StreamLoan focuses primarily on the processes involved with buying homes and handling mortgages. But today, a lot of homeowners are exploring the idea of using their properties as rental assets, and in some cases even turning this action into a side business. Some are finding ways to generate significant income by renting out properties on platforms like Airbnb, and this is naturally leading others to want to give it a try. So for those who may be looking into home ownership and considering rental potential— or perhaps those who have recently secured homes and are thinking of the same — we are listing some of the important questions to ask before you start renting out.Read More
Fireside Chat with StreamLoan’s CTO and Co-Founder Armando Gonzalez
A central part of any successful start-up is its leadership. Today, I sat down (virtually) with Armando Gonzalez, the Chief Technology Officer, and Co-Founder of StreamLoan, to discuss everything from the innovation in Streamloan’s products, to how to effectively manage the ideal, work-life balance.Read More
Whether you have a current mortgage or plan to apply for a new one, there are many different avenues you can take to save money on your mortgage. With the current low interest rate environment from COVID-19 (as of August 2020) the borrowing environment is prime to put these tips into use. Here are 5 clever ways to save money on your mortgage.Read More
Buying a home for the first time can be an intimidating, and at times scary process. The current COVID 19 pandemic has only made this process seem more stressful. However, there are a few basic tips and tricks, as well as online resources you can utilize, which will make buying a home for the first time a more approachable and pleasant experience, as it should be. Please see below 22 tips for a seamless first home purchase.Read More
Credit scores heavily influence the process for the mortgage application. A higher credit score can help you lock in lower interest rates and provide lower monthly mortgage payments, which can potentially save you tens of thousands of dollars over the life of a 30-year fixed rate mortgage. A good credit score represents your dependability as a borrower. They are utilized by mortgage lenders to calculate the riskiness of lending to a borrower. While low credit scores can jeopardize your qualification for a loan or lead to higher interest rates, high credit scores equate to lower risks for defaults on loans and lower interest rates. As a result, the borrower can get more house (higher purchase price), or a lower monthly payment on a lower priced home. Because of credit scores’ influence on the interest rates set for borrowers, it’s valuable to look into improving it as much as possible before your mortgage application. You don’t want a low credit score to jeopardize your ability to take advantage of the current low interest rates in 2020. It's also important to know that the credit system isn’t perfect and may not reflect perfectly your willingness or ability to repay a debt.Read More
Among speculation centered on long-term worries about the effects of COVID-19 shutdowns on the future of the United States economy, the Federal Reserve has committed to keeping interest rates low to encourage borrowing and stimulate the economy. Compared to last year (2019), mortgage rates are already remarkably lower, reaching below 3.3% for a conventional 30-year fixed mortgage. What does this mean for the mortgage industry and how can the average borrower actually benefit off of these record low mortgage rates?Read More
Bridging the Gap: Democratization in Home Purchasing Through Innovation in Mortgage Technology
America is increasingly becoming a more diverse country. The majority of the population will soon comprise a lionshare of minorities. However, despite their significant presence, many sectors of the minority population are grossly underserved when it comes to financial services, including the home mortgage industry. Even in this day and age, those who are Black and Latinx are less likely to own homes than Whites. While Whites are able to attain mortgages at a rate of 71.9%, Blacks and Latinx are only able to attain mortgages rates almost half that of Whites; 41.3% and 47% respectively. This is because the first two groups have a much harder time getting the conventional mortgages which Whites and Asians have less trouble obtaining. Even after they are approved for conventional loans, Latinx and Black people, on average, pay higher interest rates, and mortgages than Whites and Asians.Read More
It is no secret that the COVID19 pandemic has turned the world as we know it, completely upside down. We now spend a majority of our time working from home, and many in-person interactions that occurred in the workplace, now all occur via Zoom or similar digital engagement. Our lives have become more socially distant, in almost every regard. One silver lining of this pandemic, however, is that it has inadvertently led to increased innovation in the field of mortgage technology. Technological advancements have solved some of the most difficult challenges that Coronavirus has created in the mortgage industry. This is good not only for lenders and lending teams to stay productive, but also borrowers, to keep their re-financing options open and home purchase possible when it's not possible to go to your local lending branch or meet your loan officer for a coffee.
The world changed in 90 days. We went from roaming freely, looking at open houses, walking into our local branch for a mortgage, and many other all-so-routine activities. Then all the sudden it changed. Work from home. School from home. However, our businesses and work must continue. Luckily, we have technology that can help us adapt. Here are 5 trends we have seen with our mortgage lending clients:
Commercial banks are still in trouble. Regulators were initially spurred into action by accusations that six large commercial banks had been hastily processing foreclosures as the housing market collapsed in 2008, using a process known as robosigning that often meant the banks did not adequately check on the accuracy of the documentation. This caused four million homeowners to face foreclosures, and a $10 billion settlement was agreed upon in 2013.
JPMorgan Chase recently was told to pay an additional $48 million to settle remaining issues stemming from missteps in its handling of mortgage servicing accounts after the crisis. The bank already paid $2 billion in a 2013 settlement with the Office of the Comptroller of the Currency (OCC), but it did not satisfy all the obligations of that earlier settlement. (source: http://nyti.ms/1Wf5BOF)Read More