Sunday, March 2, 2025 / by Vic Markarian
Recent natural disasters have left many homeowners in Granada Hills, CA, and surrounding areas facing financial uncertainty. For those struggling to keep up with mortgage payments, Vic Markarian, a top local real estate expert, is encouraging homeowners to explore mortgage forbearance as a valuable relief option.
What is Mortgage Forbearance?
Mortgage forbearance allows homeowners to temporarily reduce or pause their mortgage payments during financial hardship. This option can be crucial for those affected by recent disasters, providing much-needed relief while they recover.
How Homeowners Can Benefit from Forbearance
According to Vic Markarian, a trusted real estate professional with over 30 years of experience, homeowners should immediately contact their mortgage lenders to discuss available forbearance programs. Lenders often provide temporary payment relief, ensuring homeowners don’t fall into foreclosure while recovering from unexpected challenges.
"Many homeowners k ...
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Thursday, February 27, 2025 / by Vic Markarian
Are you having a hard time finding the right home in your budget? Or maybe you already own a home but could use some extra income or a designated space for aging loved ones. Either way, accessory dwelling units (ADUs) could be the smart solution you’ve been looking for in today’s market.
What Is an ADU?
According to Fannie Mae, an ADU is a small, separate living space that’s on the same lot as a single-family home. It must include its own areas for living, sleeping, cooking, and bathrooms independent of the main house. And they can take shape in a few different ways. Fannie Mae adds, an ADU can be:
Within a main home, such as a basement apartment
Attached to a main home, such as a living area over a garage
Detached from the home entirely; it could even be a manufactured home
The Benefits of ADUs
ADUs are growing in popularity as more people discover why they’re so practical. In fact, a recent surk ...
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Thursday, February 13, 2025 / by Vic Markarian
If you’re like a lot of aspiring homebuyers, there’s a major hurdle standing in your way — the cost of living. From groceries to gas, eggs, and just about everything else, prices have gone up. And that rings true for home prices, too.
But even when everything feels expensive, there are still ways to make homeownership more than an item on your wish list. You may just need to think about where you plan to buy a bit differently.
Think of Your First Home as a Stepping Stone
One of the biggest misconceptions among buyers is that their first home has to be their forever home – or that it has to check all the boxes of what they want right out of the gate. In reality, it’s just a starting point.
Once you own a home, you start to build equity, which grows over time as home prices rise. Down the road, if you want to move — whether to a larger space, a better location, or both — the equity you’ve gained can ...
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Thursday, January 30, 2025 / by Vic Markarian
A recent report from Realtor.com says 20% of Americans don’t think homeownership is achievable. Maybe you feel the same way. With inflation driving up day-to-day expenses, saving enough to buy your first home is more of a challenge. But here’s the thing. With the right resources and help, you can still make it happen.
There are options that can help make buying a home possible today — even if your savings are limited or your credit isn’t perfect. Let’s explore just two of the solutions that could help get you into your first home no matter the market.
1. FHA Loans
If your down payment savings and your credit score aren’t where you want them to be, an FHA loan could be your pathway to buying a home. According to the U.S. Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are:
Lower Down Payments: They typically require a smal ...
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Thursday, January 9, 2025 / by Vic Markarian
Let’s face it – life can throw some curveballs. Whether it’s a job loss, unexpected bills, or a natural disaster, financial struggles can happen to anyone. But here’s the good news. If you’re a homeowner feeling the squeeze, there’s a lifeline that many people don’t realize is still available: mortgage forbearance.
What Is Mortgage Forbearance?
As Bankrate explains:
“Mortgage forbearance is an option that allows borrowers to pause or lower their mortgage payments while dealing with a short-term crisis, such as a job loss, illness or other financial setback . . . When you can’t afford to pay your mortgage, forbearance gives you a chance to sort out your finances and get back on track.”
A common misconception is that forbearance was only accessible during the COVID-19 pandemic. While it did play a significant role in helping homeowners through that crisis, what many people don’t know is that ...
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