Gary Mouritzen

ALERT Mortgage refinancing will be more expensive as Fannie Mae and Freddie Mac raise fees... A message from CNBC's Diana Olick:...Continue reading

Mortgage Market Guide (MMG) The Coronavirus has impacted millions of Americans across the country due to job loss and furloughs making it difficult, and sometimes impossible, for homeowners to make their mortgage payments. The U.S. government has stepped in to offer homeowners financial relief during this unprecedented time with the Coronavirus Aid, Relief, and Economic Security (CARES) Act. With this new Act, government-sponsored agencies such as Fannie Mae and Freddie Mac w...ill offer forbearance agreements with protections for those homeowners in need. What is a forbearance? A forbearance is an agreement between a homeowner and their mortgage servicer (to whom they send their mortgage payments) to suspend payments for a period of time. The homeowner does not incur late fees or other penalties during the forbearance. Additionally, mortgage terms are unchanged, and the homeowner agrees to make up the accrued interest and payments in the future. Typically, a forbearance will affect a homeowner’s credit rating, however, there are a few differences in forbearances during COVID-19 which can be found on the Fannie Mae and Freddie Mac websites. Loan servicers have been instructed to provide mortgage relief options which include: Ensuring payment relief by providing forbearance for up to 12 months. Waiving assessments of penalties or late fees. Halting of foreclosures and evictions of borrowers living in homes owned by the mortgage servicer until at least May 17, 2020 (Freddie Mac). Suspending the reporting to credit bureaus of past due payments of those in forbearance due to the COVID-19 emergency. Offering loan modifications for payment relief to keep mortgage payments the same after the forbearance period. Borrowers are eligible regardless of whether their property is an investment, second home, or owner-occupied. Bottom line: homeowners who have the ability to pay their mortgage should do so. In the event you are unable to make a future mortgage payment, please call your mortgage servicer immediately and request assistance on forbearance under the new CARES Act.

Your 2019 Mortgage Market Guide Update: 2019 was an incredible year for Stocks, which finished the final trading week of the year at all-time highs. Generally speaking, when Stocks go higher, so do rates. And that was the case this past week as home loan rates ticked up to the highest levels in months. So, what was the reason for higher Stocks and higher rates?... Global financial improvement! 2019 was a "tug of war" year between central banks around the globe cutting rates and adding monetary stimulus, and economies attempting to avoid recession. We are finishing the year with economies winning and showing improved growth and confidence heading into 2020. What does this mean for rates in the near-term? If countries around the globe continue to improve, their rates will continue to creep higher. If rates around the globe creep higher, so will ours. The good news is that because inflation remains extremely low, we should not expect home loan rates to move too high anytime soon. Bottom line: the U.S. has been and continues to be the global economic leader and moves into 2020 with a Goldilocks backdrop which includes a strong labor market, rising wages, low inflation, and low rates. So, before the economies improve globally, it's time to refinance or buy locally! Call me to see if it makes sense for you.

"Looking ahead, my colleagues and I see a sustained expansion of economic activity, a strong labor market, and inflation near our symmetric 2% objective as most likely." Fed Chairman Jerome Powell, 11/13/2019 This quote from our Fed Chair on Capitol Hill this past week was the definition of a "Goldilocks Economy" and reaffirmed the markets that there is no recession in sight! - MMG

This week had some great movement in the Treasury Yield, causing rates to drop. Contact me to see if a refinance makes sense for you. You can also pull cash out for home improvements and/or debt consolidation. Don't worry, I do Not push anybody to do anything, so a simple confidential phone call can help you stop "wondering" about your situation and the market. I look forward to hearing from you!

Protecting Prop 13 California leads in Taxation! Please help protect Prop 13, your homeowners property tax which Sacramento has been attempting to get around now for several years. It is already a struggle for people to afford a home in California. Getting rid of Prop 13 will make it even tougher, especially the elderly who are on fixed incomes! ... Go to https://fightforprop13.org/ and take a look. Hopefully you’ll also sign the petition.

San Diego Ranked No. 1 U.S. Airport! Four of the Top 5 airports in the country are located in western states, and Florida has three of the nation’s worst airports, a new study by The Points Guy travel website shows. The best U.S. airport is San Diego International, and the other western airports in the Top 5 are Arizona’s Phoenix Sky Harbor International, California’s Sacramento International and Oregon’s Portland International. ... READ FULL ARTICLE: https://www.forbes.com//san-diego-ranks-no-1-u-s-airport/

Saving a disabled Vet $2,400 per month by lowering his rate and consolidating debt!Saving a disabled Vet $2,400 per month by lowering his rate and consolidating debt!

Glad I have assisted in this statistic. This is a great program to put buyers into a home with no down payment and closing cost assistance. You have to be a First Time Buyer (no ownership in the last 3 years) and you can make up to $150,000 per year ... that's a pretty good income limit. Let me know if you or somebody you know needs this kind of assistance.

Options for fireworks and celebrations for the 4th of July in San Diego: https://www.sandiego.org//summer-in-san-d/4th-of-july.aspx