Leaders React To Mortgage Fee Changes As Debate Continues

By CHUCK GREEN Industry leaders and economists are sharing their opinions about changes to fees for loans backed by Fannie Mae and Freddie Mac after reports that homebuyers with good credit scores and substantial down payments will pay more so fees for borrowers limited by income or wealth can be reduced. The changes to the loan-level price adjustment matrix by officials at the Federal Housing Finance Agency went into effect on May 1 and are the target of two bills in Congress. Rep. Stephanie Bice of Oklahoma, vice chairwoman of the Republican Main Street Caucus, introduced the Free Market Mortgage Act. She said the changes will force homebuyers with good credit to pay more for their mortgages to subsidize loans…

Rising Property Taxes Add To Financial Stress For Homeowners

Property taxes are on the rise, another source of financial stress for Americans. According to new data released by ATTOM Data, total property taxes on single-family homes across the United States increased by 4% in 2022, totaling $340 billion.  This marks a significant increase from the previous year, with the average property tax bill for a single-family home rising to $3,719. Property taxes were highest in the Northeast, with New Jersey, New York, and Connecticut topping the list. The lowest were seen in the South, with Alabama, West Virginia, and Arkansas having the least expensive property taxes. Increasing taxes are an effect of soaring home prices, which have increased by 19% over the past year. Though homeowners have benefitted from…

Heavy Hitters Say A Home Is A Great Investment

By KIMBERLEY HAAS Two heavy hitters who recently joined the Guild Mortgage team in Kansas say although the market may be tough for potential buyers now, a home is still a great investment. “Every time you make your mortgage payment you’re putting money into your 401K,” Senior Loan Officer Paul Camenzind said during a recent interview with The Mortgage Note. Overland Park, Kansas, where Camenzind works, has earned a positive reputation as an affordable and family-friendly community, with accolades including being ranked in the “Top 10 Best Places to Live in the United States” by CNNMoney, named “Best Place to Raise a Family” by WalletHub, and included in the list of “America’s 10 Best Places to Grow Up” by U.S. News and…

Is Home Ownership More Affordable Than Renting? It Depends.

By KIMBERLEY HAAS A report released this month suggests that despite rising home prices it is more affordable to own a median-priced house than to rent a three-bedroom property in a majority of the United States. ATTOM’s 2022 Rental Affordability Report used fair-market rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and sales deed data in 1,154 counties to find that home ownership will be more affordable in a majority of the country again in 2022. Todd Teta, Chief Product Officer at ATTOM, said home ownership still remains the more affordable option for average workers because it takes up a smaller portion of their pay when the math is…