Home Equity Loans Are Now the Best-Performing Mortgage Product
Home equity lending is soaring as higher interest rates caused demand for other types of home loans to soften.
September 16, 2022 4 MIN
Home equity lending is soaring as higher interest rates caused demand for other types of home loans to soften.
The average sale-to-list-price ratio fell to 99.8% in August, the first time it has been below 100% since March 2021, Redfin said.
Buyers are flocking to the lowest-priced homes in many markets, according to a Zillow report.
Homebuyers have started to back out of some real estate deals as a slowing market gives them more power to negotiate.
Homebuyers have shifted searches to include cities that are cheaper, allowing their monthly mortgages to fit better within their budgets.
Despite the importance of lining up financing, fewer than 1 in 10 buyers begin the process by contacting a bank, mortgage lender or broker.
Blackstone's Home Partners of America said it will stop buying single-family homes in 38 U.S. markets, another sign the real estate market is cooling.
Self-employed Americans can have more challenges due to the variability of their income.
Competition is starting to weaken, giving buyers more time to find a property before it's snatched up.
Jumbo borrowers might be surprised at how little some lenders require for a down payment.
