Forbearance is a temporary postponement of mortgage payments. The lender can grant this option to a borrower instead of forcing the property into foreclosure. The CARES Act provides protections for homeowners with mortgages that are federally or Government Sponsored Enterprise backed or funded such as FHA, VA, USDA, Fannie Mae and Freddie Mac. A mortgage holder should contact the lender to explain the...
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During the first major stay-at-home event that most of us have experienced in this country, a pool can give you and your family enjoyable recreation without leaving the home. For those without a pool, the NPD group reports that the Covid-19 pandemic has increased pool building by 161% this year. When your children are small, pools become a magnet for not only your children but their friends as well. It...
Three reasons to refinance a home include lowering the cost of housing, shortening the term of the mortgage to pay it off sooner or to using the equity to accomplish another purpose. Replacing the mortgage at a lower interest rate, which is entirely possible in today's market, would reduce the payment. On the other hand, shortening the term of the mortgage could make the payments increase but would...
The soothsayer in Shakespeare's Julius Caesar issued his famous warning "Beware the Ides of March." Who knew that in 2020, around the middle of March, the world, as we knew it, would force such dramatic changes on us from the Coronavirus. In America, it has brought our economy to its knees as we sheltered in place for over four months. During this time, changes have affected our lives and many of those...
Whether you like to or not, buying and selling a home involves negotiation at all stages of the process. It is not like the retail world where once you decide to purchase, you pay the price. It is easily the most expensive purchase or sale that most people experience and emotions get involved that could affect the negotiations adversely. The word "home" by itself conjures up emotions and selling a home...
The National Association of REALTORS® just released the Market Recovery Survey of a random sampling to close to 100,000 members conducted June 24-26, 2020. The following statements are the members' opinion on various aspects of the recovery to the Covid-19 pandemic as it relates to real estate. In response to the safety of buyers, sellers and agents, REALTORS® are expecting within the next year...
The seller can put a price on the home but the value is ultimately, determined by the buyer. Individually, a buyer could pay over market value because they love the location, or the elevation of the home or the proximity to something that is important to them. The shortage of available homes resulting in increased competition among buyers could drive the value higher. Most experts agree initially...
You've done your homework, contacted a mortgage company and believe you are pre-approved. That part of the process is finished and you can concentrate of finding a home and moving...or can you? Pre-qualified and pre-approved are two different things but some people, including some in the business, use the terms interchangeably. Pre-qualified is an opinion of likelihood that a borrower will be approved...
Paying off your mortgage can provide peace of mind and is a worthy goal but is it the best thing for you to do at this time. Do you have higher interest rate debt currently? If you have credit card debt with double-digit rates or personal, car or student loans, you'll probably save more money from interest by paying these things off before you pay off your mortgage which is usually one of the lower...
Homeowners still have considerable advantages from the amortization of the mortgage and the appreciation enjoyed by most homes even with taking the standard deduction instead of itemizing to take the interest and property tax deduction. There is an adage, "Rent or buy, you pay for the house you occupy." You either pay for it yourself or for your landlord. The people who have job security, sufficient...