Tuesday, May 5, 2020 / by Vanessa Saunders
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
05-05-2020
The Coronavirus outbreak has left many Americans dealing with reduced income or unemployment. In response, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES), which in part directs lenders to provide mortgage relief options to affected homeowners. But some lenders are mishandling the program and innocent borrowers are suffering the consequences.
The CARES Act requires lenders to offer borrowers up to 180 days’ forbearance, with the option for borrowers to request an additional 180 days’ forbearance or to stop the forbearance at any time. You can be directly or indirectly affected by the COVID-19 outbreak to qualify for forbearance, and you do not have to be delinquent on your mortgage. You can apply before you’ve missed a payment.
Under the terms of the CARES Act, lenders won’t report forbearance to the credit bureaus. ...
Read More
hudson valley real estate, hudson valley property, buying a home, hudson valley home owners, hudson valley house, financing, mortgage, credit scores, pandemic, lending
Monday, February 24, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
If your financial situation is less than perfect, buying a house may be a bit more challenging than it would be for others. But it is possible. Here are five things a prospective home buyer can do toward getting a home, even with fair or bad credit .
1. Improve your credit.
It sounds obvious, but it can be done. Lenders judge a borrower's likelihood to pay back a loan based on their credit score. A credit score range between 669-580 ranks your credit as “fair,” and is considered a higher risk for a mortgage lender. Lenders view a score of 579 or less to be “bad credit.” A low credit score means you’re a higher risk for a lender.
It is possible to improve your credit score if it's below 580, and it may take some time. You can:
Improve your payment history.
Having a history of regular on-time payments are a critical part of good credit. Having a plan to regularly make payments w ...
Read More
hudson valley real estate, hudson valley property, hudson valley home, buying a home, home investment, hudson valley home owners, 'urb to 'burb, mortgage rates, mortgage process, financing, first time home buyer, mortgage, credit scores, fha, va loans
Wednesday, January 22, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Interest rates are at a near record low. A lot of home owners, 63% to be accurate, are considering re-financing to lower their rates. Look at the numbers to determine if this a good time for you to do a re-fi.
According to Freddie Mac, the Mortgage Bankers Association has the current average 30 year fixed rate at 3.65%, a full point below January last year. But before you go scampering down to find a friendly lender to fork over some cash, look at the costs you'll be paying and decide if it makes sense.
How much does it cost to re-finance your home loan?
The cost to refinance is between 2-5% of loan amount. That means, if you're currently borrowing $200,000, it will cost $4,000 to $10,000 to get the mortgage refinanced. You should figure out how much the new rate will save you and how long before you've break even with the added cost of the re-fi and decide if it is reasonable to make that change. (There ...
Read More
hudson valley real estate, hudson valley property, buying a home, home investment, hudson valley home owners, orange county ny, 'urb to 'burb, westchester county, rockland county, ulster county, sullivan county, hudson valley house, manhattan, dutchess, mortgage rates, mortgage process, financing, credit scores
Wednesday, January 22, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Even though unemployment is down for now, loss of income is still affecting millions of American families. But foreclosure doesn't mean a home owner's situation is hopeless. Finding a foreclosure attorney and going through the steps of foreclosure together can ease the strain in this troubling time. Critical to fighting a foreclosure is to get started as soon as possible, to set the process in motion. Knowing the steps in the foreclosure process will help borrowers understand how it works, and how they can protect their right and options.
Step One: The owner stops making payments.
After three or four (or more depending on the lender), the lender will begin mortgage foreclosure procedures. Although foreclosure procedures differ from state to state, those in New York are substantially the same as elsewhere.
Step Two:
The Bank Issues an Acceleration Letter
The lender will sell the borrower notice called ...
Read More
hudson valley real estate, hudson valley home, hudson valley home owners, orange county ny, 'urb to 'burb, westchester county, rockland county, ulster county, sullivan county, hudson valley house, dutchess, mortgage rates, mortgage process, credit scores, short sale
Monday, December 9, 2019 / by Vanessa Saunders
Debt-to-income (DTI) ratios are one tool used by lenders to determine the credit worthiness of mortgage borrowers. It isn't the same as a credit utilization number, which represents the amount of debt borrowers have relative to their credit card and line of credit limits. Lenders will also use a debt to income ratio to determine how much home buyers can afford to borrow, and how much they can reasonably afford in monthly payments.
Figuring your DTI is a simple bit of arithmetic after working out your total monthly debt and total monthly income. It is simply monthly debt divided by monthly income equals DTI, which for most buyers will be a number less than one.
Total Your Monthly Debt
The first step in calculating your debt-to-income ratio is determining how much you spend each month on debt.
To start, add up the total amount of your monthly debt payments, including:
Current mortgage or rent
Minimum credit card payments
Car loan
Student loans
Alimony/child support p ...
Read More
hudson valley real estate, hudson valley property, hudson valley home, buying a home, 'urb to 'burb, mortgage rates, mortgage process, financing, mortgage, credit scores
