Are you wondering how forbearance could affect your ability to qualify for a loan in the future? Wondering how guideline changes are affecting jumbo loans? What are interest rates doing right now? In this video, Josh Lewis of Buywise Mortgage and I discuss all of those topics and how they might affect you in this current environment.
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Can you still refinance or purchase after forbearance?
If you are in forbearance then doing a refinance or purchasing a home will be an issue. You will need to be out of forbearance and have any past payments made in order for lenders to give you financing. We discuss this in more detail in the video.
Lending Guideline Changes
We discuss how even well qualified buyers with money in the bank and good credit scores are having issues getting financing due to changes in guidelines. The biggest change comes that most lenders who aren’t banks aren’t really doing jumbo loans these days.
Interest Rate Update
Interest rates remain around that 3.25% for standard conventional financing on well qualified buyers as Josh mentioned. He also mentioned how the 10 year note is around that .6 range and over the last 10 years the spread between that and where interest rates are is usually around 1.6% which means that in a normal market rates would be around 2.3% or so if that trend continued. What I’m hearing from that is that as the market normalizes, we could see interest rates go lower
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 – firstname.lastname@example.org
Buywise Mortgage Youtube – https://www.youtube.com/channel/UCvb_...
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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