22 Sep 2020
By Kevin Gahagan

Understand Coronavirus Mortgage Relief Options

Mortgage Tips

Understand Coronavirus Mortgage Relief OptionsThe coronavirus pandemic has impacted everyone. For homeowners, they might be wondering how they are able to keep up with their mortgage in light of shelter in place orders, financial difficulties, and unemployment problems.

Federal agencies and regulatory authorities are putting relief measures in place during the pandemic to help people who might have trouble keeping up with their mortgage. When it comes to coronavirus mortgage relief, there are a few tips that everyone should keep in mind. 

Talk To The Lender First

The first step is always to talk to the lender directly and see if there are relief options. The last thing A lender wants us to have a bunch of loans go into default. When this happens, the lender might be forced to sell the property for a significantly reduced cost, meaning they will lose a significant amount of money. They do not want their borrowers to foreclose either. Therefore, as long as they are given enough notice, they should be able to help borrowers by adjusting their payment plans. 

Understand The Options

Everyone has a different type of mortgage and every contract is different. Borrowers me to take a look at the details of their plans and make sure they understand what their options are. For example, borrowers with certain types of loans might have lenders who are obligated to offer deferred or reduce mortgage payments for a period of six months. This is called forbearance. 

This means that borrowers do not have to pay their mortgage for a few months and will not be charged late fees or added interest. It is important to know that they will owe this money eventually. All borrowers need to read their contracts to see if they qualify for forbearance. 

Foreclosures And Evictions Have Been Halted

Finally, during the pandemic, Federal officials have imposed a nationwide halt when it comes to foreclosures and evictions. This moratorium only affects borrowers with certain plans. Therefore, everyone needs to read their contracts closely to see if they’re playing qualifies. Furthermore, there are certain cities, counties, and states that have halted foreclosures for everybody. 

The coronavirus pandemic has been difficult for everyone. It is important to keep these mortgage relief options in mind and ask for help from professionals. That way, everyone can understand all of your options.

 

11 Sep 2020
By Kevin Gahagan

3 Handy Tips That Will Prevent Serious Stress when Buying and Selling a Home at the Same Time

Mortgage Tips

3 Handy Tips That Will Prevent Serious Stress when Buying and Selling a Home at the Same TimeIf you’re in the process of simultaneously buying and selling a home, you may be in for the most stressful experience of your life. One UK-based real estate survey of over two thousand people found that buying and selling a house is more stressful than divorce, bankruptcy, a death in the family, becoming a parent for the first time, and even planning a wedding!

It’s not easy, but staying calm will help you to plan for your upcoming home purchase and sale and make the process easier. So how can you avoid the stress? Here are three strategies that will keep you calm, no matter what may happen.

Have A Thorough Plan In Place…

Much of the stress that you’ll experience will probably be the result of poor planning. You may feel stressed if you don’t have enough time to move or if you have to pay mortgages on two homes because your old home isn’t selling fast enough.

Before you get too far into the buying and selling process, talk with a real estate agent and ensure you have a solid plan in place for how you’ll manage buying and selling at the same time. Leave a time and expense buffer for unexpected complications – even if nothing goes wrong, it’s still nice to know you have some room to work with.

…But Be Ready To Improvise If Things Go Sideways

There are a number of ways that buying and selling at the same time might result in complications. Poor timing might mean you need to move out before you have a home to move into, or it might mean you don’t have the money for your new home if your old home hasn’t sold. Be prepared to rent a hotel room, take out a short-term loan, or move your belongings into storage if the sale doesn’t go according to plan.

Talk Out Your Problems With Loved Ones

In times of stress, it’s helpful to turn to friends and family for a helping hand. Studies have shown that having a strong social support network can mitigate the effects of stress, and even the Mayo Clinic suggests reaching out to loved ones when you feel overwhelmed. Don’t be afraid to ask your friends for emotional support, and whenever you have an opportunity to socialize, take it – you’ll find it easier to handle stress after a fun night out with friends.

Buying and selling a home at the same time is bound to be stressful, but an experienced real estate agent can minimize the agony. Call a real estate agent near you to learn how you can successfully buy and sell a home at the same time.

10 Sep 2020
By Kevin Gahagan

Does Your Home Have What Buyers Are Interested In?

Mortgage Tips

Does Your Home Have What Buyers Are Interested In?If you are looking to sell a home in the current market, then you know that the COVID-19 pandemic has changed the way many people look at the world and this includes their home.

Therefore, buyers need to think about whether or not their homes have what buyers are looking for. While this is a hot market and sellers could quickly end up with multiple offers for their homes, they are more likely to get a higher offer if their home has one of the key features that buyers in today’s market will love.

A Home Office

Without a doubt, this is one of the most popular features today. With the pandemic changing the way people work, workers are spending more time at home than ever before. Everyone is looking for a way to be productive at home and this means having a home office. A home office is essential because it gives those working remotely with a place where they can seclude themselves in their own home and be productive. At the same time, if there is an emergency, they can still respond quickly. Buyers today are looking for a home office.

More Space To Accommodate

Lots of families are looking for ways to accommodate their loved ones and this means more space. For example, many schools are still operating virtually. This means that the kids are at home during the day and will need their space. In addition, elderly individuals are particularly vulnerable in today’s environment, so many families have welcomed their elderly family members as well. Homes with the space to accommodate these desires are going to be more popular.

Powerful Internet Access

While this is something that can be adjusted if necessary, powerful internet access is important. Think about everyone who is going to be putting a drain on the home’s internet connection. People are streaming TV more than ever. Kids need to be able to pay attention to their lectures. Those working from home are going to have video conferences. Having strong internet access is a must.

Sell A Home With These Features

Anyone who is looking to get the most for their home should keep these features in mind. They can drive up a home’s value in the current market.  

09 Sep 2020
By Kevin Gahagan

You May Need More Than You Think To Buy Your First Home

Mortgage Tips

You May Need More Than You Think To Buy Your First HomeThose who are thinking about buying their first home soon are likely saving up for a down payment. This can be a challenging process because, for many people, this is the largest amount of money they have ever saved in their lives. Sadly, the amount that people might need to buy their first home is more than they think.

There are numerous other costs that go along with buying and maintaining a home. As a result, people need to save up more than they think. Even for starter homes that are usually less expensive than family homes, there are numerous costs that need to be included.

Think about a home that is $250,000. A 20 percent down payment is $50,000. That is already a lot of money. Even for those who might try to get away with a 10 percent down payment, that is still $25,000. That is enough money to buy a very nice car. Where do these other expenses come from?

Buying A Home Has Other Costs

There are other costs that go along with buying a home. For example, there are closing costs that accompany this process. This could be thousands of dollars. In addition, there might be points due at signing and origination fees that accompany the process of taking out a loan. Of course, people could avoid these costs by buying the house in cash; however, for most people, this is simply not realistic.

Furnishing A New Home

On top of this, there are costs that come with furnishing a new home. Think about how much money coffee tables, dressers, desks, beds, and wardrobes cost. This might also include new kitchen appliances, a washer, a dryer, and more. All of these need to be included when trying to figure out the cost of a new home.

Take Advantage Of Low Mortgage Rates

It is possible for people to save up enough money to buy their first home. They simply need to keep a few tips in mind. First, take advantage of low mortgage rates. Use this to avoid PMI, origination fees, and points. Then, find ways to reduce moving costs. Bring old furniture to the new home and try to make sure that all appliances are up to date to avoid repair bills. This will make a new home more affordable.

28 Aug 2020
By Kevin Gahagan

Condo Damage Caused By Contractors Hired By The HOA: Who Pays?

Mortgage Tips

Condo Damage Caused By Contractors Hired By The HOA: Who Pays?For those who live in a condo, they know that there are numerous advantages that come with this living arrangement. Living in a condo means that other people are going to be responsible for landscaping and common areas while homeowners are still able to build equity in the home.

At the same time, the HOA has quite a bit of power and one of the biggest concerns that people might have involves who pays for the damage in the event that something in the building has been damaged. There are a few important points to keep in mind.

Roof Replacement Contractors

Sometimes, the HOA might hire contractors to work on the roof. During this process, there might be a leak that develops in the roof. This could leak through and damage condos that are on the top floor of the building. This could damage the kitchen ceiling. The association might try to get out of paying to fix certain damages.

It is important to note that those who live in a condo building buy into everything that goes along with ownership. This includes the management and the contractors that are hired by the manager.

Read The Document Carefully

When people move into a condo building, there are certain bylaws they agree to follow. Sometimes, this packet might state that the unit owner is responsible for any damage to a unit that is caused by the association. The bylaws usually state something along the lines of “unit owners need to have homeowner’s insurance.” In this case, the insurance carrier should help the unit owner cover some of the costs of the repairs.

If the condo docs are drafted in this manner, then the unit owner is responsible for the repairs even though the contractor caused the damage.

File An Insurance Claim

While this might not sound like a perfect solution, the unit owner might still not have to pay for the damages. This is why unit owners need to have home insurance. The next step should be to file a claim with the home insurance company. This claim might be able to cover the cost of the repairs that were caused by the contractors hired by the HOA.