Job growth rebounded in April after a dismal March, which was due in part to harsh weather. The Bureau of Labor Statistics reported that 211,000 jobs were created, above the 180,000 expected. The weak March number of 98,000 was revised lower to 79,000. February was revised higher to 232,000 from 219,000. The Unemployment Rate fell to 4.4 percent, the lowest level in 10 years. Within the report it showed that total unemployment, or the U-6 number, fell to 8.6 ...Continue Reading →
Take steps to swing the odds of passing the licensing test in your favor
By Rich Leffler, director of training/senior instructor
Every mortgage professional who originates loans for a non-Federal Deposit Insurance Corp.-insured entity must be licensed. And being licensed means having to pass the National Mortgage Licensing System (NMLS) pre-licensing exam.
The exam is relatively standard. It includes 100 computer-generated, multiple-choice questions that must be answered within three hours. Ten of the 100 questions are “test” questions that do ...Continue Reading →
A 30-year fixed loan is the best option
Typically, when people hear the word “mortgage,” they think of a 30-year fixed loan. While this is the most common loan type, it is not necessarily the best for every buyer.
ARMs (adjustable rate mortgages) are great for home buyers who don’t plan to live in their home for a long period of time. While the interest rate can fluctuate — or adjust — after the first few years, depending on the type of ...Continue Reading →
While the role of first-time home borrowers hasn’t changed much over time—they are generally vacating rental housing to move into starter homes—the characteristics of these new home borrowers has definitely evolved. Today’s first-time home buyers are older, less likely to be married, and purchasing more expensive homes than they have in the past.
What does this mean for mortgage lenders when these new buyers are ready to purchase a home? By understanding what drives their decisions, you can be more prepared ...Continue Reading →
For most lenders, you’d have to go back to late June in order to see mortgage rates any higher than they were today, although several lenders did offer improvements as market conditions allowed in the afternoon. Additionally, there really wasn’t much upward movement in rates from yesterday. Rather, this is simply the culmination of a slow, steady move higher over the past 2 weeks. For now, the worst side effect of this gradual movement is that it’s finally ...Continue Reading →
Oh those Baby Boomers. Even as they age they don’t retire, at least not from the public stage. This week those over age 55 were the subject of Freddie Mac’s Insight report.
Freddie Mac Chief Economist Sean Becketti says the conventional wisdom is that Boomers, those born from the time World War II ended through 1964, are like Peter Pan, they refuse to grow older, not retiring but launching instead second and third careers, shunning senior centered communities in favor of ...Continue Reading →
Sales of existing homes increased in June for the fourth consecutive month. The National Association of Realtors® (NAR) said it was encouraged to see the month also bring a modest increase in the percentage of first-time homebuyers.
Sales of existing single-family homes, townhomes, condominiums, and cooperative apartments rose 1.1 percent from May to a seasonally adjusted annual rate of 5.57 million units. Sales in May were at a rate of 5.51 million, a downward revision from the 5.530 million originally reported. ...Continue Reading →