How have lending guidelines and interest rates affected your ability to qualify for a mortgage? In this video, we discuss your most asked questions and whether or not you should consider refinancing in the current covid-19 environment. #RealEstate #Mortgage #Forbearance
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Lending Guideline Changes
The biggest changes in lending guidelines surround employment. Lenders are now verifying your employment up to the day of closing to make sure you are fully employed and that the covid-19 epidemic hasn't effected your ability to make money.
Chase Stop Accepting Heloc Applications due to the uncertainty in the market. They will still allow anyone who has a home equity line of credit to continue drawing from it but will not allow any new heloc loans. At the same time, there are lenders still doing Helocs which we discuss in more detail in the video.
Interest Rate Update
Also this week we got news that interest rates have dropped to a 30 year low. If you are considering buying a home or refinancing (refinance) then now could be a good time to take advantage of super low interest rates. We discuss this topic in more detail in the video as well.
What is a mortgage forbearance?
A mortgage forbearance agreement is an agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her mortgage.
How to contact Josh Lewis at Buywise Mortgage
Josh Lewis - 714.390.6198 - josh@joshlewis.net
Buywise Mortgage Youtube -
Do you have additional questions about mortgage, interest rates, lending guidelines or real estate? If so, please comment below or contact me directly.
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