Mortgage News

The cold, hard truth about mortgages and gifts

As a mortgage lender, I often work with recently engaged and married couples who plan to buy their first home.The decision to buy comes with a lot of questions about the down payment, closing costs and the mortgage process in general. But then I also hear another common theme: what cash gifts am I allowed to receive?Great question. There are several answers.Here are the most common questions I receive.Instead of my parents giving us money for our wedding, can they contribute to our down payment?Yes, but the lender needs some documentation.The borrower and donor must complete and sign a form ca...

February 25th, 2017 The cold, hard truth about mortgages and gifts

The Markets in a Minute - February 24

 Although markets were closed on Monday for Presidents' Day, stocks once again hit new highs this week as traders expect the economy to continue improving.Unemployment filings continue to reflect labor market strength. Although up slightly this week, jobless claims have the lowest 4-week average since 1973.The minutes from last month's FOMC meeting show the Fed could be looking to raise policy rates soon. The decision will depend on data for jobs and inflation. Existing home sales surged to a 10-year high in January. Demand remains strong as buyers shrug off increasing prices...

February 23rd, 2017 | markets-in-a-minute, The Markets in a Minute - February 24

The Markets in a Minute - February 17

For the Week Ending February 17, 2017 Consumer prices increased in January by the highest level since February 2013, signaling rising inflation. Inflation could pressure mortgage rates higher.Jobless claims this week came in even lower than expected, signaling strength in the labor market. A strong labor market could encourage the Fed to raise rates.In testimony to Congress, Fed Chair Janet Yellen commented that the Fed would be "unwise" to let the economy heat up too quickly and may raise rates soon. January housing starts were down slightly. However, overall construction ...

February 17th, 2017 | markets-in-a-minute, The Markets in a Minute - February 17

The Markets in a Minute - February 10

For the Week Ending February 10, 2017 Gallup reports its Economic Confidence Index hit a new high in January, reaching its highest monthly average in 9 years. The labor market continues to show strength, with jobless claims hitting a 43-year low this week and a strong showing for non-farm payrolls last week.Despite the strong economy, inflation is still lagging. As long as inflation remains low, there's less pressure for rates to rise. The positive economic sentiment by Americans is trickling over to housing market attitudes. Over 29% of those surveyed said it was a good tim...

February 9th, 2017 | markets-in-a-minute, The Markets in a Minute - February 10

The Markets in a Minute - February 3

For the Week Ending February 3, 2017 The Fed concluded the most recent FOMC meeting and announced there would be no policy rate increases. The next FOMC meeting is scheduled for March 14/15.Economic activity in manufacturing expanded in January, surpassing economists' expectations. Manufacturers grew at the fastest pace in more than 2 years.The Consumer Confidence Index dropped in January after reaching a 15-year high in December. Despite the slight drop, consumers remain confident overall. Construction spending was down slightly overall in December. However, spending on resident...

February 3rd, 2017 | markets-in-a-minute, The Markets in a Minute - February 3

To educate millennial homebuyers, start with the basics

When I educate people on the housing market, it’s important to start from square one. Yes, the home-buying process has many rules, laws and complexities, but home buyers also need to understand the terms that come along with the process.As a lender who specializes in loans for millennials and other first-time home buyers, I often define critical terms for young adults. I hope you find the list below useful as you look to buy in 2017.Mortgage payment: Monthly amount which includes principal and interest payments based on terms of the loan, interest rate and loan amount as well as rea...

January 28th, 2017 To educate millennial homebuyers, start with the basics

Tidewater Home Funding

Tidewater Home Funding, LLC NMLS# 41552
(www.nmlsconsumeraccess.org).
Equal Housing Lender.

Licensed in Virginia, North Carolina & Florida.

VSCC Bureau of Financial Institutions, P.O. Box 640, Richmond VA 23218-0640, (1-800-552-7945) www.scc.virginia.gov/bfi

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