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FHA to Lower Cost of Mortgage Insurance

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President Barack Obama announced on Wednesday that the Federal Housing Administration will soon be cutting its annual insurance premiums from 1.35 percent to .85 percent.

“This action will make home ownership more affordable for over two million Americans in the next three years,” said Julián Castro, U.S. Department of Housing and Urban Development Secretary. “Since 2009, the Obama administration has taken bold steps to reduce risks in the mortgage market and to protect consumers. These efforts have made it possible to take this prudent measure while also ensuring FHA remains on a positive financial trajectory. By bringing our premiums down, we’re helping folks lift themselves up so they can open new doors of opportunity and strengthen their financial futures.”

Obama is set to further discuss housing market improvements during his scheduled speech in Phoenix on Thursday.

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News, Tips & Advice

Increase in Available Rental Units Likely to Slow Down Rent Growth

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There’s good news on the horizon for renters: As the number of available rental units continues to the increase, the rate of rent growth is likely to slow down.

“Although an improving labor market with more jobs and faster wage growth should provide landlords with more leverage to increase rents, over time this will be stymied by the sheer number of new units that are going to come online, increasing competition in the market,” economist Ryan Severino told MarketWatch.

According to the news source, contractors have been steadily creating new units as the market prepares for an influx of new renters.

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News, Tips & Advice

Housing Market in 2015: Mostly Optimistic, with One Cause for Concern

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According to NPR, housing experts expect 2015 to be mostly positive on the home-buying front, though there is one cause for concern.

The news source says that, thanks to lower unemployment rates, lower housing prices, higher rents and an entire generation (millennials) ready to move out of their parents’ homes, the housing market is looking good.

But one thing to watch out for is that this could finally be the year that mortgage interest rates rise.

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All About Insurance

Winter Is Best for Homebuyers

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Although it’s not the only thing to consider, timing plays a big factor in home buying. And according to a new report by CNBC, the winter months are often the best time to buy.

“There’s less competition from other buyers,” Lawrence Yun, chief economist for the National Association of Realtors explained.

What this means is that there is likely to be less of a chance of a bidding war, and sellers may be more willing to negotiate.

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Tips & Advice

Funding Retirement With Your Home


“Your home can be used to give your retirement savings a quick and significant boost. But each of these ways of tapping your home equity also comes with potential pitfalls. Here’s how your home can help you to pay for retirement.

Pay off your mortgage. Owing a home mortgage-free eliminates one of your biggest monthly bills. While you will still have to pay taxes, insurance and maintenance costs, people who pay off their homes by retirement no longer need to make mortgage payments or pay rent. Paying off your home makes it much easier to live on a limited budget…”

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Credit, News

Alternate Lenders Gaining Steam Among Millennials

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According to a new report by CNN Money, there is a current trend in the housing market toward alternate lending opportunities, especially as many individuals may not qualify for traditional loans.

In the last week alone, two new companies – Lending Club and OnDeck Capital – went public, earning $870 million and $200 million respectively.

This shift is especially prevalent among the millennial crowd.

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News

Congress Votes to Extend SCRA One-Year Foreclosure Protection Period

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Congress voted unanimously on Wednesday to extend a provision of the Servicemember Civil Relief Act that prohibits banks from foreclosing on a servicemember’s house for one year following his or her return from active duty.

According to the CFPB Monitor, the protection period has been extended until January 2016.

“After fighting for our country overseas, our troops shouldn’t have to fight to keep a roof over their heads when they return home,” Sen. Sheldon Whitehouse in a press release.

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