May 2020 Mortgage Market Update – Current Housing Market, Risk of Forbearance, Refinance and Save!
The Current Housing Market
Interest rates are still at ALL-TIME LOWS and the housing market is on FIRE! if you have heard rumors that the housing market is going to correct, crash or be like it was in 2008, that is just not the case and we don’t anticipate that anything like that would happen at this point.
I also wanted to talk to you all again about the risk of forbearance. About 15% of Americans have gone into a forbearance, as of right now. What this could mean for those people is that they can not get another loan for up to 12 months. If this is something you are considering, make sure you read the fine print and fully understand what you are getting into.
Refinancing & Save!
Right now we have been helping people:
- Take cash out to pay off higher interest rate debt
- Take cash out to fix up their homes
- Take cash out to to have a little money to help weather the storm
- Lower their interest rate to have lower monthly payments.
- Lower their term from a 30 year to a 15 year (or even a 10 year)
- Get rid of paying mortgage insurance by going from an FHA loan to a Conventional loan
As always, thank you so much for your continued business. Please feel free to call me at the office with any questions. I would love to talk with you!Questions? Contact Chris Today!