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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.

Spend Some Time Outside

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Spending too much time inside may be causing some of us even more stress, so let’s try to spend some time outside. Now is the perfect time to work on the exterior of your home. If you have projects you started and didn’t finish (don’t we all have that endless list), try find some time to continue working on them. Even if you don’t finish them, it will still help you to feel productive and get you moving.

If you are looking for new projects to start here are some ideas:

  • painting your front door (make the right first impression)
  • pressure washing decks and exterior
  • landscape clean up or renovations
  • repainting your home’s exterior

With these ideas, make sure you are staying safe and following social distancing guidelines. Many of these tasks can be accomplished on your own and don’t require you to hire contractors. If you do work with others, make sure you keep the recommended distance and try to complete any paperwork electronically. Stay safe!

For more information on this article, click here.

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.

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Increase In San Diego Home Sales

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I recently spoke with 10News about the increase in home sales we have seen over the last few months. This is a nice change to the trend we had been seeing in San Diego. For the past year, home sales had been declining due to factors like rising home prices and high interest rates. With interest rates decreasing over the last few months, sales have been picking up. While this is a good change for home buyers borrowing to purchase a home, the factor that has not changed is home prices. For this reason many buyers are looking outside of San Diego county when deciding to purchase a home.

These are some of the topics discussed, for the full article click here.

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!