Mortgage and real estate news this week



The contours of the resumption of the coronavirus pandemic remain the mystery that hangs over just about everything in the real estate and mortgage markets these days. Here’s what you need to know about the latest news.

1. Tolerance ends

Millions of homeowners have taken advantage of forbearance protections under the CARES Act, but most of these borrowers have seen this payment hiatus come to an end in recent weeks. It’s unclear what happens now, and while experts have said a wave of foreclosures is unlikely, uncertainty abounds as to whether these loan holders will be able to resume their payments.

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2. Another workaround for home buyers

Although the real estate market is cooling slightly, it remains extremely competitive and cash buyers continue to have an advantage. Some companies like have new programs where they make a cash offer and buy a property on behalf of a buyer, then sell it back to the intended resident with a mortgage.

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3. Mortgage rates are changing

This is the moment everyone has been waiting for. Mortgage rates continue to climb as things return to a new normal. For borrowers, this means it’s time to freeze your rate or consider a refi if you haven’t already.

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4. Best Practices for Retaining Mortgage Documents

Don’t skip this section just because it sounds boring! It is actually very important to keep your mortgage documents for the duration of your loan, if not longer. Since we know you have a house, we’re also confident you’ll have a place to store a little mountain of paperwork, and here’s what you need to keep in mind about how you do it.

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5. Fannie vs. Freddie

Fannie Mae and Freddie Mac are leading mortgage agents and key players in the industry. They are two sides of the same coin in that they are structured the same way, but they are not the same company. Click on to learn more about what these two companies do.

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