It’s been a busy few weeks when it comes to mortgage-related news. Here are some highlights:
President-elect Trump vs Mortgage Rates
You might have heard, we just had an election! President-elect Trump’s economic policies will have a powerful impact on the mortgage industry. This article analyzes some mortgage industry predictions and scenarios that could happen under a Trump administration.
Key takeaway: mortgage rates may be higher under a Trump administration, but it’s still too early to make hard predictions.
Mortgage Rates Surge, but Homebuyers Advised to be Patient
In the period since the election, mortgage rates have surged higher. But some housing experts are predicting rates will stabilize and are advising consumers to stay patient.
Key takeaway: potential buyers should consider letting the market stabilize rather than attempting to snap up loans.
US Housing Starts Surge to 9-year high in October
Builders significantly increased construction of single and multi-family homes in October, beating analyst predictions.
Key takeaway: with increased home groundbreaking in all four US regions, there’s hope that housing will contribute to fourth quarter economic growth.
Could a Reverse Mortgage Save Your Retirement?
Around 10,000 baby boomers retiring daily (you read that correctly!), and life expectancies are rising, meaning some retirees could outlive their assets. Growing numbers of Financial Planning advisors are recommending that Americans take a fresh look at reverse mortgage to provide retirement income.
Key takeaway: reverse mortgages have many misconceptions, and today’s reverse mortgage is different from reverse mortgages 10 years ago. With the majority of seniors’ wealth stored in their homes, seniors 62-and-up should consider reverse mortgages as a financial planning strategy.
Mortgage Refinancing Scam Preys on Military Service Members and Veterans
A predatory loan scam is targeting US military service members that “guarantees” refinancing at excellent rates. These con artists charge upfront loan fees and then vanish with the money.
Key takeaway: legitimate lenders are unable to guarantee a loan in advance, and it’s illegal for a lender to require payment before delivering a loan. Be wary of phases like “act fast” or “limited time offer” as these can indicate a possible scam.