Category: Finance
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Consumers Save $10,662 Working With a Mortgage Broker
A recent study by Polygon Research, supported by Willow Canyon Advisors and United Wholesale Mortgage (UWM), reveals that consumers save an average of $10,662 over the life of a loan when working with independent mortgage brokers compared to nonbank retail lenders. The research, based on 2023 Home Mortgage Disclosure Act (HMDA) data, highlights that the…
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Fact-checking the confusion around changes to mortgage fees based on credit scores
A change to Loan Level Price Adjustments (LLPAs) by Fannie Mae and Freddie Mac in January 2023 has caused confusion among borrowers. While some have claimed that those with lower credit scores will now pay less than those with higher credit scores, this is not the case. LLPAs are based on loan features such as…
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The U.S. housing market will continue to be impacted by 3% mortgage rates as homeowners are unwilling to sell and lose their low rates.
The US housing market is being impacted by higher mortgage rates and a lock-in effect, which is constraining both buyers and sellers. The average 30-year fixed mortgage rate reached 7.10% in February 2022, the highest since November 2021, resulting in a drop in demand for properties. Meanwhile, homeowners who locked in lower mortgage rates are…