Mortgage
Diddy now owes almost $100 million to the bank, having obtained a total of eight mortgages on his three lavish residences in Los Angeles and Miami, which were recently searched by Homeland Security.
– Diddy borrowed $140 million from multiple banks to fund the purchase of three luxury mansions in Los Angeles and Miami
– Homeland Security raided all three homes in response to mounting sexual harassment and rape lawsuits
– Nearly $100 million is still owed by Diddy, with one $23 million loan needing to be settled by 2029
– Forbes estimated Diddy’s net worth to be $1 billion in 2022
– Diddy purchased his LA home in 2014 for $39 million, featuring eight bedrooms, 11 bathrooms, and an underwater swimming tunnel
– Diddy also bought luxury estates on Star Island in Miami, with mortgages totaling $68.45 million and $139.85 million across all properties
– Diddy has taken out multiple mortgages and loans for his properties, with some paid off and others still outstanding
– Diddy also had an “abandoned mansion” in Atlanta, which he bought for $2.6 million in 2003 and reportedly sold for $1.3 million in 2007.
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Mortgage
CENTUM Canada has revolutionized client engagement with the introduction of Mortgage Monitor™.
Centum Financial Group has launched Mortgage Monitor™, a platform designed to empower homeowners and prospective buyers to make informed financial decisions and build wealth. This platform automatically enrolls clients into a communication system, providing monthly home value updates, personalized product and rate analysis, and mortgage protection support. It also serves as a lead generation tool for brokers. Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide. Mortgage Monitor™ is currently in pilot with a full release planned for later in Q2 2024.
– Centum Financial Group launches Mortgage Monitor™ to empower homeowners and prospective buyers
– Platform provides monthly home value updates, personalized product and rate analysis, and mortgage protection support
– Serves as a lead generation tool for brokers
– Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide
– Mortgage Monitor™ currently in pilot with full release planned for later in Q2 2024
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Mortgage
Mortgage applications experienced a slight decline last week, even with a decrease in rates.
In the week ending March 29, mortgage application volume decreased by 0.6%, with the average rate for a 30-year fixed-rate mortgage dropping to 6.91%. Refinance applications decreased by 2% compared to the previous week and were down 5% from the same week last year. Purchase applications also decreased by 0.1% compared to the previous week and were down 13% from the same week last year. The refinance share of mortgage activity decreased to 30.3% of total applications, while the adjustable-rate mortgage share remained unchanged at 7.0%. Overall, mortgage rates decreased slightly, but did not significantly impact overall application activity.
– Mortgage application volume decreased by 0.6%
– Average rate for a 30-year fixed-rate mortgage was 6.91%
– Refinance applications decreased by 2%
– Purchase applications decreased by 0.1%
– Refinance share of mortgage activity decreased to 30.3%
– Adjustable-rate mortgage share remained unchanged at 7.0%
– Mortgage rates decreased slightly but did not significantly impact application activity.
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– Mortgage rates declined slightly last week, with the 30-year fixed rate at 6.91% and the 15-year fixed rate at 6.35%
– Refinance share of total applications decreased to 30.3%
– ARM share remained steady at 7% of total applications
– FHA share of total applications decreased to 11.7%
– VA share increased to 12.1%
– USDA share remained unchanged at 0.5%
– Purchase applications were unchanged overall, with FHA purchases increasing slightly
– Refinance applications fell 5% below last year’s pace
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