Things are Fluid in Real Estate Right Now

Filed under: Market Comentary

It is amazing how much happens so quickly in such a short time right now! I wanted to share details about a few new updates in the industry – changes that have come about since my video last week.

Real Estate is an Essential Business

I mentioned last week how important it is that we make real estate business an essential business – and that change was implemented this week. Real estate agents are helping people get into houses, which is important because leases are still expiring and different things are happening that require people to move.

Mortgage Options

On a mortgage front, last week talked about bank statement programs. Watch out, because some of the biggest players are out of that game. So those loan options are limited.

FHA and VA are still operating, but you need to watch the lower credit scores. It can be a bit tricky, but it’s still possible to get it done.

Cash Flow Management

It’s the first of the month, and a lot of people are out of work. The biggest question on people’s minds is how to pay the mortgage/rent while still having cash to put food on the table. It’s a brutal decision, and it is sad that so many people are having a hard time.

If it’s at all possible, you need to make the mortgage payment. The cascade that can happen from missed payments can be hard to catch up. For example, if you miss three mortgage payments, those payments still need to be covered in the future. When are people going to have enough cash on hand to cover three extra mortgage payments? Taxes and insurance will still be due as well, as well as other unknown issues that might come up.

Each week, in these videos I’m looking to share changes and updates as they come up. But I want to remind you that we are all in this together – we will get through it together. Stay positive, take care of your family, and keep the right attitude through this interesting situation. And I’m always here to help if you have questions about your mortgage or refinancing.

Franklin Loan Center | NMLS 237653
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