What Struggling Homeowners Need to Know About Dual-Tracking

Homeowners must notify their mortgage servicer or lender immediately if they experience financial hardship and find it difficult to repay their monthly mortgage. Working out with your servicer is important if you want to protect your home from foreclosure especially during this time that the federal government has declared a national emergency against the COVID-19 pandemic. Applying for any loss mitigation like a loan forbearance could be an option to keep your family safe.

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Are we over it yet?

You know when you feel yourself getting over a cold? You can finally get out of bed and walk around without a kleenex in your hand. You’re not 100%, but hey, you’re active, getting in the car, playing with kids, you see the light of big breaths at the dark mucous-filled days. (I know, the irony of starting this post off with a cold analogy.) As we enter the start of June, there are signs the worst of coronavirus shutdowns and their economic impact may be over. For example, we saw an increase in new home sales for April, well above the expectations. And more people are applying to open new businesses. Two great things!

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3 Ways You Can Ditch Private Mortgage Insurance

When you take out a conventional mortgage to buy a home, your lender will require you to pay a premium for a private mortgage insurance (PMI) coverage if you opt to put a low down payment. Like the majority of homebuyers, a PMI gets you an approved mortgage that you would barely qualify to take. After several years of repaying your monthly mortgage, you’ll realize that your PMI becomes a burden and canceling it could help increase your savings.

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Mortgage Interest Rate VS APR: What You Need To Know

Mortgage interest rates are at historic lows for the past several years and it’s all over the news. When you shop and get loan estimates from several mortgage lenders, you’ll come across two important figures that are both expressed in percentages: mortgage interest rate and annual percentage rate (APR). Understanding the difference between the two can help you make better decisions when choosing between buying a home or refinancing.

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3 Compelling Reasons Why You Need a Mortgage Checkup

Like your health, checking your mortgage periodically is worth considering to determine if it’s still in good shape. There could be a lot of changes that have happened in your life since you took out a mortgage to fulfill your homeownership dreams. After several years of dutifully repaying your monthly mortgage, you may want to find out if you can reap the rewards of being a homeowner.

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Do you know your mortgage type?

If the plural of tooth is teeth, why isn’t the plural of booth, beeth? One goose, two geese. So one moose, two meese? Doesn’t it seem crazy that you can make amends but not one amend? If you have a bunch of odds and ends and get rid of all but one of them, what do you call it? Likewise, figuring out which mortgage program you qualify for can be just as twisted. Let me shed some light on many of the common terms you may hear as you embark on the mortgage process.

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What A Balloon Payment Means and What Can You Do if You Got One?

Millions of mortgage borrowers have already applied for loan forbearance because of the uncertainty brought by the Coronavirus Disease of 2019 (COVID-19). However, some homeowners who have called their servicers were advised that they need to make a balloon payment once the deferment period ends. A balloon payment could be overwhelming if the pandemic has affected your finances.

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