Closing Costs Dropping

Closing costs are something that many real estate investors or those who just need to sell their homes, do not plan for. It is something that can end up being very costly depending on the situation but recently, it seems that the market is dictating that closing costs are dropping drastically as people are purchasing more homes.

Mortgage closing costs declined 7% over the past year and now average $1,847 on a $200,000 loan, according to Bankrate.com.

Hawaii’s average closing costs of $2,163 are the highest in the nation, followed by New Jersey ($2,094), Connecticut ($2,033), West Virginia ($1,971) and Arizona ($1,969).

The cheapest closing costs are in Ohio ($1,613), Idaho ($1,682), Wyoming ($1,689), Utah ($1,697) and Maine ($1,727).

Nationwide, the average origination fee declined 22% to $1,041 and the average third-party fee rose 22% to $807.

“Homebuyers have more say over closing costs than they think,” said Holden Lewis, Bankrate.com’s senior mortgage analyst. “Costs vary between lenders, so everyone should compare at least three different options. You don’t have to go with the lender your agent suggests.”

Click here to view the average closing costs in all 50 states and Washington, D.C.

Bankrate surveyed up to 10 lenders in all 50 states and Washington, D.C. in June 2015. Researchers obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20% down payment. Costs include fees charged by lenders, as well as third-party fees for services such as appraisals. The survey excludes discount points, taxes, title fees, property insurance, association fees, interest and other prepaid items.

Source: http://www.housingwire.com/articles/34665-mortgage-closing-costs-drop-7-to-1847

Chad Chiniquy

Chad Chiniquy on Chicken Soup For The Soul

Here is a great video of Chad Chiniquy being interviewed by Mark Victor Hansen of Chicken Soup For the Soul.  Chad Chiniquy discusses his family, real estate, his success and how you can learn and implement the amazing strategies that have helped him become successful in the real estate industry.

I Want a Mortgage Loan and I Want it Now!

This would be a perfect new catch phrase for the newly re-defined J.G Wentworth as they branch out into the mortgage lender business. When most people want to diversify their financial portfolios, they move into real estate and this is a perfect example of a company doing just that. I’ll be interested to see how this diversification does for J.G Wentworth.

The transition of The J.G. Wentworth Company (JGW) into a mortgage lender is now complete.

In March, J.G. Wentworth, the purchaser of structured settlement payments, annuity payments, lottery payments and other receivables that rose to fame with the “It’s my money and I want it now” advertising campaign, announced its intention to acquire WestStar Mortgage, a privately-held residential mortgage company specializing in conforming mortgage lending.

According to a release from the companies, the acquisition is now complete.

The final purchase price was $53.2 million in cash and $13.5 million in J.G. Wentworth shares, for a total purchase price of $66.7 million.

WestStar is based in Woodbridge, Virginia, and is licensed to operate in 40 states. The company was founded in 2000 and currently has more than 300 employees spread over 15 states.

With the deal finalized, WestStar will now operate as J.G. Wentworth Home Lending, a newly-rebranded division in the J.G. Wentworth family of brands.

The addition of WestStar’s 300 employees will nearly double J.G. Wentworth’s workforce.

“Diversification to deliver ‘Cash Now’ is a fundamental part of our strategy for growth,” said Stewart Stockdale, chief executive officer, J.G. Wentworth.

“The acquisition of WestStar is strong evidence of this strategy in action,” Stockdale contined. “Together with our structured settlement payment purchasing business and other key initiatives, we are delivering financial products and solutions that allow our customers access to funds that will help them achieve their goals.”

Stockdale said that J.G. Wentworth is excited to welcome the WestStar team to the company.

In 2014, WestStar closed $1.5 billion of new loan originations, and the company sold or securitized approximately half of the loans it originated to government-backed organizations and half to third-party institutional investors in the secondary market, the companies said in an earlier release.

WestStar’s executive vice president, Roger Jones, will serve as president of the J.G. Wentworth Home Lending division.

“The team at WestStar is excited to join an established direct-to-consumer leader like J.G. Wentworth, and we look forward to bringing a new suite of product solutions to J.G. Wentworth’s established and growing customer base,” Jones said.

Source: http://www.housingwire.com/articles/34672-jg-wentworth-completes-transition-into-mortgage-lender