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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Thursday, December 5, 2024 / by Vic Markarian
One of the biggest questions on everyone’s minds right now is: when will mortgage rates come down? After several years of rising rates and a lot of bouncing around in 2024, we’re all eager for some relief.
While no one can project where rates will go with complete accuracy or the exact timing, experts offer some insight into what we might see going into next year. Here’s what the latest forecasts show.
Mortgage Rates Are Expected To Ease and Stabilize in 2025
After a lot of volatility and uncertainty, the most updated forecasts suggest rates will start to stabilize over the next year, and should ease a bit compared to where they are right now (see graph below):
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“While mortgage rates remain elevated, they are expected to stabilize.”
Key Factors That’ll Impact the Future of Mortgage Rates
It’s ...
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Monday, December 2, 2024 / by Vic Markarian
The real estate market is buzzing with activity as mortgage rates take a slight dip. ?? This small but impactful change has sparked a surge in homebuyer interest, providing opportunities for buyers and sellers alike. Here's what you need to know.
Mortgage Rate Pullback Ignites Buyer Activity
Mortgage rates, which had been steadily climbing, recently experienced a slight pullback. This seemingly minor change has led to a 12% increase in purchase loan applications compared to last week and a remarkable 52% jump from the same time last year.
What does this mean? Simply put, even small decreases in mortgage rates can significantly influence homebuyer behavior, making homes more affordable and encouraging prospective buyers to act.
Why Now Is the Time to Buy
With this renewed buyer interest, the real estate market is seeing more activity than expected for this time of year. Lower mortgage rates make monthly payments more manageable, increasing affordability for first-time buy ...
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