What You Can Do to Keep Your Dream of Home ownership Moving Forward: Call STOVALL TEAM Today

Posted in Real Estate News | Comments closed

Stay home except for essential needs

Corona-virus-Banner

The California State Public Health Officer and Director of the California Department of Public Health is ordering all individuals living in the State of California to stay home or at their place of residence, except as needed to maintain continuity of operation of the federal critical infrastructure sectors.

Posted in Real Estate News | Comments closed

Mortgage Relief Tracker: Coronavirus (COVID-19) Relief For Homeowners

As the coronavirus pandemic continues to shut down U.S. cities and forces individuals into semi-isolation, some people are already out of work for the foreseeable future and others are likely to become so. How will those suddenly without income be able to keep a roof over their heads? We encourage you to call your Mortgage lender TODAY if you are experiencing economic hardship and seek relief measures. 

The federal government and states are starting to step in to provide protection for homeowners and renters. These initiatives are in their early stages and as COVID-19’s economic impact spreads, these relief programs will likely spread too. This list will be updated regularly as new programs and initiatives come on line.

Federal Relief Programs

FHA-Insured Mortgages

The Department of Housing and Urban Development (HUD) was ordered by President Trump on March 18 to suspend evictions and foreclosures for the next 60 daysThe moratorium only applies to homeowners with mortgages insured by the Federal Housing Administration (FHA), a part of HUD that insures home loans made by FHA-approved lenders. The moratorium only covers FHA mortgages for single family homes.

The order not only prevents new foreclosure actions but also suspends all foreclosure actions currently in process.

Fannie Mae and Freddie Mac

The Federal Housing Finance Agency (FHFA), which oversees Fannie MaeFreddie Mac, and the Federal Home Loan banks, is providing payment forbearance to borrowers impacted by the coronavirus for up to 12 months due to hardship.

Today In: Personal Finance

Public Housing

Secretary of HUD Ben Carson said in a tweet Thursday that HUD is working with Congress to prevent evictions in public housing programs. There are no specific details available yet.

California

California Governor Gavin Newsom issued an executive order halting all evictions during the pandemic. The order is in effect through May 31, with the option of being extended, and halts evictions for both renters and homeowners. The order does not relieve a tenant from paying rent, and a landlord still has the ability to recover rent that is due. However, individuals cannot be evicted from their home for nonpayment.  The order also requests that financial institutions halt foreclosure activity and protects against utility shutoffs for individuals affected by COVID-19.

Posted in Real Estate News | Comments closed

Is Now a Good Time to Refinance My Home?

With interest rates hitting all-time lows over the past few weeks, many homeowners are opting to refinance. To decide if refinancing your home is the best option for you and your family, start by asking yourself these questions:

Why do you want to refinance?

There are many reasons to refinance, but here are three of the most common ones:

1. Lower Your Interest Rate and Payment: This is the most popular reason. Is your current interest rate higher than what’s available today? If so, it might be worth seeing if you can take advantage of the current lower rates.

2. Shorten the Term of Your Loan: If you have a 30-year loan, it may be advantageous to change it to a 15 or 20-year loan to pay off your mortgage sooner rather than later.

3. Cash-Out Refinance: You might have enough equity to cash out and invest in something else, like your children’s education, a business venture, an investment property, or simply to increase your cash reserve.

Once you know why you might want to refinance, ask yourself the next question:

How much is it going to cost?

There are fees and closing costs involved in refinancing, and The Lenders Network explains:

As an example, let’s say your mortgage has a balance of $200,000. If you were to refinance that loan into a new loan, total closing costs would run between 2%-4% of the loan amount. You can expect to pay between $4,000 to $8,000 to refinance this loan.”

They also explain that there are options for no-cost refinance loans, but be on the lookout:

“A no-cost refinance loan is when the lender pays the closing costs for the borrower. However, you should be aware that the lender makes up this money from other aspects of the mortgage. Usually charging a slightly higher interest rate so they can make the money back.”

Keep in mind that, given the current market conditions and how favorable they are for refinancing, it can take a little longer to execute the process today. This is because many other homeowners are going this route as well. As Todd Teta, Chief Officer at ATTOM Data Solutions notes about recent mortgage activity 

“Refinancing largely drove the trend, with more than twice as many homeowners trading in higher-interest mortgages for cheaper ones than in the same period of 2018.”

Clearly, refinancing has been on the rise lately. If you’re comfortable with the up-front cost and a potential waiting period due to the high volume of requests, then ask yourself one more question:

Is it worth it? 

To answer this one, do the math. Will it help you save money? How much longer do you need to own your home to break even? Will your current home meet your needs down the road? If you plan to stay for a few years, then maybe refinancing is your best move.

If, however, your current home doesn’t fulfill your needs for the next few years, you might want to consider using your equity for a down payment on a new home instead. You’ll still get a lower interest rate than the one you have on your current house, and with the equity you’ve already built, you can finally purchase the home you’ve been waiting for.

Bottom Line

Today, more than ever, it’s important to start working with a trusted real estate advisor. Whether you connect by phone or video chat, a real estate professional can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to refinance, buy, or sell, I know the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day.  Call me today at 714.343.9294 or email [email protected]

Posted in Real Estate News | Comments closed

Economic Slowdown: What the Experts Are Saying

More and more economists are predicting a recession is imminent as the result of the pullback in the economy caused by COVID-19. According to the National Bureau of Economic Research:

“A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.”

Bill McBride, the founder of Calculated Riskbelieves we are already in a recession:

“With the sudden economic stop, and with many states shutting down by closing down schools, bars and restaurants…my view is the US economy is now in a recession (started in March 2020), and GDP will decline sharply in Q2. The length of the recession will depend on the course of the pandemic.”

How deep will it go?

No one knows for sure. It depends on how long it takes to beat this virus. Goldman Sachs anticipates we will see a difficult first half of the year, but the economy will recover in the second half (see below):Economic Slowdown: What the Experts Are Saying | Keeping Current MattersGoldman also projects we’ll have “further strong gains in early 2021.”

This aligns with the projection from Wells Fargo Investment Institute:

“Once the virus infection rate peaks, we expect a recovery to gain momentum into the final quarter of the year and especially into 2021.”

Again, no one knows for sure how long the pandemic will last. The hope is that it will resolve sometime over the next several months. Most agree that when it does, the economy will regain its strength quickly.

*Quarter 1 data from Goldman Sachs was updated from 0% to -0.2% on 3/17/20 after the initial release.

This virus is not only impacting the physical health of Americans, but also the financial health of the nation. The sooner we beat it, the sooner our lives will return to normal. Call me today if you need anything during this difficult time. Take Control and Work with Stovall Team.  Whether you’re considering selling your home or feeling the challenges as a buyer, you can take advantage of current real estate trends by  taking control and working with us at Stovall Team.  This year has been one of twists and turns for the real estate market. As with every real estate year, the market can shift in an instant. Call today 714.343.9294 to see if the time is right.

 

Posted in Real Estate News | Comments closed

Beware of COVID-19 scams: Officials are NOT going door-to-door offering tests

Coronavirus scams: What the FTC is doing

Scammers are taking advantage of fears surrounding the Coronavirus.

Avoid Coronavirus Scams

Here are some tips to help you keep the scammers at bay:

  • Hang up on robocalls. Don’t press any numbers. Scammers are using illegal robocalls to pitch everything from scam Coronavirus treatments to work-at-home schemes. The recording might say that pressing a number will let you speak to a live operator or remove you from their call list, but it might lead to more robocalls, instead.
  • Ignore online offers for vaccinations and home test kits. There currently are no vaccines, pills, potions, lotions, lozenges or other prescription or over-the-counter products available to treat or cure Coronavirus disease 2019 (COVID-19) — online or in stores. At this time, there also are no FDA-authorized home test kits for the Coronavirus. Visit the FDA to learn more. ​​​​​​​
  • Fact-check information. Scammers, and sometimes well-meaning people, share information that hasn’t been verified. Before you pass on any messages, contact trusted sources. Visit What the U.S. Government is Doing for links to federal, state and local government agencies.
  • Know who you’re buying from. Online sellers may claim to have in-demand products, like cleaning, household, and health and medical supplies when, in fact, they don’t.
  • Don’t respond to texts and emails about checks from the government. The details are still being worked out. Anyone who tells you they can get you the money now is a scammer.
  • Don’t click on links from sources you don’t know. They could download viruses onto your computer or device.
  • Watch for emails claiming to be from the Centers for Disease Control and Prevention (CDC) or experts saying they have information about the virus. For the most up-to-date information about the Coronavirus, visit the Centers for Disease Control and Prevention (CDC) and the World Health Organization (WHO).
  • Do your homework when it comes to donations, whether through charities or crowdfunding sites. Don’t let anyone rush you into making a donation. If someone wants donations in cash, by gift card, or by wiring money, don’t do it.
Posted in Community | Comments closed
  • Stovall Team | Seven Gables Real Estate | 19671 Beach Blvd. Suite 100 Huntington Beach, CA 92648

    (714) 343-9294

    Google | FaceBook