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Black Knight's Mortgage Monitor: Home Prices See Strongest Start ...

The rate of national home price appreciation has continued to accelerate as interest rates are rising, further tightening affordability in 2018 Western states are seeing the highest rates of appreciation, representing all 11 markets with 10 percent or higher annual growth The median home price in San Jose, Calif., has risen 24.1 percent in the last 12 months to $1.17 million, with the rate of appreciation increasing by more than 18 percent from the 6 percent seen at the start of 2017 More than half of the nation’s 100 largest markets have median home prices less than the $226,000 annual increase seen in San Jose Of the nearly 28 million borrowers in 30-year mortgages originated in 2012 or later, fewer than 45,000 have 75 basis points of interest rate incentive to refinance and meet broad-based eligibility requirements

JACKSONVILLE, Fla., May 07, 2018 (GLOBE NEWSWIRE) -- Today, the Data & Analytics division of Black Knight, Inc. (NYSE: BKI ) released its latest Mortgage Monitor Report , based on data as of the end of March 2018. This month, leveraging data from the Black Knight Home Price Index, the company finds that 2018 home prices have seen the strongest gains to start any year since 2005. Home price growth has been widespread – 98 of the largest markets and 97 percent of 916 observed Core Based Statistical Areas (CBSAs) have all had annual increases, with the Western United States seeing some of the greatest gains. As Black Knight Data & Analytics Executive Vice President Ben Graboske explained, acceleration in the annual rate of home price appreciation at the national level continued through February, but that acceleration is not being seen in all markets.

Millennial homeownership suddenly drops after a good run

Read more: These are the 5 worst markets for millennials

That caused the overall homeownership rate to stall at 64.2 percent, unchanged from the last quarter, after rising steadily from 63.6 percent one year ago. Homeownership fell to a 50-year low of 62.9 percent in 2016, after the worst housing crash in history.

The culprit is pretty clear: weakening affordability. Home prices have jumped dramatically in the past year, and the gains accelerated in the first quarter of this year, as the supply of homes for sale continued to drop to record lows. Mortgage interest rates also surged at the start of this year to the highest level in four years.

"Millennials make up the largest share of those seeking starter homes, a portion of the market that saw inventory plummet 14.2 percent and prices leap nearly 10 percent year-over-year in Q1 2017," wrote Cheryl Young, a senior economist at Trulia.

The supply of starter homes is so lean that March sales were down in that sector over 21 percent compared with a year ago, according to the National Association of Realtors. Sales of higher-priced homes gained.

does anyone know how a accelerated home loan mortgage work?

Instead of making a payment monthly, some plans will set it up to pull 1/2 of your payment every other week.