If you’re one of the thousands of homeowners who is struggling to pay your mortgage and bills right now, safeguarding your credit probably isn’t high on your must-do list. But if you want to make sure your credit stays good—or even
improves—despite any economic difficulties, read on for some important updates and tips.
This article reaches a sizable online audience, so there’s not just one answer to this question. In direct conversation with you—one-on-one—this question could be answered with specific reference to your location, property, finances,
and desired outcomes, but there would still not only be one answer to this question.
The Corona Virus had all but shut down conventional lending in late March 2020 and most of April 2020. Although it now appears that many banks have loosened up, they are far behind in applications due to the shelter in place restrictions and
lack of certainty in the market.
Have a forbearance agreement with Fannie Mae or Freddie Mac? You can breathe a big sigh of relief. The Federal Housing Finance Agency (FHFA)
has announced that homeowners in COVID-19 related forbearance programs with Fannie and Freddie can defer their missed payments until “the home is sold, refinanced, or at maturity,” they said in a news release.
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The 30-year fixed-rate mortgage has again hit the lowest level in our survey’s nearly 50-year
history, breaking the record for the third time in just the last few months. These unprecedented rates have certainly made an impact as purchase demand rebounded from a 35 percent year-over-year decline in mid-April to an 8 percent increase
as of last week—a remarkable turnaround given the sharp contraction in economic activity. Additionally, refinance activity remains elevated and low mortgage rates have been accompanied by a $70,000 decline in the average loan size of refinance
borrowers this year. This means a broader base of borrowers are taking advantage of the record low rate environment, which will benefit the economy."
We won't sell, bend, break or abuse your email address.