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The Housing Finance Policy Center of the Urban Institute recent released the results of a new study. The verdict? Women are better at paying their mortgages than men – yes, females are more financially responsible than their male counterparts. Using data requiring most lenders to report under the Home Mortgage Disclosure Act — plus information … Continue reading Women Pay Their Mortgages Better Than Men

Pretend for a moment that you owned the bank that was being asked to give somebody a mortgage loan. Chances are you’d want to know a good deal of information on the borrower before you approved their loan. So does your mortgage lender. Let’s take a look at 15 of the most common questions you … Continue reading 15 Questions Your Mortgage Lender Will Ask

According to Zillow, 5.9 million borrowers still owe more on their mortgages than their homes are worth. Despite rising home prices in the past few years in addition to being 5 years removed from when the housing recovery began – the negative equity rate in the U.S. is falling. It is now at 12%, down … Continue reading Almost 6 Million Borrowers Are Still Underwater

At their current pace, mortgage loan applications are anticipated too reach $2 trillion this year. That’s the first time in more than four years it’s happened, according to the recently published Freddie Mac Outlook report. The Freddie Mac reports cites near-record low interest rates with fueling an increase in home refinances. In addition, their forecast … Continue reading Mortgage Lending to Reach the $2 Trillion Mark in 2016

A new survey recently released by Discover – the credit card company – revealed some interesting information about people’s credit scores and their sense of self worth. The survey showed 73% of people who check their credit scores at least seven times a year say they are more likely to exhibit positive credit behavior, such … Continue reading Check Your Credit Score to Keep it on Your Radar

Just over a decade ago the home ownership rate was at its all-time high. Now it’s at the lowest point since 1965. During the second quarter of this year, the national home ownership rate fell to 62.9%. The housing boom in the mid-2000s saw the rate soar to 69.2%. Experts say the drop in home … Continue reading Despite Near-Record Home Ownership Lows It’s Still a Good Time to Buy

With mortgage interest rates near all-time record lows, many homeowners are considering refinancing. If you haven’t been, you should be. Here are a few quick tips: Check with your ALCOVA Loan Officer for the best rate. Most rate quotes are based on when your loan closes. Should you require a longer period of time in … Continue reading Thinking About Refinancing? Now’s the Time!

If you’re like most Americans, you make certain sacrifices to ensure you’re able to stay where you’re living now – no matter what changes may take place in your life. Whether you’re renting or paying on a mortgage, making the monthly payment is the top priority when it comes to paying bills. According to a … Continue reading How Important is it to Stay in Your Home?

These days, there’s no reason why either a buyer or a seller should show up at the closing of a home sale without knowing exactly what their closing costs will be. Typically, mortgage lenders and real estate agents do a very good job of letting their respective clients know what they will be expected to … Continue reading What’s the Story on Closing Costs… Who Pays What?

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If you’ve applied for a mortgage loan before – or even if you haven’t – you need to be familiar with something you may have never heard of: your debt-to-income ratio. How do I know you’ve probably never heard of it? According to Fannie Mae’s Economic & Strategic Research Group, over half of consumers aren’t … Continue reading What’s a Debt-to-Income Ratio and Why’s it so Important?

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