Considering a home purchase in retirement? Here’s how to get a mortgage

  • While home prices continue to climb upward, the average interest rate on a 30-year mortgage is low by historical standards: just below 3%.
  • If your tax returns don’t show enough income to qualify for a mortgage, you might be able to temporarily tap your retirement account to prove you can afford the loan.
  • Another option may be to qualify based on assets in that account, or explore “pledging assets” to make the purchase.



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If you’re retired and are thinking about downsizing or relocating, and it involves buying a home, you might want to look into how you would finance it.

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You may discover that qualifying for a mortgage is different from the last time you bought a house. Not only have lenders tightened credit during the coronavirus pandemic, retirees generally have left a steady paycheck behind.

It can be tricky for retirees to get

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How to finally refinance your mortgage this weekend

Instead of spending another weekend quarantining in front of Netflix or reuniting on Zoom with classmates or former co-workers you barely remember, why not do something really valuable?



a house with bushes in front of a building: How to start a mortgage refinance this weekend


© karamysh / Shutterstock
How to start a mortgage refinance this weekend

Mortgage rates in 2020 have never been lower: The average for a 30-year fixed-rate mortgage dropped below 3% for the first time, and some lenders are offering loans at 2.50% and even lower.

So this weekend, why not start the ball rolling on a mortgage refinance that will cut your housing costs?

Chances are, it’s time for you to refi. The data firm Black Knight recently said 19.3 million mortgage holders are ripe for a refinance and could save an average $299 per month. Close to 2.5 million could save $500 a month or more.

Sure, with a refinance there are forms to fill out, tax returns and other

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How to check ‘refinance your mortgage’ off your list this weekend

How to check 'refinance your mortgage' off your list this weekend
How to check ‘refinance your mortgage’ off your list this weekend

Instead of spending another weekend quarantining in front of Netflix or reuniting on Zoom with classmates or former co-workers you barely remember, why not do something really valuable?

Mortgage rates in 2020 have never been lower: The average for a 30-year fixed-rate mortgage dropped below 3% for the first time, and some lenders are offering loans at 2.50% and even lower.

So this weekend, why not start the ball rolling on a mortgage refinance that will cut your housing costs?

Chances are, it’s time for you to refi. The data firm Black Knight recently said 19.3 million mortgage holders are ripe for a refinance and could save an average $299 per month. Close to 2.5 million could save $500 a month or more.

Sure, with a refinance there are forms to fill out, tax returns and other documents

Read More

Mortgage rate forecast Q4: Will the low rates continue? | Money

However, Ken H. Johnson, a housing economist at Florida Atlantic University, is less optimistic about a quick economic recovery. “Rates will remain low for at least another year,” he says. “I just do not see full or near-full economic recovery until COVID-19 no longer or minimally impacts the economy.”

— Economic recovery could boost rates

Greg McBride, CFA, Bankrate’s chief financial analyst, sees rates holding steady in the coming year. “Mortgage rates will remain at historically low levels and in no way be an impediment to well-qualified borrowers, but they won’t be quite as low as what was seen in the summer of 2020,” he says. “A refinance fee taking effect in Q4 2020 and further economic improvement will push rates a bit higher.”

Audrey Boissonou of Guarantee Mortgage in Walnut Creek, California, says the direction of the economy will prove crucial. “I’m locking people in in the high 2s

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Different mortgage rates and requirements

If you’ve been comparing mortgage rates for the purchase of a second home or an investment property, you’re already on a promising path: You’ll either have a place to go for vacations, or you’ll have a place that’ll generate income and put more money in your pocket.



a view of a picnic table: A view from an outdoor patio


© alexandre zveiger/Shutterstock
A view from an outdoor patio

Either way, the opportunity to own more than one property is an enviable position to be in, but how you classify that property makes a difference in how much you’ll pay to finance and own it.

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Second home vs. investment property

Are you buying a second home, or are you making an investment?

This might be confusing, especially if you’re thinking about occasionally renting out the property – using it regularly for vacation, for example, but also making it available on Airbnb for some of the time you’re not using the property

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Mortgage rates fall as demand for home loans rises

The 15-year fixed-rate average reached 2.36 percent, down from 2.40 percent, with an average 0.7 point. The five-year adjustable-rate average at 2.90 percent, with an average 0.2 point, was unchanged from the previous week. The 15-year rate was 3.14 percent and the five-year was 3.38 percent a year ago.

“Mortgage rates are in a holding pattern because we have lots of big things looming and investors are waiting to see what happens,” said Danielle Hale, chief economist with Realtor.com. “Obviously, they’re waiting on the election results, but also on the next stimulus plan, which seems to start and stall. I expect mortgage rates to stay stable and not go up or down much until we get some of this big news.”

Freddie Mac’s Primary Mortgage Market Survey, from which the averages are derived, is confined to rates on conventional home loans for borrowers who make a 20 percent down payment

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How one mortgage servicing company is prioritizing home retention during economic uncertainty

Nearly two years ago, Ocwen acquired PHH Corporation, and Glen Messina became the president and CEO of the newly combined companies. Today, Ocwen Financial Corporation is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. HousingWire spoke with Messina on the progress that’s been made in reshaping the mortgage servicer and originator, its evolving business model and its progress in turning around the company.

HousingWire: How does the Ocwen of today compare to the companies that merged two years ago?

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Glen Messina: The Ocwen of today is a different organization, and I believe we are stronger, more efficient and more diversified. We’ve transformed the business to be both a lender and servicer, and our originations business is growing at a very fast clip to keep up with demand.

In servicing, we are one of the largest and most experienced special

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Mortgage Loans in Forbearance Declines in U.S. to 6.87 Percent

The Mortgage Bankers Association is reporting in their most recent Forbearance and Call Volume Survey that the total number of loans now in forbearance decreased by 6 basis points from 6.93% of servicers’ portfolio volume in the prior week to 6.87% as of September 20, 2020. According to MBA’s estimate, 3.4 million homeowners are in forbearance plans.

The share of Fannie Mae and Freddie Mac loans in forbearance dropped for the 16th week in a row to 4.46% – a 9-basis-point improvement. Ginnie Mae loans in forbearance remained flat compared to the previous week at 9.15%, and the forbearance share for portfolio loans and private-label securities (PLS) also remained flat, at 10.52%. The percentage of loans in forbearance for depository servicers decreased 7 basis points to 7.11%, and the percentage of loans in forbearance for independent mortgage bank (IMB) servicers decreased 3 basis points to 7.23%.

“The share of loans

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UK mortgage approvals hit 13-year high, as firms warn of tough times – business live | Business

A Greggs bakers store in Cardiff, south Wales, at the start of the lockdown

A Greggs bakers store in Cardiff, south Wales, at the start of the lockdown Photograph: Geoff Caddick/AFP via Getty Images

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

A swathe of UK companies are reporting today that Covid-19 continues to hurt their businesses, more than six months after the UK first imposed restrictions to battle the pandemic.

High street baker Greggs has warned that staff faced reduced hours, and potentially job cuts, as it tries to cut its employment costs.

Greggs, famous for its steak bakes, sausage rolls and new vegan offerings, reports that like-for-like sales in September are only 76.1% of the 2019 levels (an improvement on a ‘slow’ August).

With the government’s furlough scheme wrapping up in a month (replaced by a less generous wage subsidy package), Greggs says it must make cuts:


With business activity levels

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