Tuesday, January 19, 2021 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
http://www.globalpropertysystems.com
Over the past few weeks, I have been speaking to many people who are concerned about the end of their post-Covid19 forbearance time. Those struggling to pay their mortgages due to the consequences of Covid19, be they parents who can’t work because they need to be at home with their children homeschooling, or the many whose jobs just fizzled out and don’t appear to be coming back because their employers have shut up shop - unable to pay their own bills. Now tax time is adding to the misery for those who don’t have their taxes prorated into their mortgages. The majority of the people I speak to are seeing their savings dwindle as the pandemic continues. Everyone is concerned that their flow of money has all but dried up, and wonder how long it will take the economy to get back on its feet.
The homeowners I have spoken to were all relieved the lif. ...
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hudson valley real estate, hudson valley property, hudson valley home, 'urb to 'burb, hudson valley home owners, hudson valley home sellers, selling your home, pandemic, financing, mortgage, lending, forbearance, forclosure, covid 19, ppp loans
Friday, September 18, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
According to a recent survey conducted by ClosingCorp, over half of all home buyers are surprised by the closing costs required to obtain their mortgage.
After surveying 1,000 first-time and repeat home buyers, the results revealed that 17% of home buyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected. “Home buyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”
According to Barry Goldenberg, Senior Loan Originator for Luxury Mortgage:
"Closing costs are fees and expenses paid by the buyer to the lender or third-party servicers such as title companies and attorneys who are part of the process of closing on a home. Closing costs can be rolled in with the mortgage loan, or paid up front. These costs can be from. ...
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hudson valley real estate, hudson valley property, hudson valley home, buying a home, 'urb to 'burb, first time home buyer, mortgage process, financing, mortgage, lending
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.. ...
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hudson valley real estate, hudson valley property, buying a home, hudson valley home owners, hudson valley house, financing, mortgage, credit scores, pandemic, lending
Friday, March 20, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
March 20, 2020
The spread of the Corona Virus in America is only starting to have an effect on our economy. People will soon be out of work, and will wonder where their next mortgage payment will come from. The good news is that this time isn’t like the last economic downturns we have experienced. Here’s why:
The Government Learned its Lesson the Last Time
During the previous housing crash, the government was slow to recognize the challenges homeowners were having and waited too long to grant relief. Today, action is being taken swiftly. Just this week:
The Federal Housing Administration indicated it is enacting an “immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages” for the next 60 days.
The Federal Housing Finance Agency announced it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60. ...
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hudson valley real estate, hudson valley property, hudson valley home, hudson valley home owners, 'urb to 'burb, house pricing, lending, the future of real estate, pandemic, home equity
Tuesday, March 17, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate
With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008.
There are many reasons, however, indicating this real estate market is nothing like 2008. Here are five visuals to show the dramatic differences.
1. Mortgage standards are nothing like they were back then.
During the housing bubble, it was difficult NOT to get a mortgage. Today, it is tough to qualify. The Mortgage Bankers’ Association releases a Mortgage Credit Availability Index which is “a summary measure which indicates the availability of mortgage credit at a point in time.” The higher the index, the easier it is to get a mortgage. As shown below, during the housing bubble, the index skyrocketed. Currently, the index shows how getting a mo ...
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hudson valley real estate, hudson valley property, hudson valley home, lending, the future of real estate, pandemic, the economy
