Jerry DelosSantos GreenKey Mortgage NMLS 259210

Considering refinancing, rates still below 3.

3 MAIN REASONS TO REFINANCE YOUR MORTGAGE #mortgage #mortgageloanofficer #refinance #mortgagebroker #mortgagetips

Congratulations on my buyers in Granite Bay, CA. Jumbo loan closed less than 20 days. Ready to buy a home? Contact us for a pre approval.

Refinancing your mortgage just got a bit expensive.

UWM is one of our preferred lenders, rates are in the 2’s. Contact us at [email protected] or call 925-440-9535 for a quote.

Single Family Home updated in Sacramento. See Virtual Tour https://www.asteroommls.com/pviewer

If you're thinking about buying a house after COVID-19, make sure you are aware of these new income! This is how lenders will be verifying your INCOME If you got laid off, furloughed, or reduced pay during COVID-19, that will NOT drive down your income. As for pay upgrades, before COVID-19, lenders would go off a letter from your employer about your new pay upgrade and go off that new income. Now, most lenders want you to have that income for at least 1 month, some lenders ...want 6! They want to make sure you have money coming in consistently. If you're buying a house or refinancing, lenders will be checking randomly more frequently! They might call while you're in escrow, they might call before they fund the loan, they want to keep making sure you're currently employed. I've seen so many people get laid off, or lost they jobs, right as the lender is about to fund their loan! The banks are making it more challenging because they want to make sure the money they're lending out will be paid back! They want to minimize the number of mortgage forbearance.

Good evening my friends; hope everyone is staying safe and healthy. Wanted to give an update; there’s been a lot information circling around the internet and social media about mortgage forbearance. A forbearance is when you can't make your mortgage payment, the servicer will allow you to miss 6-12 months of payments. I've been seeing a lot of people posting as though this is free money and not a big deal. The catch is; it is a BIG deal. A lot of the posts I’ve seen mention... that after the forbearance timeframe passes you just make your normal mortgage payment and life goes on. While life does go on what isn’t being discussed is in a traditional forbearance you’re able to miss up to 12 months of payments but the catch is that there’s a balloon payment at the end of the tunnel. The picture I’ve included shows what a 3 month forbearance looks like. How many people will be able to make 3, 4, or even 12 months of payments all at once? Every servicer gets to decide what they do if you can’t make the balloon payment; this part of the equation was not part of the CARES Act. Some may choose to foreclose, some may add it to the end of the note, and some may increase your mortgage payment for a certain time period. If they make these changes and modify your loan then you’ll be ineligible to refinance or purchase a home for a period of time under traditional financing guidelines and it could impact your credit score and ability to get any financing; especially financing at lower/favorable interest rate. If someone absolutely needs this help it’s there for you. I just want to caution those that have been told it’s no big deal or it won’t hurt you to realize that’s not necessary the case and it could come back to haunt you. If you can make your mortgage payment, please do it.