All articles tagged with #closing costs
Originally Published 21 days ago — by CNBC
Most homebuyers only apply for one mortgage, missing out on potential savings, as interest rates and closing costs vary among lenders. Shopping around can significantly reduce the total interest paid over the life of a loan, especially with current higher rates, and can be done without negatively impacting credit scores if done within a short time frame.
Originally Published 1 year ago — by Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) has initiated a public inquiry into the rising junk fees associated with mortgage closing costs, which have increased by over 36% from 2021 to 2023. The CFPB aims to understand the reasons behind these cost increases, identify who benefits from them, and explore ways to reduce these fees to make homeownership more affordable. The inquiry seeks input from the public, including borrowers and lenders, to inform future policy and regulatory actions.
Originally Published 1 year ago — by Fox Business
During his State of the Union address, President Joe Biden proposed a $10,000 tax credit for first-time homebuyers, distributed as $400 monthly payments over two years, aiming to alleviate rising housing costs and help working families achieve homeownership. Additionally, he called for changes to lower closing costs, including the elimination of title insurance, which has sparked debate within the industry.
Originally Published 2 years ago — by Boston 25 News
The Federal Housing Finance Agency has implemented new mortgage fees that will impact the amount homebuyers pay in closing costs and in their monthly mortgage. Buyers with good credit are now paying more for a new house than those with less than stellar credit. The buyers who are taking the biggest hit are the ones with a 720-759 FICO score with a 15-20 percent down payment. However, these changes really help out first-time home buyers because it benefits people who put down only three percent.