The Real Deal New York

Posts Tagged ‘Mortgages’

  • From the March issue: Parents, grandparents and young adults know the problem only too well: Heavy student-debt loads, persistent employment troubles stemming from the recession, plus newly toughened mortgage-underwriting standards, are all standing in the way of vast numbers of potential first-time homebuyers in their 20s and 30s. [more]

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  • What a difference a mortgage can make

    February 27, 2014 07:00PM

    Rent-or-Buy1-300x174A new infographic using data from Miller Samuel shows the ups and downs in rates for Manhattan mortgages over the past twenty years. And it is yet another indication of how the economy overall has slumped, even while billionaires nab pricey condominiums all around New York City.

    The graph compares the monthly median rental and mortgage prices for both condos and co-ops. [more]

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  • images2A segment of New Yorkers who use a federal program to temporarily lower their mortgage payments could again find themselves at risk of default, industry experts have said.

    The Home Affordable Modification Program, initiated in 2009, lowers the interest rate on home loans for five years.

    But with the five-year period coming to an end for many HAMP participants — and with household incomes barely rising over that time — many homeowners will again be expected to pay interest rates they can’t afford. [more]

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  • mortgage-photo-top

    The more things change in the mortgage industry, the more things stay the same. [more]

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  • Queens was the hardest hit borough in the foreclosure crisis

    Queens was the hardest hit borough in the foreclosure crisis

    From the February issue: Strict new rules designed to make sure that homeowners avoid mortgages they can’t afford and that lenders won’t face lawsuits from borrowers should their repayment go awry kicked in on Jan. 10. But despite those good intentions, the regulations are sparking concerns that squeezing the availability of credit will unsettle the housing market, especially in New York City’s outer boroughs. [more]

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  • Steven Schwarzman

    Stephen Schwarzman

    From the South Florida site: Stephen Schwarzman’s Blackstone Group is set to write its first residential mortgage in Miami this week through a new unit called B2R Finance.

    Already the largest single-family residential landlord in the nation, Blackstone is entering the loan origination arena for buyers of multiple houses, the New York Post reported. An investor of Miami single-family residences is the first buyer. B2R is targeting investors who own between 20 and 100 homes, while Fannie Mae has a limit of 10 home loans per borrower. [more]

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  • Higher mortgage rates for 2014? Count on it. Could this be the year to check out hybrid mortgages, which haven’t been popular lately? Maybe. [more]

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  • An important resource for first-time and other homebuyers who find themselves in unfair competition with deep-pocket investors bearing cash just got better: The two biggest players in the mortgage market, Fannie Mae and Freddie Mac, are now giving non-investor shoppers 20-day exclusive rights to bid on and buy new listings they are selling. [more]

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  • fha_tighter_lending_graphic_elert.jpg

    Mortgages insured by the Federal Housing Administration are often the only port of call for borrowers who can’t afford a hefty down payment, but critics say that the FHA mortgages come with high premiums that exploit these borrowers.

    If the economy were to slide back into a recession, said Edward Pinto, a fellow of the American Enterprise Institute, the majority of FHA loans would be at high risk of default. And since the FHA prices all the loans equally, borrowers have no barometer to gauge the relative riskiness of their loans. [more]

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  • For the growing numbers of home purchasers who care about energy efficiency, it’s the ultimate “green” goal: Lenders should recognize the net savings that energy improvements provide to property owners and take them into account when they underwrite and set the fees for mortgages. Appraisers should also recognize the added value. [more]

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  • down-arrow

    The year 2013 is on track to be the best-performing year in a decade when it comes to mortgage delinquency rates, according to analytics provider CoreLogic’s November report.

    In the first six months of 2013, the serious delinquency rate of loans dropped to 0.06 percent from 0.1 percent for loans originated in 2012. The serious delinquency rate, which denotes mortgages that are 90 or more days delinquent, was 5.4 percent of mortgages as of July 2013, down from January 2010′s peak of 8.5 percent. [more]

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  • The number of U.S. homeowners faced with foreclosure hit a five-year low in the third quarter of 2013, according to a report from the Mortgage Bankers Association.

    While the number of delinquencies remains elevated compared to historical averages, only 5.7 percent of mortgages on one- to four-unit homes were at least 90 days past due at the end of September, down from 7 percent in the same period one year prior, the report shows. [more]

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  • Reverse_Mortgages_Interest_Rates.jpg

    Homebuilders are getting rid of an incentive that allows buyers to reduce the interest rate on their mortgages, following feedback from the buyers that they would rather have other perks.

    A builder or mortgage originator executes a rate buydown by paying the lender up front to charge a buyer a lower interest rate for the first year or two. The resulting rate is usually a percentage point lower than the original rate, and is meant to entice homebuyers concerned about increasing interest rates. [more]

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  • Federal agencies haven’t been functioning much this month, but six of them are looking at a proposal that could squeeze huge numbers of buyers out of the mortgage market: a mandatory 30 percent down payment for borrowers who seek the best rates and terms. [more]

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  • It’s an issue that hasn’t gotten much attention, but should be a red alert for first-time buyers and others who supplement their incomes with part-time work: Though part-time earnings are playing an increasingly important role in the post-recession American economy, the income you earn part time may not count when you go to buy a house. [more]

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  • Mortgage lenders loosen up on credit scores

    September 20, 2013 12:47PM

    Could the end of the refinancing boom be stimulating slightly more favorable mortgage terms for homebuyers? The latest comprehensive study of activity in the market suggests the answer could be yes. [more]

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  • Hedge funds and big banks are investing millions into the U.S. mortgage-insurance industry, which nearly died out during the downturn. [more]

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  • Wealthy home buyers are amping up their use of mortgages as the rest of the U.S. pulls back in the face of rising interest rates. [more]

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  • tim-sloan-wells-fargo

    Wells Fargo’s Tim Sloan

    Wells Fargo is confident that the U.S. housing recovery won’t be delayed by climbing mortgage rates. The reason? New families are forming and homes continue to be affordable, according to Tim Sloan, chief financial officer at the San Francisco-based bank, which is the largest mortgage lender in the country.

    “When you look at any sort of statistics in the demographics in terms of household creation as well as household affordability, they are still very attractive and should drive a continued recovery in the housing business,” Sloan said, speaking at an investor conference in New York. [more]

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  • Miller Samuel's Jonathan Miller

    Miller Samuel’s Jonathan Miller

    Rising mortgage rates are no reason to panic. So said Jonathan Miller, president and CEO of real estate appraisal and consulting firm Miller Samuel, on Bloomberg TV. See the video after the jump.

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