10.21.24

Written by Chase Majerus

October’s Biggest Mortgage Headlines

Welcome to This Week Today, your go-to source for all things mortgage, real estate, and finance! Whether you’re a homeowner, future buyer, or just someone trying to make sense of this wild financial world, we’ve got you covered. Expect to get smarter each week with tips, trends, and news delivered in a way that’s easy to digest.

We promise you’ll come away with something useful (and maybe a laugh or two) as we break down the biggest headlines and how they impact your wallet. Let’s dive in!

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Today's Agenda:

S1L Home Equity Loan

Use Your Home For The Best Future Gains

A home equity line of credit, or HELOC, lets you borrow against your home’s available equity. Applying for a HELOC with Synergy One Lending is fast and easy. Our application is fast, easy, and all online. If pre-approved, you’ll be instantly presented with your offer options.

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Shrinkflation Update

A new HUD report highlights a clear racial divide in federal housing assistance programs. Homeowners using FHA assistance are concentrated in wealthier, predominantly white neighborhoods, while renters with Housing Choice Vouchers (HCVs), especially Black and Hispanic recipients, tend to live in higher-poverty areas. White voucher holders are more likely to live outside of central cities, while Black and Hispanic renters remain in more disadvantaged neighborhoods.

The report also shows that FHA-backed mortgages are disproportionately issued in majority-white census tracts, reinforcing racial disparities in homeownership. Meanwhile, nearly half of renters receiving HCV assistance live in neighborhoods where poverty rates exceed 20%. This stark contrast underscores how race continues to influence where people live and the quality of housing they can access, further widening racial and economic gaps

Read more here

Major Manor

Even Small Homes Can Bring In Big Cash

Anton Wormann, a 32-year-old DIY enthusiast, has turned Japan’s housing crisis into a golden opportunity by buying and renovating “akiyas”—abandoned homes that are going for as low as $10,000.

Japan’s aging population and declining birth rate have left millions of properties empty, but Wormann saw this as a chance to save some of the country’s unique architecture.

After buying a 10-year-abandoned house for $54,000, Wormann spent 15 months and another $54,000 transforming it into a stunning rental property, now pulling in $11,000 a month on Airbnb. What started as a passion project is now a business, with Wormann owning eight properties across Japan.

He’s not just making money; he’s breathing life back into forgotten homes and villages. Wormann’s story is a mix of adventure, creativity, and smart investing!

Read more here

Social Space

Our Top Social Links of the week

Read:
Big time miss on real estate opportunity – Read here!

Video:
This one is for the architects out there! – Watch here!

Read:
THIS company is closing loans 24% faster than any other peer group – Read here!

Video:
$15,000,000 Las Vegas Penthouse – Watch here!

Financial Fitness

Best Bet: HELOCs For Homeowners

With rates dropping and more cuts expected, HELOCs are a smarter choice than home equity loans going into November.

While home equity loans lock you into a fixed rate, HELOCs have variable rates that adjust downward automatically, saving you from refinancing headaches. You’ll avoid the extra closing costs that come with refinancing, which can be 1-5% of your loan amount. Plus, refinancing a home equity loan takes time, effort, and credit checks—none of which you’ll need with a HELOC.

Rates will keep dropping, and HELOCs let you ride the wave without lifting a finger. So, act now and set yourself up for future savings!

Read more here!

S1 FinFit App

Digital financial assistant at your fingertips

S1 FinFit is a FREE app that provides a roadmap to help you reach your financial and lifestyle goals, no matter how big or small! Free credit monitoring with alerts, set financial goals, create budgets, and keep track of your spending to see where your money is going.

Download the app on the appropriate app store with the links below!

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Mortgage Market Malaise Muffles Equifax

Equifax is feeling the pinch from high interest rates, with mortgage demand stuck in the mud, leading them to predict lower-than-expected full-year revenue.

Even though they’ve shifted focus to non-mortgage businesses, which now make up 80% of their earnings, the stagnant loan market is slowing things down.

The company’s third-quarter revenue rose 9%, but it’s still not enough to hit Wall Street’s lofty goals. Despite this, Equifax’s CEO is staying optimistic, saying the long-term growth plan is solid—just needs some patience! –

Read more here

HUD Racial Divide

A new HUD report highlights a clear racial divide in federal housing assistance programs. Homeowners using FHA assistance are concentrated in wealthier, predominantly white neighborhoods, while renters with Housing Choice Vouchers (HCVs), especially Black and Hispanic recipients, tend to live in higher-poverty areas. White voucher holders are more likely to live outside of central cities, while Black and Hispanic renters remain in more disadvantaged neighborhoods.

The report also shows that FHA-backed mortgages are disproportionately issued in majority-white census tracts, reinforcing racial disparities in homeownership. Meanwhile, nearly half of renters receiving HCV assistance live in neighborhoods where poverty rates exceed 20%. This stark contrast underscores how race continues to influence where people live and the quality of housing they can access, further widening racial and economic gaps.

Read more here

FAQs

How Do I Buy A Home?

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Buying a home is one of the biggest decisions you’ll ever make, and no, it’s not just about picking out a cute kitchen backsplash!

First off, make sure your credit score is looking good, because the higher it is, the more you’ll save on interest rates (and who doesn’t want extra cash for pizza?).

Start saving for that down payment and don’t forget, you need an emergency fund too—because, surprise, houses come with unexpected costs like broken water heaters!

Also, think about the lifestyle you want; condo or house, city or burbs—your dream home should fit your life, not just your Pinterest board.

Finally, don’t even think about buying unless you’re sticking around for at least 5 years—because those first few years are mostly paying off interest, not your house.

Apply Now for pre-approval… or talk to one of our mortgage professionals to get on the right track!

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