Canadian businessman Kevin O'Leary pointed to three states where homeowners are reluctant to sell their properties.Homeowners in Texas, Florida and Tennessee are currently enjoying low mortgage rates and could potentially double their payments if they decide to move to another state. Over the past two years, the US Federal Reserve has been raising interest rates to curb inflation. In the process, mortgage rates have been pushed to their highest levels in 40 years. This means that home prices will continue to soar, while housing costs will rise for buyers. Homeowners in Texas, Florida and Tennessee are becoming hesitant to sell…
Author: Private Lending Agent
Hallbergman In this article, we'll be looking at mortgage REIT New York Mortgage Trust (NYMT). Specifically, we'll be discussing the company's shift in strategy and highlighting its new bond offering, the 9.125% 2029 Notes (NASDAQ:NYMTI). We find this bond very attractive given the company's low risk profile. The bond is trading at a yield of 9.13%. Shift in strategy NYMT has historically been a credit-focused mortgage REIT. Several years ago, the company made a strategic shift into full multifamily ownership through a joint venture equity strategy. This involves equity ownership of a number of multifamily properties with operating partners, primarily…
Image credit: Getty ImagesArticle Information Author, Kevin Peachey Role, Cost of Living Correspondent13 July 2024 03:42 BSTCompetition between mortgage lenders is intensifying ahead of key interest rate decisions from the Bank of England.Many lenders have recently reduced the costs of new fixed-rate mortgages.Though brokers expect further cuts, mortgage rates remain far higher than what homeowners have become accustomed to for a decade.Lenders' funding costs are showing signs of falling as they expect banks to cut their base interest rates for the first time in four years.Analysts believe it could be raised from its current 16-year high of 5.25% on Aug.…
GREAT FALLS – Opportunity Bank of Montana announced today that Mike Banks, mortgage branch manager for Great Falls and Helena, has been named Lender of the Year by NeighborWorks Great Falls (NWGF) for the fourth consecutive year.”Mike has been a longtime partner at NWGF because of the volume of first-time homebuyers he serves. Having a lender with the knowledge and experience to advocate for vulnerable first-time homebuyers is critical,” said Karen Cleveland, NWGF Director of Lending. “Mike is tenacious in finding a program that's right for the borrower. While there's no guarantee that a borrower will choose NWGF, when it…
GREAT FALLS – Opportunity Bank of Montana announced today that Mike Banks, mortgage branch manager for Great Falls and Helena, has been named Lender of the Year by NeighborWorks Great Falls (NWGF) for the fourth consecutive year.”Mike has been a longtime partner at NWGF because of the volume of first-time homebuyers he serves. Having a lender with the knowledge and experience to advocate for vulnerable first-time homebuyers is critical,” said Karen Cleveland, NWGF Director of Lending. “Mike is tenacious in finding a program that's right for the borrower. While there's no guarantee that a borrower will choose NWGF, when it…
Vetted by HousingWire | Our editors independently review the products we recommend. When you buy through our links, we may earn a commission. Whether you live in the bucolic pastures of western Massachusetts, downtown Boston or the shores of Cape Cod, the Commonwealth of Massachusetts offers lucrative opportunities to buy and sell unique properties. If you want to learn how to get a Massachusetts real estate license, you should know that it can be completed in about six weeks. State law requires you to complete a 40-hour course at an approved Massachusetts real estate school to begin the process. Here’s…
On July 10, the CFPB released proposed rules for mortgage servicers aimed at helping homeowners avoid foreclosure. The new rules, which amend the existing mortgage servicing framework in RESPA and Regulation X, are intended to streamline the process of obtaining mortgage assistance and encourage servicers to prioritize assisting borrowers over foreclosures. Current mortgage servicing rules were developed in response to the surge in foreclosures following the 2008 financial crisis. These rules often impose stricter timing requirements. For example, Regulation X requires borrowers to submit all required documentation before a servicing company can begin a review to suspend foreclosure proceedings. The…
The U.S. Court of Appeals for the 15th Circuit in Washington, D.C. on Friday denied a request by the National Association of Realtors (NAR) to review the court's previous ruling that allowed the Department of Justice (DOJ) to reopen an investigation into the trade association. Legal battles over whether the Justice Department should reopen the investigation have been playing out in court dating back to the Trump administration, when the department agreed in November 2020 to end its investigation into NAR after reaching a settlement agreement in an antitrust investigation into NAR's role in buyer agent compensation. But the Biden…
Key Takeaways As families prepare for a new semester, many are considering how to pay for college. Nearly half of families will borrow money to cover their family’s tuition costs, with the majority of those borrowing through federal student loans. While interest rates on federal student loans are at a 16-year high, they are still much lower than the cost of borrowing on private loans. As families prepare for their children to return to college, many are considering how to pay for tuition. According to a new survey from student loan lender College Ave, the majority of families report they…
There's something ironic about this development: potential multifamily sellers are jumping on the bandwagon of modern laments about rising interest rates and trying to avoid complaints by taking over good old-fashioned fixed-rate mortgages.The 191-unit building's address, 930 West Altgeld Street, not only identifies it with the property's upscale Lincoln Park location — the street's name, German for “old money,” also likely references the loan.Baker Development has listed the 11-story building for sale with JLL as the broker, CoStar reported.Construction on the building began six years ago at a time when interest rates were incredibly low and it's coming onto the…