How Does COVID-19 Effect Your Mortgage
The coronavirus has certainly changed the lives of many people in this unprecident time. COVID-19 has impacted the lives of just about everyone. My video below talks about options homeowners have if you have equity in your home. Lets face it, homeowners today have more equity than most homeowners did in the crash of 2008.
If right now you are still financially stable and are in an equitable position on your property, now would be the time to pull some cash out and put it in your savings. Interests are still at all time lows so take the opportunity to make a move.
We don't want to see a repeat of 2008 where homeowners lost their homes because quit frankly a lot of people waited until it was too late to do anything. The difference with this economy is a lot of people have equity in their homes, and some have a lot of it!
If you are one of the millions that lost your job or maybe you still have your job but your out of work for the time being, refinancing your home mortgage and pulling some cash out could be a great option for you to ride the next couple of months out or maybe the rest of the year. If you are having a tough time or for-see a tough time in the near future, do not wait until you have missed a payment or two payments on your mortgage. Your credit is already shot at this point and no lender would be able to help you. If you are considering calling your mortgage company and asking for a forbearance, be sure to read the small print. Trust me, I have spent many sleepless nights reading the small print on the fobearance agreements for many of the large banks. You can find all the information on their websites.
If you have questions regarding refinancing or even if you are considering forebearance and have questions, call me and lets talk. It would my honor to help as many people as I can make the right choice for their families during these uncertain times.