Dynamic 'Nsurance

April 29, 2015 1:56 PMApril 29, 2015

Rising Cost of New Homes Explained Simply: They’re Much Bigger

The cost of newly constructed homes in the U.S. has risen drastically over the last several years, and it’s no wonder; because as the Wall Street Journal points out, the driver is simple: houses are getting bigger.

According to CoreLogic, new-home prices rose 18 percent between 2010 and 2013, and much of that can be credited to the growing size of homes, as well as the amenities – like fireplaces and walk-in closets – that becoming increasingly standard.

Interestingly, the average new home last year sold for $343,000. But if builders had stuck to the size and amenity standards that were prevalent in the 1970s, the average price would have been closer to $199,000.

Image via flickr/Concrete Forms

April 28, 2015 3:50 PMApril 28, 2015

Report: Financial Sector ‘Rooting’ for Mortgage Rate Hikes

As mortgage interest rates continue to remain at historic lows, potential homebuyers are loving it and the financial sector is hating it.

“There’s virtually nothing in the financial services area that’s benefiting from continued lower and lower rates,” Barclays CEO Bob Diamond said at the Milken Conference in Los Angeles on Monday. “[We are] rooting for higher rates.”

Moreover, depending which side of the coin you’re on, you’ll either be pleased or disappointed to hear that experts do not believe a move to higher interest rates will happen “quickly.”

Image via flickr/Scott Maxwell

April 27, 2015 1:08 PMApril 27, 2015

House Eases Mortgage Lending Requirements With New Legislation

Last week, the House of Representatives approved legislation that will ease mortgage lending requirements in an attempt to undercut the Dodd-Frank law.

The first measure eases curbs on lending measures for mobile and modular homes. The second measure reduces restrictions, which sponsors of the bill say have made it harder for some prospective borrowers to obtain credit.

The White House has threatened to veto the bills, warning that they would permit borrowers to be “steered” into higher-cost loans.

Image via Wikimedia Commons/Kmccoy

April 24, 2015 2:18 PMApril 24, 2015

U.S. Justice Department Sues Quicken Loans for Mortgage Fraud

Quicken Loans is being charged with mortgage fraud by the U.S. Justice Department for approving hundreds of mortgage loans that didn’t meet federal standards.

On Thursday, April 23, the Department of Justice reported that between September 2007 and December 2011, Quicken Loans approved, underwrote and certified the insurance for these loans that didn’t meet requirements.

The U.S. Department of Housing and Urban Development insured the loans, and when the loans defaulted, Quicken filed for reimbursement.

In a statement, Quicken Loans called the lawsuit “abusive” and the government investigation a “witch hunt.”

Image via Instagram/quickenloans

April 23, 2015 6:22 PMApril 23, 2015

Homebuyers Drive Rise in Mortgage Applications

According to the Mortgage Bankers Association (MBA), mortgage applications have risen in volume 2.3 percent this week. This has largely been due to purchase applications.

“Purchase applications increased for the fourth time in five weeks as we proceed further into the spring home buying season,” said Mike Fratantoni, chief economist for the MBA.

It seems that buyers are returning to the housing market, and their numbers are continuing to grow.

Image via Wikimedia Commons/Mortgagegreenbay.com

April 22, 2015 11:58 AMApril 22, 2015

Manhattan, Vancouver and London Real Estate Becoming Hotbeds for Wealthy Investors

Forget gold and stocks – real estate in Manhattan, Vancouver and London is where the wealthiest citizens of the world are now choosing to invest their riches.

“The two greatest stores of wealth internationally today is contemporary art….. and I don’t mean that as a joke, I mean that as a serious asset class,” explained Larry Fink, creator of BlackRock Inc. “And two, the other store of wealth today is apartments in Manhattan, apartments in Vancouver, in London.”

As previously reported, the average sales price of an apartment in Manhattan is $1.73 million, with Rupert Murdoch’s Madison Avenue triplex taking the cake with a current asking price of $72 million.

Image via flickr/joiseyshowaa

April 21, 2015 1:49 PMApril 21, 2015

GE in Early Talks to Sell Portfolio to Wells Fargo

Reuters reported on Monday that General Electric Co. is in early, confidential talks with Wells Fargo & Co. about potentially selling its entire U.S. commercial lending and leasing portfolio to the bank.

According to a source familiar with the situation, the portfolio is worth an estimated $74 billion.

The insider also explained that the discussions just began last week, and other parties may also be considered for the purchase.

Image via Wikimedia Commons/General Electric Company

April 20, 2015 1:53 PMApril 20, 2015

Tips & Advice

Looking to Invest in a Second Home? Do It Now

For those individuals considering investing in a second home, the time is now.

As CNBC points out, with interest rates getting ready to rise from their historic lows at just about any moment, and inventory becoming increasingly tight, the purchase window is already starting to close.

So if you’re one of the baby boomers feeling flush on the heels of a six-year stock market rally, and you’re getting ready to retire soon, now is the time to make a move toward an investment purchase.

Image via flickr/Mark Moz

April 17, 2015 1:02 PMApril 17, 2015

Country Stars Lady Antebellum Team Up with QuickenLoans to Pay Fans’ Mortgages

Country music stars Lady Antebellum announced last week that they have teamed up with QuickenLoans to sponsor a sweepstakes in which the grand prize is a year’s worth of mortgage payments (up to $24,000).

According to the rules of the contest, all that’s required for entry is a 50-word “essay” answering the following question: “What would meeting Lady Antebellum and getting one year’s worth of mortgage payments on behalf of QuickenLoans mean to you?”

There will be seven drawings in total – between April 10 and August 21 – and winners will be chosen based on three equally weighted criteria: most deserving, creativity/originality and clarity.

Image via Instagram/ladyantebellum