000. “ONE+ is a response to that feedback and the latest example of Rocket's commitment to creating programs that help make homeownership more attainable." "We talk with people from all walks of life every single day - many of whom are ready to own a home, and could easily make the monthly mortgage payments, but are having trouble saving for a down payment,” Rocket Mortgage CEO Bob Walters said in a statement. The program also eliminates monthly mortgage insurance fees, which are usually applied if a buyer places a down payment less than 20% of the purchase price. Borrowers would make a 1% down payment, with Rocket Mortgage covering the remaining 2% for the threshold for conventional loans. The new ONE+ mortgage targets low-to-moderate income earning Americans. The new loan, called ONE+, also includes mortgage insurance at no cost to the homebuyer, Rocket Mortgage said in a statement, and could save more than 90 million Americans thousands of dollars. Rocket Mortgage announced May 22 that it was introducing a 1% down home loan program. Owning real estate for passive income is one of the biggest myths in investing - but here is 1 simple way to really make it work Here's how much money the average middle-class American household makes - how do you stack up? Get in now for strong long-term tailwinds Rich young Americans have lost confidence in the stock market - and are betting on these 3 assets instead. Soaring prices coupled with increased interest rates for mortgages has led many to give up the dream of homeownership.īut a pair of new nationwide borrowing programs would have those people believe home ownership might not be so far out of reach. However, even in wholesale (mortgage brokers) Quicken is rarely the best choice lender to go with.The housing sector continues to be one of the hardest places for Americans to break into these days. going to Quicken directly or to a bank that sends their loans to Quicken). An independent mortgage broker who can broker to Quicken will most likely be the cheapest and will definitely be the fastest to get the loan closed (vs. Between the two, I'd recommend someone apply directly with Quicken than with the local bank who sends their loans to Quicken. Why wouldn't the bank want loan officers with more experience? They do, but they typically have trouble recruiting them due to their low pay structure compared to what that seasoned loan officer could make working someplace else (in this industry it's almost always about money). The reason that loan officers in this environment usually aren't the best to work with is lack of experience. The point of contact for the borrower is the bank loan officer, who may not be very experienced but has been trained on all of the legal requirements that a loan officer must comply with (RESPA, etc.). That bank navigates the legal requirements to employ licensed loan officers who then send all loans to Quicken. For example there may be a bank which has been around for decades, but is losing some of their customers because they don't have mortgage programs to offer. Those, in my opinion, are possibly the worst places to get mortgages from because they typically employ inexperienced loan officers coupled with leveraging their customer's trust. Quicken has started to partner with many local banks and credit unions that don't have a full fledged mortgage division, giving those brick & mortar's the ability to offer mortgage programs without having to have a large staff of those types of employees. Refinancing has less of a risk since the only people upset when things don't go right will be yourself - no seller or real estate agents to disappoint, and no earnest money deposit at risk. With mortgages and buying real estate, that usually isn't a good compromise. So, it's basically sacrificing service for speed. The caveat of it is that the results are only as good as the data being input, so if a borrower has a complex situation then the resulting pre-approval is less likely to be accurate or even insufficient (meaning perhaps they would've qualified for more if they took the time to speak with a loan officer about their specific circumstances). it caters to what they perceive as younger borrowers who want to do a bunch of the work themselves (basically just uploading documents to a website) with minimal interaction with a human being. Rocket Mortgage's main advertising component is basically "get a pre-approval online in minutes".
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