Morning Briefing: These Americans more likely to be homeowners

These Americans more likely to be homeowners… Fairway to launch app for 10-minute mortgage application… Don Rickles lists Malibu home at $8 million…

These Americans more likely to be homeowners
Americans who live in rural areas are more likely to own their own home new insights from the US Census Bureau show.

The agency’s American Community Survey reveals that those in rural areas are also more likely than their urban counterparts to live in the state where they were born and to have cleared their mortgage.

Based on data from 2011 to 2015, there were about 47 million adults of 18 years and older living in rural areas. Most adults in both rural and urban areas owned their own homes but the percentage was higher in rural areas (81.1 per cent compared with 59.8 per cent).

Adults in rural areas were also more likely to live in single-family homes (78.3 per cent compared with 64.6 per cent).

Compared with households in urban areas, rural households had lower median household income ($52,386 compared with $54,296), lower median home values ($151,300 compared with $190,900), and lower monthly housing costs for households paying a mortgage ($1,271 compared with $1,561).

A higher percentage of those in rural areas had no mortgage or loan (44.0 per cent compared with 32.3 per cent).
Fairway to launch app for 10-minute mortgage application
Fairway Independent Mortgage Corporation is to launch an app which it says will allow a loan application to be completed in 10 minutes and closed within 10 days.

The non-bank lender was formed in 1996 and had closed more than $16 billion in 2016. The FairwayNOW app will be released in January.

"We want customers to be able to close when they want, so why not offer a solution that allows them flexibility in closing," said Steve Jacobson, founder and CEO of Fairway.
Don Rickles lists Malibu home at $8 million
Funnyman Don Rickles has listed his 4-bedroom, 5.5-bathroom home with deeded rights to Malibu’s Little Dume Beach.

The 90-year old, who’s still touring and working, has listed the home for $8 million, according to The Point Dume location gives the 2-story home ocean views and has hardwood floors and a deck with BBQ island.

The house was built in 1968 and is listed with Chris Cortazzo.