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.
Loan forbearance is a viable option you may consider if you experience financial hardship and start missing your monthly mortgage payments. It allows you to reduce or suspend your payments for a period of time and determine a plan on how to repay them after.
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.
Do you know when you feel yourself getting over a cold? It’s when 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 the kids, and suddenly you see the light of big breaths at the end of dark, mucus-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 that the worst of the coronavirus shutdowns and the economic impact may be over. For example, we saw an increase in new home sales for April, well above expectations. In addition, more people applied to open new businesses. Two great things!
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.
Staying at home may significantly reduce your chances of getting infected by the Coronavirus Disease of 2019 (COVID-19). As you stay in the comfort of your home, you might be at risk of falling victim to scams. This is especially true if you’re one of the millions of people who lost their jobs and fearing that you could miss your mortgage payments in the coming months.
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.
When refinancing your mortgage, the lender will order an appraisal to determine if your property has enough value to secure the new loan that you’re about to take. Just like homebuying, an appraisal is one of the most crucial steps when refinancing.
Three months ago, I was sitting on my couch thinking how nice it would be if I could spend every day here. Well, my dream came true! Now as the world re-opens, I can’t help but feel hesitation to get out of here, even though I’ve been desperate to get back to my favorite restaurants. Not to mention the gym! But home seems to winning again. The comfort and safety of home is undeniable which is why we should really consider homeownership from all angles in this current environment. Given that interest rates are likely to remain low for a long while, but economy may not get back to full strength for years, how do we see the prospects for the home buyer going forward?
Fannie Mae and Freddie Mac recently clarified that the lump sum repayment at the end of the loan forbearance plan “is an option for repaying missed payments”. The two government-sponsored enterprises (GSEs) also explained the other options for repaying the missed payments amid growing confusion among millions of homeowners who have sought forbearance after being affected by the Coronavirus Disease of 2019 (COVID-19) pandemic.