It’s a frustrating situation when homeowners start to miss making their monthly mortgage payments. Struggling homeowners are often advised to get in touch with their respective mortgage servicers to help them come up with a workable solution to keep up with their payments and hopefully avoid foreclosure. Homeowners should be familiar with the core duties of the companies that collect their monthly payments so that they can ask the right questions about their mortgage and have an idea of what to expect when they do.
Loan forbearance could be a viable option if you are one of the millions of Americans who have been directly, or indirectly, impacted by the COVID-19 pandemic. Forbearance could help you stretch your remaining funds if you suddenly lose your job or have your income reduced or while waiting for financial assistance from the federal government.
Self-employed homeowners who were able to take out a mortgage to buy a home may possibly refinance their mortgage. Mortgage refinancing could be beneficial in several ways including getting a much lower interest rate, mortgage insurance elimination, cashing-out on home equity, or changing an adjustable-rate mortgage into a fixed-rate mortgage. Refinancing a mortgage as a self-employed homeowner could be a challenge if you’re unfamiliar with the process.
Whenever mortgage interest rates take a plunge, most homeowners could be asking themselves if they would benefit from refinancing their current mortgage. Like taking out a mortgage to buy a home, there are also significant fees associated when refinancing a mortgage. When refinancing a mortgage, homeowners need to determine their financial goals so that they could figure out if they would benefit from the process. As a rule-of-thumb, refinancing could make sense if it will improve the homeowners’ finances along the way.
Millions of Americans have recently filed for unemployment claims as the coronavirus disease (COVID-19) continues to snowball, shutting down businesses across the nation. Many families could experience financial difficulties in these trying times. To address the situation, the U.S. Senate had passed a $2 trillion economic stimulus bill to ensure families remain in their homes while the world continues to deal with the pandemic.
Are you considering a Forbearance on your mortgage even though you may have considerable assets or equity in your home? Please understand the impacts of Forbearance on your financial future before making this critical decision.
Homebuyers understand that putting a down payment is one of the major requirements when purchasing a property unless they qualify to take out a VA or a USDA loan. Although homebuyers have flexibility when putting a down payment, most homebuyers still find it difficult to save.
The new coronavirus disease of 2019, or COVID-19, continues to plague homeowners nationwide. The Federal National Mortgage Association (a.k.a. Fannie Mae) offers mortgage relief options to homeowners who have been affected by the pandemic disease.
The new coronavirus disease or COVID-19 is interrupting the homebuying craze this spring season. Most people who have decided to make the big purchase this time of the year suddenly became cautious of viewing open houses for fears of getting exposed to the virus. You may consider having virtual tours if you’re selling your home on your own and you want to showcase the beauty of your home to potential buyers as the nation still finds a cure for the COVID-19.
Spring is that time of the year when every family member becomes busy decluttering and improving the home. Spring cleaning not only benefits the home, but some experts even suggest that homeowners also benefit from doing the annual practice. However, households could suffer physical injuries when cleaning. Homeowners may want to consider some safety tips for an enjoyable spring cleaning with the family.