Bills, bills, bills

{Image courtesy of Google}

You toss and you turn as payday approaches and all you can think about is as soon as your paycheck hits… so do your automatic payments. As soon as the money comes in, the money goes out and that’s just the revolving door we watch as working middle-class individuals. However, today’s mortgage market update comes with some positive money saving news!

CoreLogic released it’s latest “Loan Performance Insights Report” and over the last 16-months, the national delinquency rate has been declining. Nationally we are currently sitting at 3.6% which is the lowest it has been in over 20 years.

Core logic pic

{Image courtesy of CoreLogic}

In other national news, two housing bills were passed on Tuesday, July 9th, 2019, to await Senates vote before heading over to Trump’s desk for final approval. The first bill that passed was the “Protect Affordable Mortgages for Veterans Act of 2019”. This law will now allow a 210-day window of time to pass after the loan is established to start on the due date of the initial loan. This will help brokers and lenders remain compliant and allow those who are helping clients refinance know when the 210-day seasoning period starts.

The next bill that passed yesterday was the “Housing Financial Literary Act of 2019”. This bill will specifically help those who are purchasing a home for the first time.

How? You ask?

If the bill is to pass the Senate, those first-time homebuyers who take a pre-ownership counseling course, they will receive a 25-basis-point discount on their mortgage insurance. However, the bill is specific to only FHA loan products. In hopes that this bill passes it would allow first-time homebuyers to take more advantage of their financial futures and opens up more opportunity for those who are on the fence of being able to purchase their first home.

Hall Financial (NMLS #1467435) was formed in early 2016, founded on a common mission: to be the most client focused mortgage company in the industry’s history. We were going to stop the trend of treating homeowners and homebuyers as transactions and instead, welcome them as family. We provide all of our clients with 5-star VIP service. Here, we bring you up to speed and keep you in the know with the latest housing news, home trends, and more!

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