Editorial | One of the hottest trending topics in the housing industry during the pandemic has been Forbearance. Millions of borrowers across the United States have been directly or indirectly impacted financially by the volatility of the current market and could potentially benefit from seeking a Forbearance. Many borrowers, however, are unfamiliar with how this type of mortgage relief program works. Borrowers must keep in mind that forbearance doesn’t erase what they owe. Instead, it provides options on how they can affordably repay missed payments later on. In essence, a forbearance is a written agreement that allows a borrower to reduce or suspend monthly payments for a specified time.
A “no-cost” refinance simply means that you’re not using any cash reserves to pay the closing costs upfront but in other ways. Mortgage interest rates are the lowest in 50 years, according to the Wall Street Journal and we can now offer you refinancing with almost nothing out of pocket. Although interest rates are at historic lows, refinancing only makes sense if you are aware of all that is involved in your refinancing process.
Many borrowers are considering a “cash-out” loan. Utilizing your home equity through cash-out refinancing could be a viable option if you want to add to your family’s finances during the current Coronavirus pandemic.
As a first-time homebuyer, it’s important that you know the loan programs available to you. In the first part, we discussed the two popular loan programs available for most homebuyers. In some circumstances, there are also loan programs that can help you buy a home if you have a limited budget or if you want to save your finances for other important matters.
Many first-time homebuyers are entering the real estate market this summer amidst the COVID-19 pandemic in order to acquire a piece of the American dream: homeownership. What many are realizing is that mortgage interest rates have become more favorable than in years past. As a first-time homebuyer, you may too find yourself competing with other buyers in a sellers’ market – where home prices have increased, and inventory is small. However, if you find your budget is tight, here are the best loan programs to help you buy a home for your family.
Buying a home can be an exciting time for most first-time homebuyers, but many find it to be an overwhelming process, as well. To help smooth the homebuying process, we recommend getting a mortgage pre-approval as the first step to take.
Summer is in full swing, and it seems nothing can stop serious homebuyers from fulfilling their homeownership dreams even during a pandemic. If you’re planning to put your home on the market, it’s important that you practice safety measures to ensure that your family and potential homebuyers are protected from the coronavirus disease of 2019 (COVID-19).
Mortgage interest rates are at tempting levels that could make you wonder if it’s the right time to reap the rewards of your investment as a homeowner. Cash-out refinancing could be an option if you want to take advantage of the historically low interest rates and augment your finances especially during this difficult time as the nation deals with a health crisis.
More homebuyers are now ready to attend open houses compared with those who rely on virtual home tours. Although virtual tours are convenient and safe in this time of the coronavirus disease of 2019 (COVID-19) pandemic, attending an open house in-person lets homebuyers get to experience what it feels like while inside the home that they want to buy.