We are excited to bring you our new Hybrid Mortgage EClosing. This process allows us to further practice social distancing by having most of the closing documents signed electronically, continuing a smooth and efficient mortgage process. E-documents are reviewed in advance with any questions answered and the time spent in-person at the title company is greatly reduced.
If you want to learn more about how this works contact us today.
The Coronavirus (COVID-19) has had many affects on the mortgage lending industry, but these are not unfamiliar adjustments. The industry had experienced similar overnight changes during early 2008. The difference this time is not a housing bubble, but a global health crisis.
COVID-19 caused immediate layoffs and slowing of the economy requiring mortgage lenders to quickly adjust with lending restrictions, additional verifications and even suspending some products. This shift in mortgage loan products is to avoid the risk of payment defaults. Mortgages that are considered a higher risk are what has seen the most restriction. These are changes that have been made across all states and the industry as a whole. We anticipate that many of these changes will be short-lived, but there is no set end date. Changes can happen rapidly, without notice, so we are here to guide you through this shift in the market.
We share this insight with you, not to alarm you, but keep you informed and able to navigate this unique environment with the power knowledge.
We are living through challenging times that will one day be found in history books throughout the world. In many states the Stay at Home Order caused non-essential workers to be home more than ever before and many are realizing their current space is too small, their layout is not functional, there is not enough storage, they are sick of paying their landlord or listening to their neighbors through paper-thin walls to name a few complaints. So, why not use this extra time to look at buying a house that will bring some joy back to being at home?
Some general facts you need to know before getting started in the home buying process during the COVID-19 outbreak:
Mortgage Forbearance IS NOT Forgiveness
The Care Act has been passed by the government to all for “Federally Backed Mortgages” to request a forbearance on their mortgage payments for up to 6 months, depending on the individual situation. So what is forbearance? A forbearance is an agreement with your mortgage servicer to reduce or delay regular payments for a set period of time. When the forbearance period ends payments will be due as agreed upon in the forbearance agreement.
For those in a position where you have no ability to pay your mortgage, a mortgage forbearance could be exactly what you need to keep your home and manage through this crisis. It is imperative to explore ALL other alternatives as this IS NOT a handout from the federal government.
The process for which forbear mortgage payments will be made up is going to depend upon the mortgage servicer and their policies. In some instances once the 6 months are up the next payment will be due as usual as well as ALL 6 payments that were put into the Forbearance. Read the rest of this entry »
Like so many of you, we have spent the last several days and weeks learning about COVID-19 and how it is impacting our world. For Guild Mortgage Inlanta, that means understanding how it affects our customers, referral partners, employees and communities, and then making the necessary adjustments to our day-to-day operations.
We have taken proactive steps to put your safety as our highest priority, while maintaining the high productivity of our business operations. We are committed to providing you with the same high level of service, and continuing to close loans as we always have – on time and without surprises. Read the rest of this entry »
Is It The Right Time to Refinance Your Florida Mortgage Loan?The answer to that question really depends on your unique personal circumstances. That’s why while Guild Mortgage Inlanta offers many options to help Florida homeowners lower their mortgage rates or free up cash for renovations, college tuition or other important life events, we always recommend talking to one of our S.M.A.R.T. mortgage specialists before you apply.
When you refinance your home, you are paying off an existing loan with proceeds from a new loan. Generally, when you refinance you are taking advantage of improvements in your credit, built-up equity, changes to terms, or drops in market interest rates. Benefits of refinancing can include lowering your current payment, changing the term of your loan to raise or lower your amortization length, or borrowing against the equity in your home to get cash out.
With today’s historically low interest rates, many people find it beneficial to refinance to take advantage of great rates or to shorten the amortization period of their mortgages to reduce lifetime interest paid. Those not looking to cash out some of their equity will find our Streamline refinance options fast and easy. Read the rest of this entry »
It’s true that mortgage rates are at a historic low right now – so low that you might be inundated with junk mail, spam and calls from churn-and-burn mortgage companies. In fact, today’s rates are not so far from the all-time low for the benchmark 30-year rate. which was 3.5 percent in December of 2012. With rates slipping over the past few months, affordability for purchasing is increasing.
For example, a 1 percentage point difference (4.5 to 3.5) on a $250,000 mortgage can mean $144 less per month in mortgage interest.
While this is great news, sound financial planning avoids knee-jerk reactions to rate fluctuations. Instead, it’s better to take the long view, and do a thorough analysis of the best way to leverage current conditions.
The bottom line is that great rates alone should never drive a new mortgage or refinance application. The benefits are case-by-case, depending on your unique circumstances. That’s where guided, mathematical analysis comes in. Read the rest of this entry »
One of the biggest hurdles that First Time Home Buyers face is saving up for the down payment. There are many misconceptions that home buyers need to have at least 20% down; which can add years to the buying process for the funds to accumulate. When a home is purchased with less than 20% down there is required PMI (Private Mortgage Insurance) that is added to the monthly mortgage payment.
Paying PMI may be in the best interest of many first time home buyers due to the rising interest rate and home price environment we are currently facing. Additionally, as a new home owner they can begin to build equity immediately instead of waiting for years to have the 20% down payment saved up. Read the rest of this entry »
Refinancing can be tricky, but a little preparation before starting the process can help you to avoid mishaps along the way. Here are some common traps that you many run into while refinancing your home and tips to avoid falling for them. Read the rest of this entry »
You are not alone if you have been putting off having your credit reviewed for the purposes of getting a mortgage. There are so many things that run through people’s heads. They want to pay off all their debt, close accounts, try to quickly build credit and their intentions are in the right place, BUT it can all backfire. Credit is complex and everyone’s situation is completely different.
If you are even starting to think about purchasing a home, having your credit reviewed by a professional is absolutely the first step in the process. A mortgage lender can offer you not only a review but also guidance on anything that could improve your unique situation. Do you have these misconceptions?