#Get Documents Notarized in Philadelphia | Explore Tumblr posts and blogs

onlinemarketinghelp · 5 years ago

Photo

Figure Home Equity Review: Straightforward Loan Application! http://bit.ly/2KkZYTc

Quick Summary

Offers home equity line and leaseback products

Application is completely online

Home equity line fees are limited to origination and interest on draws

Quick Navigation

Quick Summary

Who Is Figure?

What Do They Offer?

Are There Any Fees?

How Do I Apply?

Is My Information Safe?

Is It Worth It?

Who Is Figure?

Figure is a fintech company that offers home equity line and Lease Back products. It also goes by the names Figure Lending LLC and Figure Technologies, Inc. They are located in San Francisco, CA and were founded in 2018 by Mike Cagney, former SoFi CEO.

Figure uses blockchain technology, AI, and analytics to evaluate a person’s credit, debt-to-income ratio, and home value. From customer reviews, it seems once the software approves or declines you, there isn’t anything customer service can do to change it.

What Do They Offer?

Figure offers two products: home equity lines of credit (home equity lines) and a leaseback. Because Figure’s loan approval process is automated, you’ll get a same-day decision. Monthly payments are fixed and there are no ongoing fees.

Once you make a draw, monthly payments will begin on the outstanding balance. As you pay down the draw, you can make another draw up to 20% of the total loan amount. Additional draws can be made two to five years after the origination date and based on the loan term.

Loans range from $15,000 to $150,000. Loan terms include 5, 10, 15, and 30 years.

Figure estimates home values based on their assessment of independent data sources and automated valuation models (AVMs). This means Figure may generate a home value that is different from the one you or your real estate agent has estimated.

Some qualification criteria include:

A credit score of at least 600

Maximum combined loan-to-value ratio is 95%

You can check your interest rate on Figure’s website without having to go through the application process. Checking your rates doesn’t impact your credit score since it requires only a soft inquiry. Once you submit an application, a hard inquiry will occur and may affect your credit score.

If you opt to have your monthly payments put on autopay, you’ll receive a discount.

If you received an offer in the mail from Figure, it doesn’t guarantee that you’ll be approved. Once an application is submitted, additional information goes with it, allowing Figure to more accurately determine your creditworthiness, which may result in being declined.

Figure’s Home Equity Line product is available in AL, AR, AZ, CA, CO, CT, DC, FL, GA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, WA, WI, and WY.

Figure also offers Home Lease Back. With a leaseback, the homeowner sells their home to Figure. Figure then leases the home back to the (previous) homeowner. The homeowner can receive up to 92% of the equity in the home. The homeowner can also buy back the home at a later time.

A leaseback is different from a reverse mortgage. With a leaseback, you are basically renting the home. This means you aren’t responsible for costs associated with homeownership, such as:

Home insurance

Property taxes

Maintenance

HOA fees

Monthly rental payments are set at a market rate based on nearby rents. Leases are for one year and auto-renew at the end of the year. It’s possible rent can increase but increases are capped, allowing the renter time to prepare for any payment increase.

From Figure’s website, leasebacks are available in “Atlanta, GA; Cincinnati, OH; Cleveland, OH; Dallas, TX; Houston, TX; Jacksonville, FL; Philadelphia, PA; Phoenix, AZ; Pittsburgh, PA; Reno, NV; San Antonio, TX; and Tampa, FL.”

Are There Any Fees?

Yes — for the home equity line, Figure charges two fees:

Interest rate on drawn amount that ranges from 4.99% to 13.74% APR. The interest rate is fixed for each draw.

Origination fee based on initial draw that ranges from 0% to 3%.

You won’t find the following fees with Figure:

Maintenance or appraisal fees

Late fees

Prepayment penalties

How Do I Apply?

One thing to note: some reviewers have mentioned that Figure only works with certain banks. If you want to use your bank, check that it is on their list of banks before applying. Otherwise, you may go through the entire loan application process, get approval, and then find out you can’t get financing because your bank isn’t one Figure uses.

To notarize documents, Figure uses an eNotary. Part of the application process involves meeting with a notary online through a video/audio-enabled session. During this session, you’ll electronically sign documents. Then the notary will digitally notarize them. There is no in-person interaction with Figure’s loan application process.

Is My Information Safe?

Figure may use your information to market its own products to you. Some reviewers have mentioned Figure’s marketing can be aggressive.

Figure may share your information with third parties without notifying you unless required by law. To see what information may be shared, please visit their privacy policy.

Is It Worth It?

Figure offers a straightforward loan application process that can be completed entirely online. For those that want speed and the convenience of not having to go to a bank, Figure is a great option.

Before applying, check that your bank is one Figure works with. Also, don’t assume that Figure will use your home value numbers. They calculate their own proprietary numbers for home values.

The post Figure Home Equity Review: Straightforward Loan Application! appeared first on The College Investor.

from The College Investor

Quick Summary

Offers home equity line and leaseback products

Application is completely online

Home equity line fees are limited to origination and interest on draws

Quick Navigation

Quick Summary

Who Is Figure?

What Do They Offer?

Are There Any Fees?

How Do I Apply?

Is My Information Safe?

Is It Worth It?

Who Is Figure?

What Do They Offer?

Loans range from $15,000 to $150,000. Loan terms include 5, 10, 15, and 30 years.

Some qualification criteria include:

A credit score of at least 600

Maximum combined loan-to-value ratio is 95%

If you opt to have your monthly payments put on autopay, you’ll receive a discount.

A leaseback is different from a reverse mortgage. With a leaseback, you are basically renting the home. This means you aren’t responsible for costs associated with homeownership, such as:

Home insurance

Property taxes

Maintenance

HOA fees

Are There Any Fees?

Yes — for the home equity line, Figure charges two fees:

Interest rate on drawn amount that ranges from 4.99% to 13.74% APR. The interest rate is fixed for each draw.

Origination fee based on initial draw that ranges from 0% to 3%.

You won’t find the following fees with Figure:

Maintenance or appraisal fees

Late fees

Prepayment penalties

How Do I Apply?

Is My Information Safe?

Figure may use your information to market its own products to you. Some reviewers have mentioned Figure’s marketing can be aggressive.

Figure may share your information with third parties without notifying you unless required by law. To see what information may be shared, please visit their privacy policy.

Is It Worth It?

Figure offers a straightforward loan application process that can be completed entirely online. For those that want speed and the convenience of not having to go to a bank, Figure is a great option.

Before applying, check that your bank is one Figure works with. Also, don’t assume that Figure will use your home value numbers. They calculate their own proprietary numbers for home values.

The post Figure Home Equity Review: Straightforward Loan Application! appeared first on The College Investor.

http://bit.ly/31B04eL June 15, 2019 at 10:15AM http://bit.ly/2IJvIOx

0 notes

caplofan · 5 years ago

Text

Stay-at-Home Orders Slow the Market Down Significantly In 2020

youtube

Stay-at-Home Orders Slow the Market Down Significantly In 2020

Since our last update on March 18, Redfin’s home-buying demand has slowed notably, with 27% fewer customers requesting to see homes over the past seven days than the same time last year.

Last week, home-buying demand was still up 1% compared to the prior year. The slowdown is largely a result of stay-at-home orders having been issued in 18 states at the time of publication.

The impact of the stay-at-home orders can be seen most starkly by comparing California and Washington.

Prior to March 23, Washington governor Jay Inslee had asked Washington residents to limit in-person activity but hadn’t yet issued a formal stay-at-home order.

Homebuyer demand was down compared to the prior year, but sellers were still hosting showings and buyers were still making offers.

By comparison, California Governor Gavin Newsom issued a stay-at-home order on March 19 that severely reduced homebuyer demand overnight.

Some states, like Illinois, have issued a stay-at-home order, but consider real estate an essential business, letting in-person commerce continue.

The impact on homebuyer demand in the Chicago area was more dramatic than it was in Seattle, but less than in California.

These government orders are likely to have an uneven impact across the country, with an especially big impact in places without a carve-out for real estate activity.

Seeing Homes Without Leaving Home

Redfin has been investing in technology to let buyers see homes on-demand for years and now we’ve made it easier for buyers to see a home without leaving home.

We launched video-chat tours on our website on March 3, brought that capability to our iOS application on March 21 and then to our Android application on March 23.

With each new release, more buyers are taking us up on the offer to have an agent show them a home via video chat rather than attending the showing in person.

Earlier this week, nearly 1 in 3 home showing requests from Redfin.com were for a remote showing.

Serious Shoppers Only

Folks who can wait are putting their home searches on hold, but some people still need to buy now. One Redfin agent in Chicago, Dan Close, had customers out looking for homes this past weekend.

“The people shopping for homes right now are those who deem their home purchase to be mandatory. Saturday, I had three sets of clients out touring and all of them were either engaged to be married or in the process of getting divorced.”

The decline in customers making offers to purchase homes hasn’t been as big as the drop in demand for home showings, only down single-digits over the past seven days compared to the same period last year.

Economic Uncertainty Rattles Some Buyers

Beyond the impact of stay-at-home orders, some buyers are starting to get spooked by the volatility in the stock market and concerns about their future employment.

Lamar Austin, a Redfin team leader in Chicago said, “I have a buyer who has a contract job. She had been feeling confident about getting into a full-time position, but with the current economic uncertainty, she and her husband are putting their home search on hold.

They still plan to buy, just not right now.”

But there are some buyers who look at this as an opportunity to get a deal. Heidi Kulp-Heckler, a Redfin agent in Philadelphia said, “The savvy, smart buyers are going back to homes that they’ve already seen and saying, ‘how about this number?’ And they are getting it. It never hurts to try. We’ve already seen it. Throw out a number, the seller might grab at it.”

Mortgage Rate Rollercoaster

Mortgage rates have also been all over the place, despite the Fed cutting interest rates twice and providing direct monetary stimulus that should keep rates low. On March 9, the average rate for a 30-year fixed-rate mortgage was 3.2%. Rates then shot all the way up to 4.2% on March 19, but came back to 3.5% as of March 24.

As we’ve discussed in the last few weeks, part of the reason rates have been so jumpy is largely because mortgage lenders don’t have the capacity to originate more loans. Some of the volatility in rates is now also likely driven by investor concern over recent economic developments. The bottom line is that we’ll need rates to stay near their historic lows to stimulate homebuyer demand through this period of economic uncertainty.

But Bidding Wars Still Rage on the Best Homes

It’s not just buyers who are pulling back from the market. Homeowners who can wait to sell are putting their plans on hold, too. Last week, we reported that nationwide listing activations were up just a tick over the prior year. Now, in the last seven days, they are down 12% compared to the same time last year. What’s more, sellers with homes on the market are pulling them off at more than twice the rate that we saw last year. Nearly 4% of homes were pulled off the market in the last seven days when the normal rate is about 2%.

All of this means that there still aren’t many homes for sale in some markets. Nationwide, inventory is down 18% year-over-year, and we’re still hearing about bidding wars on the very best homes from our agents in the field and from evaluating offers on the homes we own via RedfinNow.

Closing the Deal

Once a buyer and seller agree on the price and terms, they still face an obstacle course of in-person inspections, appraisals, and the closing process to sign all the final paperwork. But as the old adage goes, where there’s a will, there’s a way. In Philadelphia, our market manager Jen Seal reports that closings are often taking place in parking lots rather than conference rooms with documents being passed through cracked car windows.

Beyond the MacGyver moves to close a transaction, the industry is beginning to adapt as well. To help streamline the process, Fannie Mae and Freddie Mac, both relaxed their requirements for in-person appraisals on March 23.

Prior to the COVID-19 outbreak, a number of states already let a notary stamp a document electronically via video chat; now Washington and New York have passed emergency measures to permit remote notarization as well.

At Redfin Mortgage, we’ve gone one step further and have digitized the closing in every state where it’s allowed. Buyers and sellers can sign all the closing documents from home, or anywhere with a good Wi-Fi connection. More and more of the time, customer service is being delivered through a screen.

That’s it for this week!

Redfin is publishing this housing-market update as a way to inform our customers, not our investors. Even though we’re notifying investors through a government filing about this customer update, we’re not updating, withdrawing, or affirming the first quarter financial guidance we issued on February 12, 2020. Other than the number of states with stay-at-home orders, all data in this update is as of March 24, 2020.

Original Source: Stay-at-Home Orders Slow the Market Down Significantly

Original Source: redfin.com

Curated On: cashadvancepaydayloansonline.com

The post Stay-at-Home Orders Slow the Market Down Significantly In 2020 appeared first on .

source https://www.cashadvancepaydayloansonline.com/stay-at-home-orders-slow-the-market-down-significantly-in-2020/?utm_source=rss&utm_medium=rss&utm_campaign=stay-at-home-orders-slow-the-market-down-significantly-in-2020

#Finance News

0 notes