How Fluctuating Mortgage Rates Affect the Housing Market
In 2020, interest rates were at an all-time low. This made it possible for borrowers to buy larger homes or refinance their current property at a lower rate. However, all-time low-interest rates could not last forever. By January 2022, interest rates began to increase, limiting borrowers’ purchasing power and eroding the refinance market. Mortgage and […]
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Why Self-Employed Borrowers Embrace Bank Statement Loans
What is a bank statement loan, and who benefits from it? A bank statement loan is a type of loan that allows a borrower to qualify for a mortgage using only their personal or business bank statements as documentation for their income. Today’s tax codes allow entrepreneurs to write off business expenses. Although reducing tax […]
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Why Non-QM Loans Are Not The Same As Subprime loans.
Today, Non-Qualified or Non-QM loans are growing in popularity, but there’s some confusion about what they really are. Let me start with the elephant in the room, they are not the same thing as subprime loans. Non-QM loans are a great solution for brokers to consider in helping those customers qualify for loans they otherwise […]
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Non-QM Is Set To Reach $80 Billion In Loan Originations In 2022
Are you leaving money on the table by only offering agency home loans? Non-QM loans have been increasing in demand since their inception in 2015. As a result, Non-QM is set to reach $80 billion in loan originations in 2022. Non-QM is predicted to double and gain 10% of the mortgage market this year. This […]
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Borrowers May Be More Suited For Non-QM Loans In Today’s Soaring Housing Market.
Brokers who offer conforming and high-balance loan products may be feeling lighter in the pocketbook with today’s soaring home prices. 2022 California Conforming limits are as high as $970,000 for a one-unit property based on FHFA House Price Index Report. A typical home value in California is $745,000 Zillow Indicated, a 20.5% increase over the […]
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Make-Up For Lost Production With Non-QM Loans
Agency rates have been hovering at record lows for the past couple of years, traditional lending experienced a boon. However, in 2021 $40 million in Non-QM loans were originated and that number is expected to double in 2022. A recent HousingWire article indicated that agency business will shrink and get more expensive, and an increasing […]
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CoreX Allows Homeownership After a Major Credit Event
With Federal stimulus and additional unemployment payments ending, and thousands of dollars in forbearances and foreclosure moratoriums ending, bankruptcies are sure to rise in 2022. Bankruptcies can impact a borrower’s credit report for up to ten years and borrowers looking to step into homeownership may find it difficult to qualify under conventional underwriting guidelines. A […]
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Foreign National and ITIN Loans
Foreign National is defined as an immigrant, Resident Alien, admitted for permanent residence. This community can remain in the United States indefinitely and work if they comply with regulations relating to their visa. Currently, there are 44 million immigrants who live in the U.S today, with an estimated 1 million foreigners migrating to the U.S […]
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Social Media Influencers and Bank Statements Loans
As of October 2021, there were more than 10 million self-employed people in the US. While Americans have pursued entrepreneurship for decades, there is an exciting new entrepreneur that may be underserved. These entrepreneurs are often referred to as “influencers” leveraging partnerships with brands for high-risk reward. They’ve rejected the idea of a corporate job […]
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How Investors benefit from DSCR Loans
We’re in the middle of a rental boom. Fortune.com indicated in December of 2021 that rent prices jumped an average of 11.6% on one-bedroom units this year, and two-bedroom units jumped by 13.6% So naturally, this rise in rental fees suggests investors will grow their portfolios with new rental properties. However, real estate investors have […]
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