Tuesday, July 28, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As politicians in our legislatures grind on trying to agree on how much less out-of-work Americans can receive in unemployment payments, the clock is ticking for home-owners trying to figure out a way to make the mortgage payment next month. For those of you who have never been in this situation, this is a reminder that you do have options to get help.
Temporary Mortgage Relief Due to Coronavirus Pandemic
In response to the Coronavirus pandemic, under the CARES Act, the owners of single-family homes with federally-backed mortgages can get two types of financial help.
Eviction and Foreclosure Moratorium
An eviction and foreclosure moratorium that went into effect on March 18, 2020, has been extended again. It now continues until August 31, 2020. During that time, homeowners:
-Will not be charged late fees
-Will not be evicted from their homes
Lenders:
-Will not initiate foreclosure proceedings ...
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hudson valley real estate, hudson valley home owners, 'urb to 'burb, financing, pandemic, mortgage, fha, unemployment, veterans, rent moratorium
Tuesday, July 21, 2020 / by Vanessa Saunders
We wrote yesterday about the factors keeping homes for sale off the Hudson Valley real estate market. We named six "suspects" causing the dearth of housing inventory. There's one more:
30 year fixed rate mortgage interest rates that recently fell below 3%.
Freddie Mac’s nationwide survey of mortgage rates, released on Thursday, July 16th, showed the average on a 30-year mortgage at 2.98 percent, the first time this key rate has fallen below 3 percent since the government-backed mortgage finance firm began publishing the data in 1971. But unfortunately for home buyers in the Hudson Valley, mortgage rates so deliciously low have caused many existing homeowners to to refinance and stay put.
Mark Fleming, the chief economist at First American said in an appearance on Yahoo Finance, "I never thought I’d be able to say that a 30-year fixed-rate mortgage would be less than 3 percent but now we have it,” Fleming said. “That is in large part because of the economic ...
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hudson valley real estate, hudson valley property, hudson valley home, hudson valley home owners, housing sales, selling your home, housing sales inventory, financing, pandemic, mortgage, bidding war
Tuesday, July 7, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
I wrote a blog yesterday about how mortgage loan interest rates set a new all time low record last week. The story we told was about how such attractive financing, paired with the low number of homes for sale in the Hudson Valley and a predicted up-tick in home prices this season should be great news for sellers. We forgot one thing.
Low mortgage rates are also great news for buyers. Even first time buyers. Here's why.
Home prices may be heading for a rise right now, but buyers can offset paying a little extra for a home by the astonishing amount they'll save by financing now.
What many people often forget when they decide to buy is that the price they agree to pay for a house at contract isn't how much they'll actually pay. Leaving aside taxes and other ancillary home ownership expenses, what they actually pay is the amount they'll borrow for the home AND the interest they'll pay on their mortg ...
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hudson valley real estate, hudson valley property, hudson valley home, buying a home, home investment, 'urb to 'burb, mortgage rates, first time home buyer, financing, mortgage
Monday, July 6, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
It's happened again. Mortgage rates have eased down another few points to hit a new all-time low. According to Freddie Mac's latest figures, released July 3, the average rate for a 30 year fixed rate mortgage came in at 3.07%. The previous low (which Thursday's beat) was 3.13%. Last year at this time, the rate was 3.75%.
Sam Khater, Freddie Mac’s chief economist, said in a statement, “Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year.On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity.”
Equally unheard-of, Freddie put the 15-year fixed-rate mortgage average at 2.56 percent, down slightly from last week’s 2.59 percent, beat ...
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hudson valley real estate, hudson valley property, hudson valley home, home investment, hudson valley home owners, 'urb to 'burb, housing sales inventory, mortgage rates
Tuesday, June 30, 2020 / by Vanessa Saunders
Last year at this time, mortgages in forbearance programs represented 1% of all mortgages. As of May 10, 2020, more than 4 million borrowers were able to declare financial hardship and delay making payments on their loans for up to a year. Things are a-changin' in the mortgage world. The Covid-19 pandemic and economic shutdown have left the mortgage markets bubbling with volatility, and lenders are changing to meet the new normal.
Is it still possible to get a mortgage? The answer is yes, but some of the rules have changed.
Lenders are asking for higher qualification thresholds.
Expect more hoops to jump through, especially on mortgages that are deemed more "risky" than others - jumbo loans, high-balance conforming loans and investment property loans.
(A conforming loan is a mortgage that is equal to or less than the dollar amount established by the limit set by the Federal Housing Finance Agency ( (FHFA) and meets the funding criteria of Freddie Mac and Fannie Mae.) Buyers will ...
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hudson valley real estate, hudson valley home, buying a home, hudson valley home owners, 'urb to 'burb, mortgage rates, first time home buyer, mortgage, va loans
