mortgage

5 housing trends for the next 3 months

Borrowers will pay a price for applying for debt
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Beginning June 1, Fannie Mae requires lenders to check borrowers' credit reports right before closing. If the borrower took on a new credit obligation, the lender will have to recalculate the borrower's debt-to-income ratios.

The rule could cause 11th-hour delays and could even block some loans from being made. Advice: Don't apply for new credit while the mortgage is being processed.


 

 

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Stephen Pounds

Existing home sales slump in July

Existing home sales fell for the first time since March and decreased year over year for the first time since November 2015, the NAR study shows.  ... Read more

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