Why the End of Forbearance Will Not Lead to a Wave of Foreclosures
Many people who took advantage of federal mortgage payment forbearance during the COVID-19 pandemic are now just past or nearing their plan’s end date. This means millions of homeowners are now resuming their regular monthly mortgage payments, along with trying to make up the 6-12 months of missed payments from the forbearance period.
It’s hard not to wonder if this will be a repeat of the 2008 housing market collapse. People fear that homeowners, still underemployed due to the pandemic, will not be able to resume their monthly mortgage bills. Many skeptics say that this will lead to a wave of foreclosures that could cause the housing market to plummet in value. However, real estate experts say that the market today is nothing like it was back in 2008, and they do NOT anticipate an increase in foreclosures due to the end of forbearance plans. Read more
Buying a home can be a complicated process, but there are things you can do to ease some of the stress. Preparation for purchase should begin well before you ever look at a potential property. Important things to consider when purchasing a new home include crime rates, school district reputations, commute times to work or school, availability of public transportation, HOA fees, and, of course, how much you can afford. Obtaining a mortgage pre-approval is the best way to estimate how much you can finance for a new home.
Today’s real estate market is on fire — if you are a seller, that is. The current supply of available homes is down by around a third since last year! Homes are also selling in record-setting times, sometimes within just hours of hitting the market. Many people are currently going all out to purchase any home that pops onto the market, and sellers are receiving multiple offers (in some cases, 50 or more!) well over their asking price.
Almost three-quarters of Americans say their home is their biggest asset. When it comes time to sell, you want the highest price possible with minimal investment. More and more people choose to market their homes themselves, skipping some of the selling costs that eat into sellers’ profit. Knowing how to market your home effectively is the difference between selling quickly or having your property sit on the market for months. Follow these guidelines to get your home sold so you can move on with the next chapter in your life:
If you’re like most Americans, your home is probably your most valuable investment. When it’s time to sell your home, there’s probably one thing on your mind, and that is getting the highest price possible. You can’t control all of the factors that determine your home’s value, but making repairs and renovations is a popular way to get your home sold quicker and for a higher price. There are many tried-and-true ways to increase your home’s value before listing it on the market, including:
There aren’t many things in life as exciting as closing on your very first home! While you’ll certainly be excited and feel accomplished as a new home buyer, the process can also be intimidating and hard to navigate, not to mention expensive. Luckily, in the state of Florida, there are several ways first-time homebuyers can reduce the monthly payments, down payment, and closing costs on their mortgages, making homeownership easier than ever!
Thinking about refinancing your home? Refinancing is essentially taking out a brand new (often higher) mortgage for your home, paying off your existing mortgage, and keeping what’s leftover, if anything, in cash. Some people refinance to lower their payment, usually by extending their mortgage term for more years, while others may refinance with a higher payment and shorter term so they can pay the mortgage off faster. Some refinance to a higher mortgage than they currently owe, up to the value of the property, to make a large purchase or invest into retirement savings. No matter what you want to refinance for, it’s not a decision to be taken lightly. Many factors will affect your refinance, but here are some top things to consider before signing that refinance paperwork:
