Hi everyone, this is Mr Daniel, Hope everyone is doing well!
Big news coming out of the Consumer Financial Protection Bureau (CFPB) regarding the mortgage forbearance program rolled out last year since the pandemic.
CBS News reports. Of the 3 million behind on their mortgage payments, around 2.1 million are at least 90 days behind. The estimate is about 5% of homeowners are currently delinquent (behind in payments) on their mortgages. Many banks estimated that 10% to 50% of the delinquent loan may become foreclosure and cause a real estate crash. The new ruling from CFPB would block all mortgage service providers (banks) from starting the foreclosure process until the end of this year, December 31, 2021, even though the forbearance program will end in June 2021. In addition, service providers (banks) would have to provide loan modification options that do not increase homeowners’ monthly payments and extend the mortgage’s term to no more than 40 years. This also forbids servers (banks) from charging any related fees! This basically means that in addition to the mortgage forbearance, homeowners who applied under the mortgage forbearance program can now modify their 15-year or 30-year loan to a 40-year loan and enjoy lower monthly payments without any fees (late fees or accrued interests). This is really big news and I think will help many homeowners. Existing homeowners who have mortgages can talk to their lender for a forbearance application & can get their existing loan modified at the end of the forbearance program!
Here are some reviews of real estate terms.
A mortgage is a loan you borrow from a lender (Banks such as BoA, Wellsfargo). A mortgage or a loan is prepared to help a buyer to purchase a house. For example, if you find your first home on Redfin ( a 3-Bed and 2-Bathroom house) for $600,000. By the way, don’t forget that you should only buy your first home below market value and with extra rooms to rent out. This way, you’ll build instant equity and get tenants to pay for your mortgage =)
$600,000 a lot of money to pay upfront. Most people who are first-time homebuyers will need some financial help. Let’s say you, being a part-time college student, do not have enough money to pay for the entire $600,000. Private lenders like Bank of America can provide a loan for you to buy your first property. In order to do this, the Bank will ask you for a loan application, your paycheck records, and run your credit score. If all checks out, the bank will lend you most of the money so you can buy your first home.
Let’s say the bank requires you to come up with a 20% down payment (20% of $600k = $120k) and will lend you the rest 80% ($480k) in the form of a mortgage. In addition to the down payment, there will also be closing costs that you’ll need to pay (about 2%-5% of the loan amount, in this case, 2%-5% of $480k).
In this scenario, you will need to save at least $120k for the down payment! This is why you need to save as early as possible to save enough down payment to buy your first home.
Instead of blowing your savings on fancy cars or vacations, you did you best and saved $10k a year. This will still take you 12 years to come up with $120k to buy your first house! Fortunately, in my last article, I mentioned that there are special loan programs for first-time homebuyers with 3%-5% down payment (3% of $600k = $18000 or about 2 years saving at $10k per year).
This makes a huge difference in your ability to purchase a new home and start building equity. Check out FHA website https://www.fha.com/first-time-home-buyer
If you really want to speed up the process, you may also ask your favorite grandparent or mom and dad for a gift. This will allow you to receive money tax-free for the entire $120k. Of course, this is the last resort. You want to be able to afford your first house on your own.
Let’s assume you come up with a 20% down payment, the bank offers you a 30-year term at 3% interest. This means you will borrow $480K for 30 years and pay for 3% interest on the money borrowed. Using a mortgage calculator, this means that you’ll have a monthly mortgage payment of $2024 (paid to the bank each month). This monthly payment, home insurance, and property tax (1%-1.5% annual tax on the $600k house) will be your main monthly expenses.
All this may sound scary at first. You are only 19 years old and now are in debt for 30 years! But as long as you can find a home below market value and house hacking as I recommended. You will be able to afford a home and build wealth over the years.
So here is where mortgage forbearance comes in. You can apply for mortgage forbearance with your lender due to the pandemic. This means that you can pause on the monthly payment of $2024 for a limited period of time. In the past year, you can pause payment up to 18 months for most of the loan types. If you do a bit calculation, this means that you can have $2024 x 18months = $36,432 and use this money for other expenses. You can also use this money for investment because forbearance is made easy to qualify for.
When the forbearance ends, you will need to start making payments again without being late or delinquent. Normally, if you are delinquent for 120 days, your lender can start sending you notices and can start the foreclosure process on your home. We will talk about foreclosure more later. What foreclosure basically means is that your lender can sell your home to recover the money that you owed (the $480k mortgage or whatever is left). The big news today is that lenders will have to provide you an option to modify your loan to up to no more than 40-years. This means that your monthly payment can be reduced to $1781 (from $2024) and now you have ended up with a 40-year loan instead of a 30-year loan. This is not a bad thing, you can always refinance to pay off a loan or sell the home for a profit after years of appreciation.
The goal for these government assistance programs is to really help homeowners so they do not have to go through foreclosure. A mass foreclosure can cause the real estate market to crash, as it did in 2008 due to bad lending practices and subprime mortgages.
Real estate finance is extremely personal. One of the top American dreams is property ownership. Regardless of your or your family’s financial status, you will likely purchase your own home in the future. Start learning about real estate now. Take out a monthly mortgage statement and study it. Play around with the mortgage interest calculator online to figure out your monthly payments and the affordability of your home. Most importantly, keep on reading each day. Stay curious about things not taught in school and ask as many questions as you can. Asking questions is the best way to invest in your future, especially at a young age.
哥倫比亞廣播公司新聞報導， 在抵押貸款的300萬筆欠款中，有210萬筆至少延後了90天。 估計大約有5％的房主當前拖欠抵押貸款（欠款）。 許多銀行估計，拖欠貸款的10％至50％可能會變成喪失抵押品贖回權，並導致房地產崩盤。 所以CFPB的新裁定，把暫停抵押品贖回權的時間延長到今年年底（2021年12月31日）。所有提供抵押服務（銀行）開始取消抵押品贖回權的程序，即使寬限計劃即將在2021年6月結束， 貸方也不得不提供貸款修改方案，這些方案不會增加房主的每月還款額，並且將抵押貸款的期限延長最長40年。 這也禁止服務方（銀行）收取任何相關費用！ 這基本上意味著，除了抵押貸款寬限外，根據抵押貸款寬容計劃申請的房主現在可以將其15年或30年期貸款修改為40年期貸款，並享受較低的每月付款而無需支付任何費用（滯納金或應計費用）。 這確實是個大新聞，我認為這將對許多房主有所幫助。 現有抵押貸款的房主可以與貸款人聯繫，申請寬限申請，並可以在寬限計劃結束時修改其現有貸款！
抵押貸款是您從貸方（BoA，Wellsfargo等銀行）借的貸款。 準備抵押或貸款以幫助購買者購買房屋。 例如，如果您在Redfin上找到了自己的第一套房屋（3床和2浴室的房子），價格為600,000美元。 順便說一句，不要忘記，您的第一套房子只能購買低於市場價值的房子，並有多餘的房間可以出租。 這樣，您將建立即時權益並讓租戶支付抵押貸款=）
$ 600,000很多錢可以預付。 大多數初次購房的人將需要一些財務幫助。 假設您是一名兼職大學生，沒有足夠的錢來支付全部60萬美元。 美國銀行等私人貸方可以為您提供貸款，以購買您的第一套房產。 為此，銀行將要求您提供貸款申請，薪水記錄並運行您的信用評分。 如果全部審核通過，銀行將把大部分錢借給您，以便您可以購買自己的第一套房子。
假設銀行要求您提供20％的首付（600,000美元的20％= 120,000美元），其餘的80％（480,000美元）將以抵押的形式借給您。 除了預付定金外，您還需要支付交易費用（大約是貸款金額的2％-5％，也就是48萬美元的2％-5％）。
在這種情況下，您將需要節省至少$ 120k的首付款！ 這就是為什麼您需要儘早存錢以節省足夠的首付款來購買第一套房子的原因。
即便您努力存錢並節省了一年一萬美元，沒有花大錢花在花哨的汽車或度假上， 這仍然需要您12年才能拿出$ 120k來購買您的第一套房子！ 幸運的是，在我的上一篇文章中我提到了針對首次購房者的特殊貸款計劃，首付比例為3％-5％（60萬美元的3％= 18000美元或大約2年的儲蓄，每年為1萬美元）， 這首次購屋特殊貸款計畫大大地影響了您購買新房並開始建立房屋淨值的能力。 請訪問FHA網站https://www.fha.com/first-time-home-buyer
如果您確實想加快這一過程，還可以向您最喜歡的祖父母或父母提出要禮物。 這將使您可以免收全部$ 120k的款項。 當然，這是不得已的方法，相信你們還是希望能夠自己有能力負擔購買第一套房子。
假設您要支付20％的首付，銀行以3％的利率為您提供30年期。 這意味著您將在30年內借入48萬美元，並支付所借資金的3％利息， 使用抵押貸款計算器計算後，這意味著您每月將要支付＄2024美元的抵押貸款付款（每月支付給銀行）。 因此房屋貸款，房屋保險和財產稅（60萬美元房屋的年稅為1％-1.5％）將是您的每月主要支出。
剛開始，所有這些聽起來可能讓人心生恐懼， 19歲，負債30年！ 但是，只要您能找到我所建議的低於市場價值的房屋和多單元住宅， 經過數年後，您將能夠負擔得起房屋並積累財富。
因此現在正好有抵押貸款寬限。由於大流行，您可以向您的貸方申請抵押寬限， 這就是說您可以在有限的時間內暫停每月2024美元的付款， 在過去的一年中，對於大多數貸款類型，您最多可以暫停18個月的付款。 經過計算後，這意味著您可以擁有$ 2024 x 18個月= $ 36,432，並將這筆錢用於其他支出。 您也可以將這筆錢用於投資，因為寬限在目前很容易取得。
寬限期結束後，您將需要重新開始付款，而不能遲到或拖欠付款。 通常，如果您拖欠120天，貸方可以開始向您發送通知，並可以開始房屋上的止贖程序。 稍後我們將進一步討論止贖。 喪失抵押品贖回權基本上意味著您的貸方可以出售您的房屋以收回您所欠的錢（48萬美元的抵押貸款或剩餘的任何款項）。 今天的大新聞是，貸方將不得不為您提供一種選擇，將您的貸款修改為最長40年的期限。 這意味著您的每月還款額可以從$ 2024減少到$ 1781，現在您獲得的是40年期貸款而不是30年期貸款。 這不是一件壞事，經過多年的升值，您始終可以通過再融資來還清貸款或出售房屋以獲利。
房地產金融是非常私人的。 美國最大的夢想之一是財產所有權。 無論您或您家庭的財務狀況如何，將來您都可能會購買自己的房屋。 現在就開始學習房地產。 拿出每月的抵押貸款聲明並進行研究。 在線使用按揭利息計算器計算出您的每月還款額和房屋負擔能力。 最重要的是，每天繼續閱讀。 對學校沒有教過的事情保持好奇，並問盡可能多的問題。 提出問題是未來投資的最佳方式，尤其是在年輕的時候。