Key Things From The World Of Real Estate And Mortgage This Week

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Premier Homes By Angela, The Key To Your Real Estate Experience
For more videos, blogs and details on Buying or Selling a Home go to www.PremierHomesByAngela.com
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Key Things From The World Of Real Estate And Mortgage This Week

 
1
 

The riskier side of the mortgage industry is changing drastically. The Non-QM industry disappeared overnight last Monday. Rates have surged on low-down payment loans. Few lenders are still doing Jumbo loans or purchase-money 2nd HELOC’s. FHA minimum credit scores are increasing.

2

The mortgage industry has been extremely resilient over the last few weeks though and continues to adapt and get loans closed despite the current environment, as evidenced by a shift to exterior-only appraisals, more flexible verifications of employment, and e-recording of deeds.

3

Inflation has fallen as the economy has slowed, which is good for rates short-term.

4

Congress passed the $2.1 Trillion CARES Act, an unprecedented stimulus relief package providing relief to both individuals and businesses, but not necessarily good for rates long-term.

5

The stimulus package gives mortgage holders the ability to pursue a forbearance, which is the temporarily suspension of a mortgage payment due to a borrower verbally attesting to an inability to make a payment (no written evidence required).

6

Please understand that a forbearance is a type of default and that anyone pursuing a new purchase or refinance mortgage can’t have a forbearance request in process. The borrower has to choose between pursuing the forbearance or the new mortgage.
 

RATE UPDATE

Mortgage rates stabilized and didn’t change much last week after the Fed announced an unlimited bond-purchase program to make sure every mortgage bond seller has a buyer.

THIS WEEK

The coronavirus continues to dominate financial market news. Economic data is expected to reflect the negative impact of the epidemic to a greater degree. Employment figures are due out on Friday.

Premier Homes By Angela awaits your call to assist you with buying or selling your home, (844) 385-SOLD.  Our goal is to be your For Life REALTOR® as we assist in building the communities of Atlanta up through homeownership.  We provide you with educated, knowledgeable guidance that can only be made with accurate, reliable, and projected market information.  We use proven repeatable systems for client successful results.  We are happy to be a trusted professional resource for you and your family.  Thank you for the opportunity to provide you with this blog, we look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.  Your Dream Our Mission, we are the KEY to your real estate experience!

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