If you’re wondering how you’re going to pay your mortgage due to the spread of coronavirus, you’re not alone. Luckily, there are some things you can do to help take care of that monthly payment. Here are some options that might be available to you. 1. Talk to your loan officer before your payment is due Once you realize that
In light of the uncertainty of times during the coronavirus pandemic, home sellers have canceled open houses, lenders are extending the time it takes to close a deal and many real estate agents are giving video tours in lieu of live walkthroughs. In other words, there’s virtually no aspect of American life that has been untouched by the coronavirus, and
Written and published on 3/26/20 by: Barry Habib and Dan Habib, “Mortgage Crisis and Fed Unintended Consequences” The Coronavirus Meltdown The current Coronavirus crisis is having a critical impact on the Mortgage Industry, which could potentially make the 2008 financial crisis pale in comparison. The pressing issue centers around capital that’s required by Mortgage Lenders to be able to function
With many people rushing to refinance their mortgages right now due to low-interest rates, the likelihood of making a mistake that could cost them loads of cash down the line is indeed a reality. Tempted to jump on the refinance bandwagon yourself? Proceed with caution. Here are six possible pitfalls to steer clear of when it comes to refinancing. 1.
With mortgage rates at unprecedented lows, and benchmark bond yields dropping below 1 percent for the first time in history, conditions could be ripe for first-time homebuyers and those looking to refinance. But how do you know if the time is right to take advantage of the savings a less expensive interest rate could bring? Here are five questions homeowners should
Mortgage rates this low have not been seen in almost 50 years, prompting both sellers and buyers to take advantage of record-level savings on their mortgage. According to Freddie Mac, the average 30-year fixed-rate mortgage hit a record 3.29 percent this past week, which is the lowest level in its nearly 50-year history. Mortgage applications, meanwhile, increased 10 percent last week from one
The company responsible for FICO score has created new credit scoring models that will be available from all three credit-reporting agencies —Experian, TransUnion, and Equifax—by the end of 2020. So, if you’re going to be applying for a mortgage to buy or refinance your home, you should pay attention to the way it’s going to affect your credit score. While
When mortgage lenders ask to review your bank statement, they are doing so to ensure that you have sufficient funds to cover the down payment and closing costs. Some also might want to see if you have enough reserves to cover the first few mortgage payments and any emergencies that might arise. That’s why it’s a good idea to steer
While buying a house is exciting, it can take much longer than you might expect. First, you need to get pre-approved for a mortgage, next you have to find a home that you can afford that checks all of the boxes on your wish list, and then you have to handle the financial paperwork…along with several other tasks. The time
If you recently purchased a home and are preparing to file your 2019 taxes, you’ll want to be aware of the tax breaks that came about as a result of the new Tax Cuts and Jobs Act that went into effect on Jan. 1, 2018. While there’s not much that has changed tax-wise since then, here’s a refresher course so
