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Want to purchase your first home but do not know where to start?
Enbright Credit Union’s Mortgage Loan Officer has the answers for you!
From first-time home buying to refinancing, come join our live Q&A!
WHEN: Thursday, October 21st
TOPIC: Enbright Credit Union Mortgage Q&A For First-Time Homebuyers
WHERE: FACEBOOK LIVE EVENT
There are programs for 1st Time Homebuyers that make it a bit easier on the wallet when buying your first home.
With this program, you can get a 97% Loan to Value !! What that means is you only need 3% of your loan to pay down plus closing costs!!
Here is an example:
$250,000 – Home Value
$7,500 – Down Payment
$5,000 – Approx Closing Costs
$12,500 Approx. monies to purchase your 1st home. I know that is a lot of money. But if you can save to that then your house payments are most likely way less than rent in Nashville & surrounding areas.
From news stories to social media, talk about Tennessee’s record-setting pace and prices for home sales seems to be everywhere. The strong interest in the Volunteer State’s housing market is proof that Tennessee has the right mix of leadership, employment and recreational opportunities when it comes to attracting prospective homebuyers.
Even as homeowners and homebuyers help bolster the Volunteer State’s economy, some consumers and real estate professionals may find themselves caught up in the breakneck pace and overlook crucial information when it comes to the role that home inspectors can play in the purchase of a home.
Home inspections are an educational asset that can help buyers make informed choices about the home they are considering purchasing. A licensed home inspector is an independent professional apart from the real estate agent or mortgage lender who provides a visual evaluation of the property.
The Tennessee Department of Commerce & Insurance’s (TDCI) Division of Regulatory Boards and TDCI’s Home Inspector Licensing Program want to help educate consumers when it comes to the role that Tennessee’s more than 2,000 home inspectors do and do not play when it comes to buying and selling a home.
Before hiring a home inspector, consumers should learn what a home inspector actually does during an inspection. During an inspection, a home inspector visually inspects a home’s structural components (foundation, floors, roof and walls), windows, heating and cooling systems, plumbing and electrical systems. When the inspector has completed his or her inspection, the inspector then creates a detailed report explaining the areas of the house that require repair or could potentially become problematic in the future.
Learning what a home inspection does not entail is equally important as many consumers mistakenly think home inspectors have more duties than they are actually required by law to include. Home inspectors are not required to:
Another misconception that some consumers may have is that a home inspection is required by law in Tennessee before a home is sold. While a home inspection is a good idea so a buyer may have a better understanding of a home’s current condition, a home inspection is not required before the sale or purchase of a home.
Additionally, some consumers mistakenly believe a home inspection is required before getting a mortgage. That is because sometimes consumers confuse a home inspection with a home appraisal. In fact, there may be some overlap in terms of an inspection and an appraisal’s information. The home inspection is for the buyer’s benefit only. A home appraisal is required before a mortgage lender approves a mortgage.
When it comes to getting a home inspection, TDCI reminds consumers to always use a licensed home inspector. Before scheduling a home inspection, visit verify.tn.gov to check the licensing status of thousands of home inspectors and other licensed professionals regulated by TDCI. Consumers or real estate professionals with questions about home inspectors should contact TDCI’s Home Inspector Licensing Program at [email protected] or file a complaint online at core/tn.gov.
By learning about the role home inspectors play, consumers can help ease uncertainty when it comes to purchasing a home and make the process of buying a home go as smoothly as possible.
Michael Schulz serves as the Executive Director of the Tennessee Home Inspector Licensing Program at the Tennessee Department of Commerce and Insurance.
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Total Lending Increases Quarterly 3 Percent in First Quarter of 2021; Refinance Activity Rises 12 Percent While Purchase and Home-Equity Credit Lending Drop; Increase in Total Activity During First Quarter Not Seen Since 2009
NEWS PROVIDED BY ATTOM Data Solutions | Jun 03, 2021, 00:01 ET /
SOURCE: https://www.prnewswire.com/news-releases/refinance-lending-continues-powering-unusually-strong-home-mortgage-activity-across-us-301304764.html
IRVINE, Calif., June 3, 2021 /PRNewswire/ — ATTOM Data Solutions, curator of the nation’s premier property database, today released its first-quarter 2021 U.S. Residential Property Mortgage Origination Report, which shows that 3.77 million mortgages secured by residential property (1 to 4 units) were originated in the first quarter of 2021 in the United States. That figure was up 3 percent from the previous quarter and 71 percent from the first quarter of 2020 – to the highest level in more than 14 years. The increase also marked the first time that the total number of home mortgages rose from a fourth-quarter period to a first-quarter period since 2009.
With residential mortgage interest rates remaining around 3 percent for most purchase and refinance loans, lenders issued $1.16 trillion worth of mortgages in the first quarter of 2021 – up 5 percent from the fourth quarter of 2020 and 81 percent from a year ago, to the largest quarterly amount since at least 2000.
The continued increase in mortgage activity during the first quarter of 2021 resulted from the latest jump in refinance mortgages, which outpaced declines in home-purchase lending and home-equity lines of credit. Refinance lending has more than doubled over the past year.
The 2.55 million home mortgages that lenders refinanced in the first quarter of 2021 represented a 12 percent increase over the fourth quarter of 2020 and a 113 percent spike over the first quarter of 2020. The dollar amount of refinance loans rose to $777.5 billion, a 14 percent increase from the previous quarter and a 114 percent jump from a year ago.
Homeowners taking advantage of low interest rates to roll over old mortgages into new ones continued to comprise the majority of home loans in the first quarter of 2021. They accounted for 68 percent of all home loans, up from 62 percent in the fourth quarter of 2020 and 54 percent in the first quarter of 2020, to the highest level since the first quarter of 2013.
That contrasted with home-purchase lending, which decreased 7 percent from fourth quarter of 2020 and home-equity-credit-line activity, which went down 27 percent. Dollar volumes of purchase and HELOC lending also declined, by 6 percent and 34 percent, respectively. While the number of loans issued to buyers dropped less than usual for a first-quarter period, as declines in both purchase-mortgage and HELOC activity fell more in line with what usually happens during the first quarter of the year.
The overall strong home-lending numbers in the first quarter of this year represented yet another measure of how the U.S. housing market has staved off financial damage caused by the ongoing worldwide Coronavirus pandemic. Job losses have hit middle- and upper-income households less than others, leaving them more able to take advantage of low interest rates to buy homes or refinance their mortgages.
Historical Residential Mortgage Originations Graphic
“Homeowners lined up to refinance their loans in ever-growing numbers during the first quarter of 2021, making for a highly unusual quarterly increase in total lending activity for that time of year. The home-mortgage industry almost always slows down in Winter, but not this year because of so many homeowners hopping on super-low interest rates to reduce their monthly payments,” said Todd Teta, chief product officer at ATTOM Data Solutions. “Eventually, the refi side of the lending business will ease up after enough homeowners get in on the good deals. But there’s no sign of that happening in the very near future – yet another indicator of how the housing market remains strong amid uncertain economic times connected to the pandemic.”
Refinance mortgage originations up 12 percent from fourth quarter
Lenders issued 2,549,126 residential refinance mortgages in the first quarter of 2021 – the most since the third quarter of 2003. The latest figure was up 11.6 percent from the fourth quarter of 2020 and 113.2 percent from the first quarter of last year. The dollar volume of refinance packages rose to $775.5 billion in the first quarter of 2021, up 13.6 percent from the previous quarter and 114.1 percent from a year ago.
Refinancing activity increased from the fourth quarter of 2020 to the first quarter of 2021 in 166, or 78.7 percent, of the 211 metropolitan statistical areas around the country that had a population greater than 200,000 and at least 1,000 total loans in the first quarter of 2021. Activity rose by at least 10 percent in 114 metro areas (54 percent). The largest quarterly increases were in Jackson, MS (up 92.9 percent); Springfield, MA (up 59.5 percent); Medford, OR (up 57.3 percent); Buffalo, NY (up 55 percent) and Macon, GA (up 53.3 percent).
Other than Buffalo, metro areas with a population of least 1 million that had the biggest increases in refinance activity from the fourth quarter of 2020 to the first quarter of 2021 were Las Vegas, NV (up 37.2 percent); Milwaukee, WI (up 31.8 percent); Atlanta, GA (up 31.3 percent) and Providence, RI (up 31.2 percent).
Counter to the national trend, metro areas with the biggest declines in refinancing loans from the fourth quarter of 2020 to the first quarter of 2020 were Ann Arbor, MI (down 54.5 percent); Syracuse, NY (down 28.5 percent); Pittsburgh, PA (down 23.1 percent); Des Moines, IA (down 21.8 percent) and Lubbock, TX (down 18.8 percent).
Aside from Pittsburgh, metro areas with a population of at least 1 million where refinance mortgages decreased most from the fourth quarter to the first quarter were Houston, TX (down 16.6 percent); St. Louis, MO (down 14.6 percent); San Antonio, TX (down 7.3 percent) and Washington, DC (down 5.8 percent).
Refinance lending represents at least 75 percent of all loans in 20 metro areas
Refinance mortgages accounted for at least three-quarters of all loans in 20 (9.5 percent) of the 211 metro areas with sufficient data. Metro areas with a population of at least 1 million where refinance loans represented the largest portion of all mortgages in the first quarter of 2021 were Atlanta, GA (85.3 of all mortgages); Detroit, MI (76.3 percent); Boston, MA (75.6 percent); Buffalo, NY (75.6 percent) and Washington, DC (75.6 percent). Metro areas with a population of at least 1 million where refinance loans represented the smallest portion of all mortgages in the first quarter of 2021 were Oklahoma City, OK (55.2 percent of all mortgages); Miami, FL (58.1 percent); Salt Lake City, UT (60.1 percent); Tampa, FL (60.2 percent) and Las Vegas, NV (61.1 percent).
Purchase originations dip at relatively small pace in first quarter
Lenders originated 1,036,934 purchase mortgages in the first quarter of 2021. While that was down 7.2 percent from the fourth quarter of last year, the decrease represented the second-smallest decline in any fourth quarter-to-first-quarter period during the past 16 years. Measured year over year, purchase loans were still up 41.7 percent over the first quarter of 2020.
Residential purchase mortgage originations decreased from the fourth quarter of 2020 to the first quarter of 2021 in 126 of the 211 metro areas in the report (59.7 percent). The largest quarterly decreases were in Buffalo, NY (down 65.1 percent); Atlanta, GA (down 56.2 percent); Ann Arbor, MI (down 54.9 percent); Augusta, GA (down 49.4 percent) and Springfield, IL (down 41.7 percent).
Aside from Buffalo and Atlanta, metro areas with a population of at least 1 million and the biggest quarterly decreases in purchase originations in the first quarter of 2021 were St. Louis, MO (down 34.4 percent); Indianapolis, IN (down 33 percent) and Houston, TX (down 31.8 percent).
Counter to the national trend, residential purchase-mortgage lending increased from the fourth quarter of 2020 to the first quarter of 2021 in 85 of the 211 metro areas in the report (40.3 percent). The largest increases were in Sioux Falls, SD (up 168.2 percent); Lake Charles, LA (up 70.2 percent); Honolulu, HI (up 46.4 percent); Gainesville, FL (up 42.5 percent) and Daphne-Fairhope, AL (up 35.9 percent).
Metro areas with a population of at least 1 million where purchase originations increased most in the first quarter of 2021 were Orlando, FL (up 29 percent); Miami, FL (up 24.5 percent); Baltimore, MD (up 24 percent); Tucson, AZ (up 17.3 percent) and Nashville, TN (up 16.5 percent).
Metro areas with a population of at least 1 million where purchase loans represented the largest portion of all mortgages in the first quarter of 2021 were Oklahoma City, OK (40.6 percent of all mortgages); Miami, FL (37.7 percent); Las Vegas, NV (36.1 percent); Jacksonville, FL (35.1 percent) and Tampa, FL (34.9 percent).
Metro areas with a population of at least 1 million where purchase loans represented the smallest portion of all mortgages in the first quarter of 2021 were Buffalo, NY (9.7 percent of all mortgages); Atlanta, GA (12.8 percent); Boston, MA (16.7 percent); Detroit, MI (18.1 percent) and Raleigh, NC (18.5 percent).
HELOC lending down 27 percent from the prior quarter
A total of 187,029 home-equity lines of credit (HELOCs) were originated on residential properties in the first quarter of 2021, down 27 percent from the previous quarter and down 34.2 percent from a year earlier. The latest count marked the lowest point since the first quarter of 2013. The dollar volume of HELOC loans dropped to $37.76 billion, a 33.7 percent decline from the fourth quarter of 2020 to the first quarter of 2021. That was the largest quarterly decrease since at least 2000.
Residential HELOC mortgage originations decreased from the fourth quarter of 2020 to the first quarter of 2021 in 73.7 percent of metropolitan statistical areas analyzed for this report. The largest decreases included Rockford, IL (down 88.9 percent); Shreveport, LA (down 69.7 percent); Ann Arbor, MI (down 67.6 percent); Madison, WI (down 66.8 percent) and Charleston, SC (down 65.2 percent).
Counter to the national trend, residential HELOC mortgage originations stayed the same or increased from the fourth quarter of 2020 to the first quarter of 2021 in 26.3 percent of metro areas analyzed for the report. The biggest increases included Palm Bay, FL (up 129.4 percent); Florence, SC (up 60.5 percent); Reading, PA (up 53.5 percent); Reno, NV (up 41.9 percent) and Gulfport, MI (up 38.6 percent).
FHA loan share dips
Mortgages backed by the Federal Housing Administration (FHA) accounted for 338,214, or 9 percent of all residential property loans originated in the first quarter of 2021. That was down from 10.6 percent in the fourth quarter of 2020 and from 12.6 percent in the first quarter of 2020.
Residential loans backed by the U.S. Department of Veterans Affairs (VA) accounted for 317,605, or 8.4 percent, of all residential property loans originated in the first quarter of 2021, down from 8.5 percent in the previous quarter and 10.1 percent a year ago. Median down payments and amounts borrowed decrease. The median down payment on single-family houses and condos purchased with financing in the first quarter of 2021 was $18,700, down 19.6 percent from $23,250 in the previous quarter but still up 41.1 percent from $13,250 in the first quarter of 2020. The latest figure marked the first decrease since the first quarter of last year.
Historical Media Down Payment Trends
The median down payment of $18,700 represented 6.1 percent of the median sales price for homes purchased with financing during the first quarter of 2021, down from 7.4 percent in the previous quarter but up from 5 percent a year earlier. Among homes purchased in the first quarter of 2021, the median loan amount was $260,587. That was down 4.5 percent from the previous quarter but up 12.9 percent from the first quarter of 2020.
Report methodology
ATTOM Data Solutions analyzed recorded mortgage and deed of trust data for single-family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations.
About ATTOM Data Solutions
ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a datadriven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
Media Contact:
Christine Stricker
949.748.8428
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SOURCE ATTOM Data Solutions
From news stories to social media, talk about Tennessee’s record-setting pace and prices for home sales seems to be everywhere. The strong interest in the Volunteer State’s housing market is proof that Tennessee has the right mix of leadership, employment and recreational opportunities when it comes to attracting prospective homebuyers.
Even as homeowners and homebuyers help bolster the Volunteer State’s economy, some consumers and real estate professionals may find themselves caught up in the breakneck pace and overlook crucial information when it comes to the role that home inspectors can play in the purchase of a home.
Home inspections are an educational asset that can help buyers make informed choices about the home they are considering purchasing. A licensed home inspector is an independent professional apart from the real estate agent or mortgage lender who provides a visual evaluation of the property.
The Tennessee Department of Commerce & Insurance’s (TDCI) Division of Regulatory Boards and TDCI’s Home Inspector Licensing Program want to help educate consumers when it comes to the role that Tennessee’s more than 2,000 home inspectors do and do not play when it comes to buying and selling a home.
Before hiring a home inspector, consumers should learn what a home inspector actually does during an inspection. During an inspection, a home inspector visually inspects a home’s structural components (foundation, floors, roof and walls), windows, heating and cooling systems, plumbing and electrical systems. When the inspector has completed his or her inspection, the inspector then creates a detailed report explaining the areas of the house that require repair or could potentially become problematic in the future.
Learning what a home inspection does not entail is equally important as many consumers mistakenly think home inspectors have more duties than they are actually required by law to include. Home inspectors are not required to:
Another misconception that some consumers may have is that a home inspection is required by law in Tennessee before a home is sold. While a home inspection is a good idea so a buyer may have a better understanding of a home’s current condition, a home inspection is not required before the sale or purchase of a home.
Additionally, some consumers mistakenly believe a home inspection is required before getting a mortgage. That is because sometimes consumers confuse a home inspection with a home appraisal. In fact, there may be some overlap in terms of an inspection and an appraisal’s information. The home inspection is for the buyer’s benefit only. A home appraisal is required before a mortgage lender approves a mortgage.
When it comes to getting a home inspection, TDCI reminds consumers to always use a licensed home inspector. Before scheduling a home inspection, visit verify.tn.gov to check the licensing status of thousands of home inspectors and other licensed professionals regulated by TDCI. Consumers or real estate professionals with questions about home inspectors should contact TDCI’s Home Inspector Licensing Program at [email protected] or file a complaint online at core/tn.gov.
By learning about the role home inspectors play, consumers can help ease uncertainty when it comes to purchasing a home and make the process of buying a home go as smoothly as possible.
Michael Schulz serves as the Executive Director of the Tennessee Home Inspector Licensing Program at the Tennessee Department of Commerce and Insurance.
Homes.com
Just like summer temperatures, Nashville housing prices keep on rising.
Driven by low interest rates, low inventory and changing demographics in larger cities, Music City has continued to attract new homeowners and renters throughout the pandemic.
The result: higher home prices and more and more apartments being constructed throughout the city.
Here’s a breakdown of the latest developments in Nashville housing, and what you need to know if you’re a newcomer or a long-term resident curious about how much your property is worth.
What to know
• With inventory of houses on the market at a historic low and strong interest in the Nashville area unwavering, it’s now common for homes to receive 25 to 30 offers in less than a week on the market.
Over the last month, dozens of homes sold for at least $30,000 over asking price, with some prices stretching far above. Why the market is so competitive.
• Homes in the Nashville Metro area are now worth nearly $32,000 more on average than they were last year, according to a recent Zillow report.
Typical homes in the Nashville area are currently valued at about $320,818 — 11% higher than last April and 1.3% higher than prices recorded this March. Still, experts say it’s not a housing bubble, read why.
• What about apartments? While occupancy in downtown apartments fell during the pandemic, they are bouncing back and so are rent prices.
In the first few months of 2021, downtown Nashville went from the city’s worst-performing area to its most in-demand neighborhood for apartment living.
The rapid recovery isn’t limited to downtown though. Here’s what you can expect throughout Davidson County.
• Wondering how much it costs to live in Nashville’s most popular apartment neighborhoods? Find out the hottest spots for new units throughout the area and how much they cost.
• You may have heard the news about Oracle coming to Nashville. Here’s what it would mean for Nashville’s housing market.
• Property values across Nashville and Davidson County are expected to rise a median 34% in the county’s 2021 property reappraisal, according to a report released in April.
Parts of North Nashville, Whites Creek, Southeast Nashville, Donelson, Madison and Antioch will see the highest increases. See where property values will grow the most in 2021 reappraisals.
• Did you know backyard housing units are now allowed in some parts of Nashville? The Metro Council recently approved a measure to allow single-family homeowners in the city’s urban district to build smaller housing units — known as “detached accessory dwelling units” — on their lots.
• Got a cool $25 million to spend? The most expensive condominium for sale in Nashville just hit the market. See inside the grand penthouse at Four Seasons Private Residences Nashville.
Sandy Mazza contributed to this report. Source.
