Renting

Fannie Mae and Freddie Mac Roll Out New Payment Deferral Option

To further complicate the complicated mortgage relief picture surrounding the coronavirus outbreak, Fannie Mae and Freddie Mac have released their new “payment deferral” option early. Originally slated to roll out on January 1st, 2021, the pair are encouraging loan servicers to begin evaluating eligible borrowers on or after July 1st, 2020. Note that this relief [&hellip

The post Fannie Mae and Freddie Mac Roll Out New Payment Deferral Option first appeared on The Truth About Mortgage.

Would You Rather Have a Low Mortgage Rate or Pay a Lower Price for a Home?

My friend asked me the other day if I’d rather have a low mortgage rate or pay a lower price for a home. I paused briefly, then said I’d rather pay less for the home. My thought process was basically that the price you pay for a home will never, ever change, whereas mortgage rates [&hellip

The post Would You Rather Have a Low Mortgage Rate or Pay a Lower Price for a Home? first appeared on The Truth About Mortgage.

RedfinNow Temporarily Halts Offers as Housing Market Takes Turn for the Worse

We’re now getting our first indication of how the coronavirus may affect the once booming housing market, thanks to a blog post from Redfin boss Glenn Kelman. It’s not good news, as indicated by the title of this post. RedfinNow Hits the Brakes The real estate brokerage is no longer buying homes for cash Unclear [&hellip

The post RedfinNow Temporarily Halts Offers as Housing Market Takes Turn for the Worse first appeared on The Truth About Mortgage.

What Mortgage Rates at 4-Year Highs Does and Doesn’t Mean

You’ve probably already seen the alarming headlines, that mortgage interest rates rose this week to highs not seen in over four years. Gasp! It sounds like doomsday for mortgage rates, but to really interpret what four years means, we have to take a look back at history. 30-Year Fixed Hits 4-Year High of 4.58% Freddie [&hellip

The post What Mortgage Rates at 4-Year Highs Does and Doesn’t Mean first appeared on The Truth About Mortgage.

California Homeowners Now Eligible for 90-Day Mortgage Payment Relief Due to Coronavirus

California Governor Gavin Newsom has announced a “major financial relief package” that gives homeowners in the Golden State a three-month mortgage reprieve. Those who have been (or will be) economically impacted by the coronavirus (COVID-19) are eligible to receive a 90-day grace period on their mortgage payments. This is similar to what some individual mortgage lenders [&hellip

The post California Homeowners Now Eligible for 90-Day Mortgage Payment Relief Due to Coronavirus first appeared on The Truth About Mortgage.

Looking for a New Apartment? Here’s What You Need to Know

Get ahead on your apartment search so you’re not left behind.

Mortgage Rates Vary by Lender, So Shop Around

While mortgages are largely a commoditized product, unlike perhaps a TV or a smartphone with unique technology, their cost can still vary considerably by lender. The reason mortgage rates are different across banks and lenders could be a result of operating costs, risk appetite, desire to dominant a certain region, and so on. If one [&hellip

The post Mortgage Rates Vary by Lender, So Shop Around first appeared on The Truth About Mortgage.

Generate a Mortgage Forbearance Request Letter with This Free Tool

You may (or may not) have heard that the CARES Act is allowing a huge chunk of homeowners to request forbearance for six to 12 months of mortgage payments. If you haven’t heard, you can review the details here, but the takeaway is that anyone with a federally-backed mortgage who has been economically affected by [&hellip

The post Generate a Mortgage Forbearance Request Letter with This Free Tool first appeared on The Truth About Mortgage.

Short Sale vs. Foreclosure: What’s the Credit Score Impact?

Mortgage match-up: “Foreclosure vs. short sale on your credit report.” It’s been a while since I’ve come up with a mortgage match-up, but there’s been a lot of fuss about short sales and credit scores lately, so I wanted to add my two cents. I already touched upon how a foreclosure affects one’s credit, but [&hellip

The post Short Sale vs. Foreclosure: What’s the Credit Score Impact? first appeared on The Truth About Mortgage.

What Mortgage Has the Best Interest Rate?

Here’s an interesting question: “What mortgage has the best interest rate?” Before we dive in, “best” questions are always a bit difficult to answer universally because what’s best to one person could be the worst for another. Or at least not quite the best. But we can still examine what makes one mortgage rate on [&hellip

The post What Mortgage Has the Best Interest Rate? first appeared on The Truth About Mortgage.