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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Tuesday, November 26, 2024 / by Vic Markarian
One major reason why we’re not heading toward a foreclosure crisis is the high level of equity homeowners have today. Unlike in the last housing bubble, where many homeowners owed more than their homes were worth, today’s homeowners have far more equity than debt.
That’s a big part of the reason why even though mortgage debt is at an all-time high, this isn’t 2008 all over again. As Bill McBride, Housing Analyst for Calculated Risk, explains:
“With the recent house price increases, some people are worried about a new housing bubble – but mortgage debt isn’t a concern . . .”
Today’s homeowners are in a much stronger position than ever before. So, let’s break it down and see why today’s mortgage debt isn’t anything to fear.
More Equity, Less Risk of Foreclosures
According to the St. Louis Fed, total homeowner equity is nearly triple the tota ...
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Thursday, November 21, 2024 / by Vic Markarian
With rising home prices and volatile mortgage rates, it’s important you know about every resource that could help make buying a home possible. And one thing you’ll want to be aware of is just how much the number of down payment assistance (DPA) programs has grown lately.
Take a look at the graph below to see how many new programs have been added in the last year, according to data from Down Payment Resource:
More Programs, More Opportunities for You
So, what does this increase mean for you? With more programs available, there’s a higher likelihood that one of them could help you reach your homeownership goals.
And these programs aren’t small-scale help either – the benefits can go a long way toward covering a chunk of your costs. As Rob Chrane, Founder and CEO of Down Payment Resource, shares:
“We are pleased to see a growing number of these programs, and think they are becoming a targeted ...
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