Mortgage Heroes Update – July 16th, 2021
FHFA drops Adverse Market Fee, Home Price Appreciation, Forbearances are in Decline
Video Transcript:
Hi Mortgage Heroes Andy Cruz here in business development and this is your weekly video newsletter this week we’re going to cover three topics, number one the FHFA has dropped their fee that they put on us last year, for everyone refinance and conventional loan number two we’re gonna talk about the home price index and number three forbearances are in decline.
Before we jump on in. Make sure you hit that subscribe button. Like this video and hit that notification bell so every time we drop a new video you hear about it first.
Actually, before we get into today’s topic, let’s talk about the elephant in the room which is we’re remodeling, as you can see there is the demo going on behind us and we’re actually remodeling our entire downstairs to better support our marketing and video services that we bring straight to you guys every single week, so we have a podcast room happening over in this area, and we’re going to have a customized stage set over here, so we can record educational content informational interviews, and to help enhance the experience that you have as part of the mortgage heroes family.
This week the FHFA dropped its adverse marketing fee, you may remember that last year they imposed a half a percent fee on everyone doing a conventional refinance. Now this was to help the adverse market conditions at the time and some of us were speculatively thinking No it’s just another money grab so they can try to get out of conservatorship well with the new administration coming in and change at the top, they have now dropped that fee, so that those of you who are looking to do a conventional find refinance, will not be paying that additional 0.5% Now this is good news for those of you who are looking to refinance still, and maybe it didn’t make sense for you to do it a couple months ago but maybe now it does. This is actually really good news financially because you don’t need to be paying this fee that in our opinion was unnecessary and has now finally been dropped. In fact, within 24 hours of it being dropped all of our lenders, took that fee, out of their pricing, so it is already being affected in the marketplace right now, and it is now completely out of the way.
The next thing I want to talk about today is the home price index. Well, to no one’s surprise, San Diego has continued its crazy ascent to home price appreciation coming second only to Phoenix once again for like every single month, for the last year, San Diego came in this month, year over year 18.8% above where we were at last year north on average, some neighborhoods of course are a little bit less than that, some are even more, but year over year San Diego home price appreciation has gone up, 18.8%. Since 12 months ago.
Now this continues and month over month every single month, we see a little bit more incremental increase incremental increase the rate for the increase is starting to slow a little bit, but that shouldn’t cause any concern for people as we still have many more buyers in the market than we do have sellers, we still also are experiencing multiple bids, people bidding over and above list price, Although there are fewer people doing it, it is still happening. So I think those of you who are wondering, you’re sitting on the fence, maybe I should sell my house, maybe I should list I’m not sure where I’m going to go. The pricing and appreciation is still in your favor. If you’re looking to sell your house. Your house in the anytime this year in 2020, like three months, five months, six months, there’s still plenty of time for you to do that, and you’ll be taking advantage of what are the current market tops.
The other thing I wanted to talk to you about today is the forbearances again, month after month forbearances are declining, more people are coming out of forbearance I’ve been talking to you a lot about how there’s a lot of pressure on the mortgage servicers to offer solutions to homeowners so that they can get a loan modification alone workout program, reduce their rate, tack the amount that they owe on at the end of the loan to pay it later. So there’s a lot of pressure on the servicers to do that but there’s also hundreds of thousands of people every single month, that are exiting forbearance, and it’s not just because their job situation is better, It’s because, although their jobs situation might be better, they’re actually getting help from the servicers, because the pressure has been put on servicers to help home owners, this is so that they can actually retain homeownership, and that we’re not displacing them, and also so that we’re not putting a glut of homes in the market at the same time in the foreclosure process that might actually wreck our current home price appreciation which we’ve been experiencing over the last 12 months.
So all that is to say that if you are currently in forbearance still, and you need to get a loan workout modification on your loan program, please, please contact your servicer and talk to them directly, they might ask you to submit some documentation some paperwork to substantiate what it is you’re saying, but they are in the position now where they need to be extending their hand and offering support for you so that you can maintain ownership of your house. If you are in a position where you are unable to even make the payments. If you are working out your loan or you do get a loan modification, you probably have equity in your house right now, and selling might be the fallback option so priority number one if you’re in forbearance is try to work out a program with a loan servicer, if you cannot work something else then contact us so we can make sure you get attached to a right listing agent for your specific scenario your part of town. And what you’re looking to do is you can sell your house, take advantage of market tops, and have some walkaway money after the sale.
Alright. Well, that’s all we have for you this week as you can see behind me, there’ll be more construction coming up soon so we’re going to be doing our weekly newsletter in a variety of places over the next couple of weeks so I hope to bring you some more quality content but in a different scene every single week. If you have any questions please of course, reach out to us let us know how it can help you win in mortgage real estate in 2021 As always, share this video with someone you love and care about who needs to be informed and might need our help, or just might just need someone like you to champion them from the sidelines the hey go make that phone call, reach out and ask for help. So we thank you so much for doing that you guys have been great and rallying support and reaching out to us and sending people our way that we can help make the right decisions for them and their family, and that means the world to us and thank you so much for trusting us and letting us help families just like you. Thanks again for watching this week. Have a great week and we’ll see you next time.
CONTACT US DIRECTLY
If you would like to speak with our team about your home loan questions, please complete the form below. You can also start your loan application online by APPLYING NOW.
Rates & Fees Disclosure:
‡ The payment on a $300,000 30-year fixed-rate VA loan at 3.000% with a 80% loan-to-value ratio is $1,292.01 with 0 (zero) origination points due at closing. The annual percentage rate (APR) is 3.235%. Payment does not include tax and insurance premium impounds. The actual payment amount will be greater. By refinancing your existing loan, the total finance charges may be higher over the life of the loan. Some state and county maximum loan amount restrictions may apply. Appraisal fee of $600, Processing Fee of $895, Underwriting Fee of $795 included in APR calculations with borrower paying 0 (zero) loan origination points.
‡ Based on Mortgage Heroes internal data.
Follow us on Facebook
WE GOT YOUR SIX!
Mortgage Heroes has been helping Active Military and Veterans for more than 15+ years. This page is made to help all military families get the answers they are looking for when it comes to housing. Whether its questions about using your VA or new listings in SD, Mortgage Heroes are here to support just as each military member has supported this country!
GET IN TOUCH
Mortgage Heroes
873 Anchorage Place
Chula Vista, California 91914
group@yourmortgageheroes.com
(619) 934-7775
NMLS# 325149
See NMLS consumer access page