• Latest
  • Trending
  • All
How to Handle Mortgages During the COVID-19 Pandemic

How to Handle Mortgages During the COVID-19 Pandemic

December 22, 2022
10 Amazing Interior Design Ideas For Small Living Rooms

10 Amazing Interior Design Ideas For Small Living Rooms

January 26, 2023
Cleaning House – How to Make Your Home Look Better in the Future

Cleaning House – How to Make Your Home Look Better in the Future

January 21, 2023
Lowes Home Improvement Corporate Office Design Ideas

Lowes Home Improvement Corporate Office Design Ideas

January 18, 2023
Home Inspections – What You Need to Know Before You Buy a Home

Home Inspections – What You Need to Know Before You Buy a Home

January 18, 2023
Home Inspection – How to Get Approved for a Mortgage

Home Inspection – How to Get Approved for a Mortgage

January 15, 2023
Home Improvement License – Can You Get It Without Doing Any Work?

Home Improvement License – Can You Get It Without Doing Any Work?

January 10, 2023
JELD WEN Interior Doors

JELD WEN Interior Doors

January 9, 2023
Home Decor Ideas – Decorate Your Home with a Customizable Theme

Home Decor Ideas – Decorate Your Home with a Customizable Theme

December 28, 2022
How to Hammer Home Improvement

How to Hammer Home Improvement

December 26, 2022
How To Put Your Bedroom Set To Work

How To Put Your Bedroom Set To Work

December 23, 2022
Damp Proofing An Existing Home

Damp Proofing An Existing Home

December 23, 2022
Storm, Damage, Hurricane, Wind, Disaster, Insurance

How to Clean Up the Exterior of Your Home After a Big Storm

December 23, 2022
  • Home
  • About Us
  • Anti Spam Policy
  • Contact Us
  • Cookie Policy
  • DMCA
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
Sunday, January 29, 2023
  • Login
House Carty
  • Home
  • Real Estate
    • Property Dealers
    • Buying A Property
    • Real Estate Agents
    • Property to Rent
    • Selling Property
    • Property Investment
    • Mortgage
  • Construction
    • Exterior Design
    • Interior Design
  • Home Business
    • Home Improvement
      • Gardening
      • Plumbing
      • Home Decor
        • Painting
        • Furniture
    • Home Inspections
  • Cleaning Services
    • House Cleaning Tips
      • Kitchen
      • Outdoors
      • Roofing
      • Door And Windows
      • Flooring
  • Contact Us
  • Pages
    • Disclaimer
    • Privacy Policy
    • About Us
    • Anti Spam Policy
    • Cookie Policy
    • Terms and Conditions
    • DMCA
No Result
View All Result
House Carty
No Result
View All Result
Home Mortgage

How to Handle Mortgages During the COVID-19 Pandemic

by Vicki Horton
December 22, 2022
in Mortgage
0

Even today, mortgage accounts for one of the biggest monthly expenses for most homeowners. The COVID-19 pandemic has hampered finances and strained homeowners as they are now faced with challenges of job security and managing their cash flows. Until lenders evaluate uncertainties in the market, mortgage rates are expected to remain volatile.

The US Federal Reserve reduced its interest rates to near-zero early on in the pandemic with the hope of stimulating the economy. However, since mortgage rates are not directly related to the Federal directives, it is trickle-down economics.

Mortgages

Summary show
What are the experts saying?
Is it a good time to buy a home?
How can a good mortgage professional help you?

What are the experts saying?

Experts, such as Rex Homes, advise homeowners struggling to pay their bills and are concerned about losing their homes due to the inability to pay their mortgages to take a holistic approach. Homeowners need to contact lenders and understand the relief options. Owing to the pandemic, many credit card merchants offer a no-interest grace period with zero fees that allow customers to temporarily reduce their credit card payments, thereby freeing cash for any other purposes.

Forbearance is another temporary option to provide short-term liquidity so that borrowers can stay afloat. However, homeowners must realize that the mortgage must be paid back eventually and consider future financing when choosing forbearance as an option. Some of the negative impacts of forbearance, such as the inability to refinance mortgages within the required time and the impact on FICO score, also need to be considered before deciding.

Refinancing is another solution, but some drawbacks need to be accounted for. It is a long procedure to obtain refinancing, and the monthly savings may not be available immediately. Refinancing may also bring additional debts that need to be paid at a later time.

Homeowners should look at all sources of income and cash and monthly expenditures before considering options of refinancing or forbearance.

Is it a good time to buy a home?

Buying a home amid the pandemic is a personal decision based on your current income and economic conditions. If you are in a stable job, you have an excellent opportunity to buy a home. Housing prices have remained affordable for more than a decade now. If you have the money for a down payment, you are at the advantage of getting a relatively low-interest rate on your mortgage.

The Spring season is considered the peak time when homeowners sell and buy homes. Before COVID-19 hit the United States, early home sellers had already listed their houses for sale. While the current number of homes listed in the market may be limited, so is the competition. Many buyers are delaying their home buying search, which could be a good time to buy a home if you have the necessary resources.

How can a good mortgage professional help you?

Since COVID-19 hit, mortgage authorities and lenders have made significant modifications to their pre-closing requirements to assist buyers and refinancers in proceeding through lockdowns. A good mortgage professional can help you navigate through these rules by helping you understand what applies to your transaction depending on the type of mortgage and your state rules. Analyzing your finances and mortgage options based on your current situation can be a tedious task, but having a knowledgeable mortgage professional by your side can help you navigate the rough climate smoothly.

Vicki Horton

Vicki Horton

My name is Vicki Horton. I am a freelance writer who specializes in property, home renovation, and interior decorating topics. I've written hundreds of articles for various publications over the years. I've written on topics such as house flipping, home renovation, property, real estate, remodeling, decorating, and home improvement. I've contributed to several magazines, newspapers, blogs, and online publications. You can reach me at admin@housecarty.com.

No Result
View All Result

Today Trending

Plugin Install : Popular Post Widget need JNews - View Counter to be installed

Popular Post

10 Amazing Interior Design Ideas For Small Living Rooms

10 Amazing Interior Design Ideas For Small Living Rooms

January 26, 2023
Cleaning House – How to Make Your Home Look Better in the Future

Cleaning House – How to Make Your Home Look Better in the Future

January 21, 2023
Lowes Home Improvement Corporate Office Design Ideas

Lowes Home Improvement Corporate Office Design Ideas

January 18, 2023
House Carty

Copyright © 2023 Housecarty | All Rights Reserved

Navigate Site

  • Home
  • About Us
  • Anti Spam Policy
  • Contact Us
  • Cookie Policy
  • DMCA
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Home
  • Real Estate
    • Property Dealers
    • Buying A Property
    • Real Estate Agents
    • Property to Rent
    • Selling Property
    • Property Investment
    • Mortgage
  • Construction
    • Exterior Design
    • Interior Design
  • Home Business
    • Home Improvement
      • Gardening
      • Plumbing
      • Home Decor
    • Home Inspections
  • Cleaning Services
    • House Cleaning Tips
      • Kitchen
      • Outdoors
      • Roofing
      • Door And Windows
      • Flooring
  • Contact Us
  • Pages
    • Disclaimer
    • Privacy Policy
    • About Us
    • Anti Spam Policy
    • Cookie Policy
    • Terms and Conditions
    • DMCA

Copyright © 2023 Housecarty | All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In