This means homebuyers will be able to borrow up to the new level without triggering higher interest rates.
Four months after mortgage lenders started to tighten their standards in reaction to COVID-19-related uncertainty, Chicagoland lenders say they have yet to see a dramatic slowdown.
Borrowing money can be a tricky undertaking for first-time homebuyers, but that’s long been the case in communities of color, where disparities in lending are a reality in the industry.
How has the latest drop in interest rates affected the businesses of Chicagoland brokers? Has their relationship changed with their most recommended lenders? These questions and more were answered by readers in our most recent survey.
Though apartment buildings seem to still be the sweetheart asset, it’s going to be tougher for investors to buy them in the near future, according to Brian Mond of Essex Realty Group.
Learn why the foreclosure rate is unlikely to reach the previous recession’s level, though changes in homebuying social norms are here to stay.
The number of financial complaints filed by consumers with the Consumer Financial Protection Bureau has risen dramatically during the COVID-19 pandemic, according to an analysis by LendEDU.
“We need to remind ourselves that we are all in this together. We’re in a bad spot as a country, and we need to get through this together.” — Tim Brigham, branch manager at Union Home Mortgage
A new report from the Mortgage Bankers Association points to pent-up demand this spring.
Both the way appraisers approach their work and the adoption of AVMs and other technology-based valuations will likely see major changes in the coming years, according to experts.