Often when you apply for a mortgage you will be bombarded with offers from competing banks and lenders. The reason this happens is because the credit reporting agencies sell your information to these other companies. They are known as trigger tracks, which are triggered when you submit a loan application and your credit report is … Read more
Mortgage rates have seen wild growth in recent years. In fact, it was still possible to obtain a fixed mortgage loan at 3% over 30 years at the start of 2022. By the end of 2023, you may have been facing a mortgage rate of 8%. And today your rate can start with 5, 6 … Read more
Mortgage rates are a fairly complex subject. They are also often misunderstood and oversimplified, and many myths are perpetuated by those working in the industry. Some people think that when the Fed cuts rates, mortgage rates go down by the same amount. Others might believe that the government sets rates one way or another and … Read more
Well, it looks like the new Mesa Homeowners Card has caught the attention of one of its competitors. Bilt is best known for its credit card that allows members to earn points on rent, but soon homeowners will also be able to earn points on their mortgage payments. We heard about this possibility a while … Read more
Lately, there has been a lot of speculation surrounding the direction of mortgage rates. I, too, have been very involved in this trying to figure out what the next step would be in terms of pricing. Despite the recent increase in the 30-year fixed rate from around 6% to 7%, I remain optimistic that a … Read more
As I’ve been saying for a while now, all the potential bad news (regarding mortgage rates) has been largely priced in over the past couple of months. And then some! Meanwhile, anything that could be positive for mortgage rates, such as lower inflation and higher unemployment, has been largely ignored. Rates can’t seem to catch … Read more
Lately we’ve been hearing a lot about trigger tracks due to legislation trying to ban them. If you’re not aware, when a lender pulls your credit, the credit bureaus will happily sell your information to competing banks and lenders, letting them know you’re looking for a mortgage. The result is being completely bombarded with phone … Read more
Lately, I’ve heard a lot of people say that mortgage rates are “average” or “normal.” As in, they are neither high nor low. They’re just typical. This is usually in response to someone pointing out that they are much higher than they were just a few years ago. In some ways, this feels like a … Read more
Recently, many people have argued that we will not return to lower mortgage rates. That it is not possible to return to low mortgage rates. The thing is, when they say that, they always think of 3% mortgage rates, maybe 4%. In reality, mortgage rates could fall significantly from current levels while remaining much higher … Read more
If you’ve been home shopping since early 2022, when mortgage rates rose, you’ve probably encountered redemption. Buydown is used to reduce a buyer’s mortgage rate, either temporarily or permanently. This can make the mortgage payment cheaper for the first few years of the loan term, or for the entire 30 years. These buyouts serve as … Read more