The first thing buyers should do? Check credit scores. CFPB says that a lot of consumers still complain about mistakes and trouble with getting them corrected. Source: Florida Realtors
Free credit scores becoming the norm
Many credit cards now give customers access to their FICO score, and Discover says it will start to provide the score to everyone – whether a customer or not. Source: Florida Realtors
FHA may be reopening doors to condo financing
At one time, FHA offered “spot” condo loans even if a complex wasn’t certified, and while those may or may not be coming back, some changes are in the works. Source: Florida Realtors
Fed may be wedded to a June rate hike
Few experts thought the Fed would raise interest rates in June but that changed yesterday. An interest rate increase would directly impact ARMs and indirectly FRMs. Source: Florida Realtors
Fla. will appeal State Farm policy ruling
A circuit court ruled that State Farm doesn’t have to submit its policy-count totals to the state, but Fla.’s new insurance commissioner says he’ll file an appeal. Source: Florida Realtors
Supreme Court focuses on incorrect online data
The U.S.’s top court ruled that consumers may challenge incorrect data provided by websites in court – but they must prove actual harm to succeed. Source: Florida Realtors
Rising prices could increase mortgage rates
Cheap gas currently keeps U.S. inflation in check, but that won’t last forever as rents rise. And when inflation returns, mortgage rates usually move higher. Source: Florida Realtors
30-year fixed mortgage rates hit three-year low
The average 30-year fixed mortgage rate dropped to 3.57% – far below its 3.85% one year ago and the third week in a row for a decline. Source: Florida Realtors
Magazine says Fla. is second-best state for business
Chief Executive magazine’s annual list put Texas in the top “best for business” category, but No. 2 Fla. “continued to steadily edge up in qualitative measures.” Source: Florida Realtors
Late HOA payments may soon affect credit scores
Starting in Oct., a buyer’s credit score may drop after a late homeowners’ association payment the same way it drops if mortgage payments arrive late. Source: Florida Realtors
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