Fannie Mae plans to launch a new underwriting innovation beginning September 18, 2021 that will automatically incorporate rental history into their credit evaluation system. Using bank statement data, mortgage lenders will be able to “deliver a more inclusive credit assessment” with the borrower’s permission, according to the press release. Hugh R. Frater, Fannie Mae CEO,..
Category: EB Mortgage - page 10
The rise in remote work has changed drastically throughout 2020 and into 2021 due to COVID-19. If you think working from home is a passing fad, it isn’t. A survey by Statista and Upwork projected that 37.5 percent of United States employees would work remotely in the next five years, up from 21 percent before..
Most people are aware that mortgage payments can increase over time, but did you know payments can actually decrease? In this article, we’ll explore a few ways how this can happen. Mortgage payments decrease on Adjustable-Rate Mortgages (ARMs). While not as common as the payment increasing with ARMs, your monthly payments can decrease based on..
Stay-at-home mandates during 2020 caused many homeowners to realize their home wasn’t accommodating to their lifestyle. At-home offices, media rooms, children’s school areas, gyms, and large yards were suddenly in high demand. These amenities became highly desirable and led many homeowners to invest in a new home. Instead of purchasing a home near the office..
Finding the house you want and making an offer are just the first steps before purchasing a home. After the inspection and appraisal come back adequate, it’s time to submit the required documents. Finally, the last step is to get your keys during closing. An exciting yet nerve-wracking point in the process, closing is the..