Mortgage and real estate news this week: Rates fall again, and there’s movement in the top 10 lenders ranking
While mortgage rates rose steeply for most of 2022, mortgage rates have fallen in recent weeks amid economic uncertainty. In other news, learn how to use home equity wisely.
Economic uncertainty sends mortgage rates down
The Fed’s historic rate hikes have put upward pressure on mortgage rates. Nonetheless, rates tumbled again this week, a trend with significant consequences for home affordability.
The 10 largest mortgage lenders in the U.S.
High mortgage rates in 2022 sparked a shakeup in the roster of America’s biggest mortgage lenders. In a reversal of last year’s trend, several nonbank lenders fell out of the ranks and were replaced by traditional banks.
Best reasons to use home equity
It can be risky to borrow against the roof over your head. However, tapping your home’s equity can be beneficial if you use the funds wisely to cover significant expenses or improve your financial situation.
How many names can be on a mortgage?
If you’re buying a home with others, you may be wondering how many names can be on the mortgage. No more than four borrowers are typically allowed on a conventional loan, and it may be more challenging to get a loan approved with multiple borrowers.
Understanding wholesale mortgage lenders
Unlike retail lenders, which work directly with borrowers, wholesale mortgage lenders partner with brokers to help you find the right loan. Wholesale mortgage lending may be a good choice for you if you have a spotty or unusual credit history.