Americans have critical misconceptions about mortgage requirements

Image result for Americans have critical misconceptions about mortgage requirementsCurrent economicOpens a New Window. conditions might indicate it is a good time to get into the housing market, but many potential homeowners appear to have some serious misconceptions about what it takesOpens a New Window. to do so.

Fannie Mae conducted a nationwide study among 3,000 respondents to track trends among consumers’ understanding of mortgage qualification requirements, and found that the majority of people think it is harder to qualify for a mortgage than it really is.

According to the findings, people overestimate the minimum credit score necessary to qualify for a mortgage. While the actual minimum FICO score is about 580 – which only 11 percent of respondents correctly identified – people thought it was 650. More than four-in-ten people did not know what their own credit score was.

People also overestimated the minimum down payment to qualify for a mortgage, which is about 3 percent. Most people said 10 percent.

Further, Americans are generally unfamiliar with low down payment programs – only 23 percent of people knew about the option.

Sixty percent of people, overall, thought getting a mortgage would be easy. More current homeowners (78 percent) were confident when compared with renters (33 percent).

The survey found, however, that even those who should be more knowledgeable about mortgage requirements – including current homeowners – are not. For example, while 9 percent of renters identified the correct credit score range needed to qualify for a mortgage, only 12 percent of owners were able to do so.

The top reasons people expect to have difficulty getting a mortgage are insufficient income to afford monthly payments, too much debt and insufficient credit score or credit history.

“For some Americans who would like to own a home, they could qualify for a mortgage but may assume homeownership is not a possibility,” researchers concluded.

Meanwhile, conditions appear to be ripe for homebuyers. Mortgage application volume increased 1.5 percent for the week ending May 31 – after falling the week prior, according to the Mortgage Bankers Association’s survey. Meanwhile, mortgage rates recently fell to their lowest level since the first week of 2018 amid rising concerns over trade tensions.

Digital Risk co-founder Jeff Taylor told FOX Business on Monday that for those looking to get into the housing market, “this is literally the perfect time.”

Meanwhile, many expect the Federal Reserve may cut interest rates this year, which could further benefit potential homebuyers.

[“source=foxbusiness”]

Desi Twitter has the best viral money memes. How many have you seen?

What do you think about this?

What do you think about this?

The internet is a crazy, crazy place. A cursory glance at the microblogging site every morning will provide enough fodder for your entertainment throughout the day. For example, stuff that the internet is obsessing over since Wednesday are money memes.

It’s quite apt considering the fact it is that time of the month during which your bank balance can appear demoralising enough. But there is light at the end of the tunnel with salary being credited soon. Until then, millenials are busy explaining their current situation with the help of the money meme that basically features a collage of two images – a wad of cash in one hand and a hundred rupee note in the other.

We spotted some memes on Twitter that describe desi situations perfectly as the internet is drawing references ranging from daily expenses (you know what we mean, right?) to wedding rituals. Of course, low balance in the bank account is the most cited inference.

[“source=indiatoday”]

Snap CEO Evan Spiegel Said to Have Approved Controversial Snapchat Redesign Despite Warnings

Snap CEO Evan Spiegel Said to Have Approved Controversial Snapchat Redesign Despite Warnings

Snapchat CEO Evan Spiegel approved a controversial major redesign that plunged the company’s growth even after receiving warnings from engineers and a mediocre performance result during pre-launch tests, claims a new report in The Information.

“Some current and former employees told The Information that the overall goal – to make the app easier to use, Spiegel said later – wasn’t adequately conveyed to those working on bringing the new design to life,” Engadget reported on Friday.

The February redesign had aimed to separate “friends’ content” from the “celebrity content” and moved the posts and messages of users’ friends to a different section of the app.

The change had drawn criticism from celebrities like Kylie Jenner and Chrissy Teigen, who argued that the redesign made the app harder to navigate.

Besides, putting up to 83 percent negative reviews on the Apple App Store, users also filed an online petition calling for the removal of the new update that attracted more than 1.2 million signatures on Change.org.

Earlier this month, the audio-video sharing platform rolled out new redesign for iOS where snaps and chats were aligned chronologically and Stories from friends were moved back to the right-hand side of the camera screen.

“There is no doubt that collaboration yields better results,” Spiegel told The Information in an email.

[“Source-gadgets.ndtv”]

Nokia to Have a Major Showing at MWC 2018, HMD Global Teases

Nokia to Have a Major Showing at MWC 2018, HMD Global Teases

HIGHLIGHTS

  • HMD Global’s Juho Sarvikas teases MWC 2018 developments
  • The company is expected to launch new models
  • Nokia 1, Nokia 9, Nokia 3310 4G likely to get some attraction

After grabbing eyeballs at its last outing in Barcelona, HMD Global is now all set to make another splash this year at Mobile World Congress (MWC) 2018, a senior executive teased. The company launched the nostalgic Nokia 3310 and showcased the first troopers from its army of Android smartphones at MWC 2017. And for the forthcoming convention, it is already rumoured to have a bunch of developments, including the Nokia 9 flagship as well as the Android Oreo (Go edition) based Nokia 1.

HMD Global Chief Product Officer Juho Sarvikas on Thursday used his Twitter account to tease the launches planned for the MWC 2018. “Sorry for radio silence. Been super busy planning #MWC2018. Please expect it to be awesome [sic],” Sarvikas tweeted. The executive didn’t define the developments that will be showcased at the forthcoming MWC. However, some recent reports have enough material to help us understand what all will be available from the ever-green Nokia portfolio.

The Nokia family in 2018 is expected to get a list of new members, including the Nokia 1, Nokia 4, Nokia 7, Nokia 8 (2018), and Nokia 9. Alongside these new Nokia smartphone models, the Finnish company is rumoured to be developing a Nokia 3310 4G variant that recently emerged on TENAA certification sitewith Android-based YunOS. The 2018 lineup notably received the Nokia 6 (2018) as the first member.

Amongst all the new Nokia models, the Nokia 9 is expected to be the show-stopper. The smartphone is already rumoured to have top-notch specifications and features such as a dual selfie camera setup and a thin-bezel display. If we believe the ongoing rumours, the Nokia 9 will come in multiple variants and sport a 5.5-inch OLED display as well as a Qualcomm Snapdragon 835 processor. It is also reported to have 12-megapixel and 13-megapixel camera sensors on the back and a 3250mAh battery with fast charging support. Besides, the smartphone is likely to come with up to 128GB onboard storage and run Android 8.0 Oreo out of the box.

In addition to the Nokia 9, we can safely speculate the Nokia 1 as the new sales-driver for HMD Global. The smartphone, which is rumoured to be one of the first Android Go smartphones, will purportedly feature an HD IPS display, 1GB RAM, and 8GB onboard storage. Despite usual, entry-level specifications, the Android Go presence on the Nokia 1 would make it a distinct option in the market. It is like to have lightweight apps such as Google Maps Go, Files Go, and Google Go among others. Further, the smartphone is rumoured to go on sale in Russia at RUB 5,990 (approximately Rs. 6,750).

We need to wait for some more time to understand what all would be from the side of HMD Global. In the meantime, the company has already registered itself as an MWC exhibitor to hint some big announcements.

[“Source-ndtv”]