Sentences with phrase «than first mortgages since»

Second mortgages are considered riskier than first mortgages since if the property goes into default, the first mortgage holder must be paid first.

Not exact matches

Household debt outstanding, which includes mortgages, credit cards, auto loans and student loans, rose $ 127 billion between July and September to $ 11.28 trillion, the first increase since late last year and the biggest in more than five years, Federal Reserve Bank of New York figures showed Thursday.

The FHA has a variety of loan programs for first - time homebuyers, along with reverse mortgages for senior citizens, and has insured more than 34 million mortgages since 1934.

(* Based on BMO terms, this translates into a savings of $ 16,288.58 in the first year) Since the BMO prize is based on your mortgage payments only mortgage loans of more than $ 515,000 will qualify for the full prize limit of $ 28,000.

Nothaft put the mortgage rate increases into perspective: «For example, with fixed - rate loan rates up by 0.5 [percentage point] since last summer, and house prices in national indexes up at least 5 percnet, the monthly principal and interest payment is more than 10 percent higher than it was last summer, adding to affordability challenges for first - time buyers.»

Since the house is worth less than the first mortgage, the second mortgage is unsecured by any equity.

The only thing I would point out is that since deductions work against your highest tax - bracket income first, you should be using your marginal (highest) tax rate rather than your effective (average) tax rate when considering the benefit of a mortgage interest deduction.

In 2016, new first lien mortgages topped $ 2 trillion for the first time since the end of the housing crisis, but mortgage originations were still 25 percent lower than their pre-recession average.8 So far, 2017 has proved to be a lackluster year for mortgage originations.

More notably, in October 2016, OSFI instituted a two - per - cent stress test for all insured mortgages (less than 20 - per - cent deposit) and almost overnight, prices in the GTA condo market shot up by 20 per cent and have not looked back since, leaving a lot of first - time buyers priced out of the market.

Last week's dip below 4 percent was the first time the 30 - year, fixed mortgage rate averaged lower than 4 percent since the election in November, when it broke through the mark.

Suburban REALTORS Alliance Position The Alliance is opposed to increases in the current transfer tax for the following reasons: 1) As the transfer tax is levied only on buyers and sellers of property, the burden per taxpayer is greater than the burden from a more broad - based tax designed to generate the same amount of revenue; 2) Since public transportation is a benefit that is open to all members of society, the charge should not be placed solely on buyers and sellers of property; 3) The transfer tax adds additional burdens on first - time home buyers saving for a down - payment and covering the closing costs and runs contrary to existing federal, state, and local programs including the mortgage interest deduction, low interest property maintenance loans, and grants to first time homebuyers; 4) A real estate transfer tax is a state and local tax assessed on real property when ownership of the property is exchanged between parties.

In 2016, new first lien mortgages topped $ 2 trillion for the first time since the end of the housing crisis, but mortgage originations were still 25 percent lower than their pre-recession average — from Magnify Money.