REAL ESTATE ADVICE LINE - 949-424-2026
I am here to help so please call or text me with any questions.
I am still handling listings and Sales. We can do nearly everything remotely or in a way that is comfortable for you. At this time Escrows, Title and The County Recorder remain open.
If you are experiencing any difficulties making payments for your home loan, car, credit cards etc I strongly encourage you to reach out to the servicer. Most are offering forbearance at this time to help you get through these difficult times.
Do these five simple things to help stop coronavirus (COVID-19).
1️⃣ HANDS: Wash them often
2️⃣ ELBOW: Cough into it
3️⃣ FACE: Don’t touch it
4️⃣ FEET: Stay more than 3ft (1m) apart
5️⃣ FEEL: Sick? Stay home
"COVID-19 LENDING UPDATE 3/19/2020"
Here are some important updates from today:
MORTGAGE PAYMENTS: Fannie Mae and Freddie Mac announced they will allow forbearance plans for some who have experienced hardship in making their mortgage payment as a result of the virus challenges. For example: unemployment, reduction in regular work hours, or illness of a borrower/co-borrower or dependent family member. They may defer up to 12 months with no negative credit reporting. Go through your current mortgage company for details.
RECORDING DELAYS: The county recorder’s office is working with a skeleton crew. They issued a warning today that they cannot guarantee e-recordings on the same day and to expect delays.
RATE LOCKS: Guild Mortgage will start offering 90-day rate locks for borrowers concerned about local market disputations with appraisers, title companies or recording offices. This is more for refinance customers than purchase customers. Purchase customers
can still lock with 30 to 45 days and be confident.
WHAT IN THE HECK IS GOING ON WITH MORTGAGE RATES?:
Not going lower. They are going up. The CEO of one of our competitors posted this to explain. It’s great info and easy to digest.
Question: I hear US Treasury Bonds are at Record low yields, shouldn’t my mortgage rate be lower?
Answer: Mortgage rates are determined by the price of Mortgage Backed Securities (MBS). MBSs have their own market where prices are determined by supply and demand. Over the past week, the supply of MBSs have overwhelmed demand, causing the value of MBS’s to drop. When the value of MBS drops, mortgage interest rates move higher.
Question: Is the Government doing anything to bring rates back down?
Answer: The Federal Reserve Bank has pledged to buy US Mortgage Backed Securities (MBS) to stabilize the MBS market. While rates may fall back to early March lows, it is unclear whether supply will overwhelm demand again as it did last week.
Question : What can I expect in the coming weeks?
Answer: The Covid 19 Corona Virus has introduced new risks to the entire economy which makes all of the markets unpredictable. Please be patient with us as the MBS market tries to find a level of balance so that lenders like us can provide a stable rate
****IMPORTANT: During the mortgage meltdown of 2008, loan guidelines changed nearly every day, for months, as loan investors tried to get their arms around the crisis. We are in a similar place. What’s true today could be untrue tomorrow. I’ll do my best to update you with the most current info as I get it and confirm it****
*Shared with the permission of Aaron Gordon at Guild Mortgage
Important steps for Business owners in the USA :
1. contact NOW your insurance broker to ask whether you are covered for business interruption
2. track every day in detail the losses you incur (compare to numbers of last year, last month, last week)
3. contact NOW your landlord to ask for deferred rent payments
4. check whether you are eligible for EDC disaster loans or SBA economic injury disaster loans