Jumbo Loans Making A Comeback

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The Jumbo Mortgage market took a hard hit because of Covid, but recently many lenders have provided information about their products coming back. Rates are still higher than conforming loans, but we will continue to monitor them.

Many home buyers had to put their plans on hold, but with the market slowly coming back to normal, now may be the time to begin their home search again. Competition is still an issue in the market, so getting pre-approved is important. If you are looking to buy a home or are an agent working with buyers, let me know when I can help.

Forbearance Pros and Cons

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I spoke with San Diego 10News about some of the pros and cons of forbearance for borrowers. Like I’ve mentioned before if you are considering this option reach out to your loan provider first. I’m happy to answer any questions you may have and help you determine if this is the right option for you. If you can continue to make your regular mortgage payment, this is typically the best course of action for you.

A forbearance will put a pause on your mortgage payment, but that amount will still be due. Depending on your loan provider you may have the option to repay it at the end of your loan as a lump sum or have an extension added to your loan. You may also be able to add that amount into your monthly payments. This may provide some financial relief for borrowers who find themselves unable to make their mortgage payment, and the payback options should be discuss to fit your needs.

Once a borrower has elected forbearance on their loan, they should be aware that they may not be able to refinance on that loan for possibly 12 months after they are current with payments. Recently rates have been low and many borrowers have taken advantage of this to refinance and achieve a lower monthly payment. This option may not be available to those who refinance so be aware of this for future plans.

In market news, the rising number of forbearances have caused a shortage of cash flow. This will drive up the price of mortgages so future borrowers may find it harder to get a home loan.

For more information and the full article, click here.

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Stay Informed On Your Mortgage Relief Options

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There is a lot of information circling around about the best options if you find yourself unable to pay your mortgage. First, let me say if you have any questions please let me know. These uncertain times have many of us just taking it day by day, but it’s always good to know what your options are and be prepared. Here is a quick overview of what options are available.

Forbearance

Forbearance will allow you to pause or reduce your mortgage payment for a period of time. Currently that period of time is 180 days, with an extension of 180 days available. The amount that is not paid during that time will still be due in the future. Different types of loans will have a different forbearance option. For more information on this program, click here.

Foreclosure Moratorium

During this time a lender or loan servicer is not allowed to start or finalize a foreclosure against you. This applies to federally backed mortgages and will vary by state. As of March 18, 2020 there is a 60 period for this moratorium.

Please make sure you are verifying information with the correct sources. This guide gives you some of the general information about the different options that are available and the steps you should follow. The options listed are designated for federally backed mortgages. If your mortgage does not fall under this criteria, you should still contact your loan servicer to find out what relief options they may be offering.

The information above is a general overview, so reach out if you have doubts or if you just want to know what the best option is for you.

Hope everyone is staying safe and healthy.

-Mark H. Goldman.

Mortgage Rates Close To All-Time-Low

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Mortgage rates continue to fall for another week amid the pandemic. This week rates fell to 3.31%, putting them only three basis points away from an all-time-low.

The government continues to put money into capital markets to keep rates low and help the recovery of the economy once it begins reopening. I believe rates will continue to float down by a small amount in the coming weeks.

What does this mean for you? If you have been contemplating a refinance of your mortgage now may be a good time to act. A lower monthly payment may be a good option for you during these times of uncertainty. If you had been thinking of purchasing a home and still find yourself in the position to do so, it would be a good time to lock in a low rate for your mortgage. If you have questions, reach out and let’s discuss a plan of action.

For the full article from Housing Wire and my comments, click here.

Is Forbearance the Right Option For Your Mortgage?

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I hope everyone is well and staying safe. Lately there has been a lot of talk about forbearance and loan forgiveness programs for borrowers. These two programs may be the right solution for those borrowers who have found themselves unable to continue making their regular mortgage payments. If you think you may need this kind of solution, please give me a call so we can discuss the best plan of action.

Like I mention in the video above, if you can continue to make your mortgage payment please do. Forbearance should only be done by those who do not have the means at the moment to pay their mortgage. Times are definitely tough, but we will get through this. Please stay in touch and let me know if there is anything I can help with.

-Mark H. Goldman

Rates Keep Dropping

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We continue to see rates dropping amid the slowing of the economy. Earlier this year the low rates had increased the refinancing business and I think we will continue to see more of this. With peak home buying season coming up, the low rates may help to bring in more buyers and help them to afford homes. To read more about this, click here.

San Diego Home Prices Rise

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I spoke with the San Diego Union-Tribune about the rise in prices compared to last year. Over the last year we have seen a steady increase in home prices. They have reached a new peak at $585K, up 8% from last year. This change may be due to the low interest rates we continue to see. This has helped more buyers purchase homes and it has driven competition. The low interest rates have been driven by many factors, to read about this and more click here.

September Real Estate Market Update

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I wanted to share a quick update with you about what I have observed in the housing market. Below you can find a video where I discuss the trends we have seen.

One of the many observations is of course interest rates. They are still low, but what does it mean for you? If you are contemplating a refinance or purchase, now may be the time to act. Along with low interest rates, there are many loan programs available that may meet your financing needs.

Watch the video below for more information and let me know when I can help put together a plan for you.

What Is Zillow Offers?

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Zillow Offers is a new program that has arrived in San Diego. This new program offers to help homeowners sell their home faster. While this may sound appealing to sellers, the downside is the price point. Zillow Offers may not pay what some sellers would like. Their offer comes in at market value and not typically higher. This may be good for sellers who are simply ready to move on from their current home for various reasons and are not too concerned with getting the highest offer. It’s also an opportunity for sellers who are not interested or cannot afford to make any renovations or changes to their home that would garner a higher offer. So while there are benefits to this program, it is not for everyone.

I spoke with some news outlets about this program. You can check out the articles here and here. Some San Diego realtors also offer their opinion on this program and it’s definitely worth the read.

What Is An Appraisal?

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Down below is a short vide explaining the importance of an appraisal in the home buying process. An appraisal can help to give you a better idea of the value of your investment in a home. For any questions you may have, reach out to me I’m happy to help!