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Florida Housing Market Warning

Skyrocketing homeowners insurance premiums might be playing a role in the rising number of Florida foreclosure filings. ....

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Forbearance and The Cares Act

What Is Mortgage Forbearance?
A forbearance is a workout option available to homeowners having a financial hardship. As the coronavirus pandemic was hitting its peak late fall and early winter of 2020, thereby straining Americansâ finances, 3.4 million homeowners were in forbearance. The typical terms of a mortgage forbearance are payments can be âskippedâ for 90, 180, up to 360 days for those that are affected by COVID-19.
Normally, forbearance can drag down a homeownerâs credit score, though less so than missed payments. But the CARES Act directs mortgage lenders to report your account as current to the credit bureaus, as long as you were not behind on payments when you requested the forbearance. However, eventually, forbearance agreements end, and homeowners might be stuck with expensive mortgage payments just as they are getting back on their feet.Â ....

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What Is Mortgage Insurance?

KXLY
Posted:
Updated:
February 12, 2021 5:58 AM
The average down payment for first-time homebuyers was 6% in 2019, according to the National Association of Realtors. Among all homebuyers it was 12%. If you’re like the average homebuyer and plan to put down less than 20%, you should plan for an extra expense mortgage insurance.
With all of the other costs involved in buying a home, you’ll want to understand when mortgage insurance is required, how long you have to have it, and how much it will cost.
What is Mortgage Insurance?
If you can’t pay your mortgage, mortgage insurance protects your lender from financial loss. It doesn’t provide any coverage for your home; it only protects your mortgage lender. If you put less than 20% down on a home purchase, the lender considers your mortgage to have a higher risk. Therefore, mortgage insurance protects their investment if you stop making loan payments. ....

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