Forbearance may Hurt Millions of home owners – COVID-19 Guidance Update 05/06/2020

Good afternoon, I wanted to take a moment and update everyone on the new mortgage guidelines that go into effect today 5-6-2020.  As I have predicted, the mortgage forbearance program is going to hurt millions of homeowners across the country. New Agency Guidelines were handed down last night on how lenders will treat forbearance.  In April 3.5 Million homeowners took advantage of skipping a Read More…

Realtors back to work May 7th!

May 7th Realtors are back to work for their buyers and sellers! We are here to serve you and your clients ensuring a smooth and satisfying transaction. For your information regarding our current mortgage rates: In the last 7 days, interest rates have leveled out. Currently, a buyer looking at a 30 year fixed Conventional home loan interest rate can expect anything from 3.25%-3.75%. 15 year fRead More…

A Take on Mortgage Forbearance

As we are coming up on the sixth week of quarantine here in Michigan, it is taking a toll on the Real Estate and Mortgage industry.  Where does it end?  Last week Chase Bank announced it will require any borrower to have a minimum of a 700 credit score and will require a 20% down payment to purchase a home.  Today I read a report that Chase will also suspend its HELOC or  (Home Equity Lines ofRead More…

CARE Act for Mortgage Forbearance

The COVID-19 Coronavirus has led to some challenging times for all of us. The Government has created the CARE Act, to assist homeowners whose income may have been adversely impacted by the coronavirus. One of the components of the CARE Act is the possibility of mortgage forbearance. Forbearance is often misinterpreted. And while it is intended to help, it can have some dangerous repercussionRead More…

Mortgage Mess COVID-19 Update

The mortgage world continues to tumble with no end in sight.  Lenders are eliminating loan programs, raising interest rates, and making borrowing even more difficult. COVID 19 is not only having an effect on our health but now begins to take a toll on our prosperity.  Interest rates on conventional type lending continue to raise then drop-in pockets.  Some days we get some very low rates, we caRead More…

Mortgage Crisis and Fed Unintended Consequences

The Coronavirus Meltdown  The current Coronavirus crisis is having a critical impact on the Mortgage Industry, which could potentially make the 2008 financial crisis pale in comparison.  The pressing issue centers around capital that’s required by Mortgage Lenders to be able to function and meet covenants that are required for them to continue to lend.  Here’s How The Mortgage Market WorkRead More…

Vic’s Forecast of our Market with the Virus

I wanted to take a moment to share my opinions, forecast, and insight on the effect of the Coronavirus on the Mortgage and Real Estate industry. I will try to put this in an easily understandable sequence and offer some explanations to the Mortgage and Real Estate industry in recent weeks. As the virus takes hold of the world, economy, and our way of life, we will all feel the pinch. It appearsRead More…

Mortgages and the World Economy

The Feds took a bold move yesterday and lowered interest rates to an all-time low of 0 -.25%. What does this mean to the consumer? When the Feds lower interest rates, Businesses, and Banks can borrower from the Feds at nearly no costs. These are short term loans to be paid back generally 90 to 180 days. This will not necessarily affect MORTGAGE interest rates but it will help. It will affect Home Read More…

Coronavirus effecting Interest Rates

Some Perspective on the Markets from the local expert: Jeffrey R. Saunders, JD, CFP® Recent market drops make it easy to remember Paul McCartney’s lyrics, “yesterday, all my troubles seemed so far away…” It was just February 19th that the markets were at an all-time high. Just over a week, later the major averages had dropped nearly 15%. What was starting out as a good first quarter Read More…