The Double Comma Club

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Lower Interest Rates Have More Benefits Than You Realize

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Interest rates are at an all-time low which means a lower monthly payment. But how much? If you are thinking of purchasing a home for $400,000 with 15% down at 4.25%, between taxes, mortgage interest, insurance, and principal, your monthly payment would be around $2,125. BUT that same home purchased at 3.25%, that would lower your payment to about $1,900. What are you going to do with that saved $225/month? If you put that saving BACK into your home, you'd pay off your mortgage 6 years earlier. This would also save you $41,000 in interest. Listen to the rest of this 3-minute tip to get more information.

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The Market is Rebounding

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The economy is finding it's footing as people move from safer at home to back to work.. as restaurants and stores begin to open and some sort of new normal takes shape. Real estate is bouncing back with a resurgence in demand and opportunities ... even in this "recession". The nation as a whole is suffering shortages, and demand is ramping up so prices are going up and up! Key indicators suggested before pandemic there would be higher demand, but because unemployment has skyrocketed, the market dropped in April. But get the full story here.

 

Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500 Englewood, CO 80110
303-214-6393 www.TheRuethTeam.com

Forbearance Waiting Period Issue Solved Through FHFA

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Forbearance GREAT News for Your Clients.  You've heard me talking about how brutal the consequences were for taking a forbearance. It was something the designers of the Cares Act did not foresee. It took FHFA 6 weeks to figure it out. But they finally did. Listen to find out how the 12-month waiting period just got reduced to zero or three months and a quick summary of the four options for exiting a forbearance and their timing updates.

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What you weren’t told would be the results of that forbearance that was so easy to get.

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Forbearance .. how to get in, get out, and the 12 month waiting period There have been more questions than answers when it comes to forbearance. Banks and servicers are making it oddly easy to get into forbearance making it seem like even if you don't need it, it's the right thing to do. But is it? It can affect your ability to get a lower interest rate or purchase a home for 12 months, locking you OUT of the market. Parents, sellers.. I'm talking to you as well. There are consequences the Cares Act did not think through. Listen to find out how to get in, get out, and more about the 12 month waiting period!

Here are the four options your service provider will offer - or make you aware of:

1. Pay it back in full and get current
2. Set up a payment plan
3. Create a deferred payment at the end of the loan
4. Set up a loan modification

Call me if you have more questions!

Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500
Englewood, CO 80110

303-214-6393 www.TheRuethTeam.com

Connect on social media:
Follow me on FB: https://www.facebook.com/theruethteam/
Twitter: https://twitter.com/nicolerueth
Linkedin: https://www.linkedin.com/company/the-rueth-team-fairway-independent-mortgage/
YouTube Channel: https://www.youtube.com/channel/UCPMdb94tUNMMsUTgdWRMDKw 

The Resiliency of Real Estate - It’s not back to business as usual yet.

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The numbers are stacked against us yet we keep charging forward. Real estate agents celebrated last night when Governor Polis announced they could do showings starting on Monday the 27th. Is it back to business as usual? Not even close. Take a look at these numbers

  • Fannie Mae's Home Purchase Sentiments is down 11.7% to its lowest level since December 2016 - University of Michigan's Consumer Confidence Index was 101 in February, 89.1 in March and 71 in April.. down to its lowest level since 2009
  • NAR surveyed its members and 90% of them noted home buyer interest is down. 44% of them said the drop was more than 50%
  • MBA Purchase applications are down 35%
  • Unemployment is up to 17% based on last week's jobless numbers and will probably be over 20% when we get the updated number on Thursday
  • And finally, homeowners taking advantage of the forbearance plan is up to 2.9 million homes or 5.5% of the originations.

This will cost servicers $2.3 billion a month! High forbearance numbers are pushing bank and non-bank lenders to tighten their credit box, hurting first-time homebuyers, move-up buyers and jumbo buyers alike! We all heard what Chase did. But did you know other banks are doing the same.. just a little more quietly?

Wells Fargo, USBank, and BB&T all raised their FICO minimum to 680; Flagstar raised it to 640; Navy Federal stopped doing FHA loans hoping to bring them back in 2021 and Better.com stopped doing FHA loans and raised their minimum FICOs. Meanwhile, virtual showings are up 400%!

WOW! This is your opportunity to engage in a whole new way because the way we did things won't be the way we work going forward. This is also the time when we all have to be more creative than ever. Supporting our clients with solutions that help them in their journey to build wealth through real estate.

Your partner,

Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500
Englewood, CO 80110

303-214-6393

www.TheRuethTeam.com

Connect on social media:

Follow me on FB: https://www.facebook.com/theruethteam/
Twitter: https://twitter.com/nicolerueth
Linkedin: https://www.linkedin.com/company/the-rueth-team-fairway-independent-mortgage/
YouTube Channel: https://www.youtube.com/channel/UCPMdb94tUNMMsUTgdWRMDKw

FHFA is Gonna “Wait and See” if Servicers Need Liquidity.

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FHFA Director Mike Calabria, said today that they were going to "pause" on setting up any kind of liquidity facility for conventional loans. Unlike Ginnie Mae, which last week, set up a liquidity facility for government-backed loans...FHA, VA, USDA loans. Ginnie Mae said they were going to help support the Servicers of these loans to pay investors, property tax, homeowners insurance and mortgage insurance for borrowers who couldn't make their payment

Typically, Servicers are able to handle changes in the market and handle a situation where a small percentage of borrowers don't make their payment. But, they are NOT able to withstand the magnitude of borrowers seeking Forbearance. if 25% of all mortgage holders take advantage of Forbearance, that could cost the Servicers up to $25 BILLION a month. No Servicer is set up to handle that massive amount of liquidity needs to satisfy investors, property tax and homeowners insurance.

Mark Calabria stated he prefers to "wait and see" if liquidity facilities are needed, perhaps, in early 2021. Well, Mark, by then it may be too late because mortgage lenders and servicers need the ability to originate and service loans. And without liquidity support, it could put a halt on the ability to provide conventional loans for buyers. Mr. Calabria does not feel things are "not that bad yet". Not that bad yet? Just in the first week alone, there was a 1,270 percent increase in borrowers seeking forbearance. In the second week, there was an increase of 1,896 percent increase. Looking at just one servicer. During the first week available, Mr. Cooper allowed over 86,000 loans to go into forbearance. The second week there were 219,000 loans that went into forbearance, the third week 717,000 went into forbearance. There is no immediate sign of slowing down.

​The Big Question Remains: Is Real Estate Essential?

CAR released a letter last essentially stating that they are needing to re-look at whether real estate is an "essential business". The 3rd update of the Colorado Public Health Order it did NOT include open houses or in-house showings as essential. The definitions are currently being debated among lawyers and said a formal position will be made available soon. As of the writing of this post, that position has not been released.

Transactions are still considered essential. So contract transactions, loan origination, appraisals, and closing are still able to be completed.

RSVP TODAY - Agent Ignite - Online
Thursday, April 16th - 10:30 am via Zoom
Featuring Bruce Gardner
www.TheRuethTeam.com/events

Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500
Englewood, CO 80110
303-214-6393
www.TheRuethTeam.com

Connect on social media:
Follow me on FB: https://www.facebook.com/theruethteam/
Twitter: https://twitter.com/nicolerueth
Linkedin: https://www.linkedin.com/company/the-rueth-team-fairway-independent-mortgage/
YouTube Channel: https://www.youtube.com/channel/UCPMdb94tUNMMsUTgdWRMDKw

FHA is NOT Dead; Forbearance is NOT Forgiveness

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FHA is NOT Dead; Forbearance is NOT Forgiveness, and this Market of the Moment is all about Liquidity

After spending hours reading the 880-page Stimulus Package that rolled out on Friday; as well as the Ginnie Mae Letter proposing a Pass-Through Assistance Program (PTAP) I have come to a few conclusions. Let's start with FHA. FHA is NOT Dead! I have heard too many rumors around this from lenders and Realtors alike. Just as many other loan products, FHA has to change in this environment but it is not going away. FHA loans with FICO scores under 660 have historically high default rates. Add to that our current mortgage forbearance environment with homeowners out of work; Servicers are not able to continue paying investors (as they are required to do by Ginnie Mae) when they have no money coming in (i.e. no mortgage payment revenue). This servicer crunch is the essence of the Ginnie Mae letter setting up a PTAP. The relief this provides is to be determined. So in the meantime, lenders and servicers have to protect themselves by shrinking the credit box.. i.e. higher credit scores and lower debt to income ratios. Second, Forbearance is NOT Forgiveness; it also isn't deferment.

Today Servicers are doing the best they can to answer all of the inquiries. Remember, we just came off of historically low foreclosure rates. Many Servicers were not staffed for times such as these. New information keeps coming out, especially as the 880-page bill is rolled out.

If you can, you are best served to make your mortgage payment. it will keep you on the road to wealth building. If you can't, contact your Servicer. For the most part, they are offering 90-day forbearance options, which simply means delaying your payments until the end of that window (with all past due amounts owed at that time). At the end of 90 days, borrowers and Servicers will reassess their options based on agency and investor guidelines. Those options include: ​

  • pay the back amount owed in full
  • start another 90 day forbearance period
  • go into deferment, i.e. moving the amount owed to the end of the term
  • do a loan modification
  • start the foreclosure process

Lastly, Every Market has its Moment ​

This moment calls for liquidity!! First for opportunities. Second for protection. This market is unlike any other in the past and our hot spring market could be delayed. Think about your funnel.. anyone in it is closing.. so March and April are still great months. May and June however, are dependent on the top of the funnel, which right now is mostly on hold.

Agents, protect yourself now by reassessing your budget and save your commissions. Because as much as May and June might be slow.. there will be opportunities on the other side! The housing market was strong going into this and will be strong coming out! Stay tuned as I send out more regular updates. And give us a call if you want to know what this means to you! Our team is ready to not only keep you informed but support you!

Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500
Englewood, CO 80110
303-214-6393 www.TheRuethTeam.com

Connect on social media:
Follow me on FB: https://www.facebook.com/theruethteam/
Twitter: https://twitter.com/nicolerueth
Linkedin: https://www.linkedin.com/company/the-rueth-team-fairway-independent-mortgage/
YouTube Channel: https://www.youtube.com/channel/UCPMdb94tUNMMsUTgdWRMDKw

Your Questions Answered Forbearance, Rates, Fannie and Freddie

This episode followed the first portion of the new Agent Ignite Coffee Talk series on Friday mornings. This week questions poured in including these topics:

Forbearance, Unemployment claims, HELOC rates, FHA loans, investor rates, furloughed limitations in qualifying, COVID-19 addendums, rate locks, jumbo loans. Listen to this episode of The Double Comma Club.

You can get more information about joining in here. 

Coffee Talk:   https://fairwaymc.zoom.us/webinar/register/WN_5xzg3jN3SDiM8mHV4FNQ0w

Agent Ignite:  https://theruethteam.com/Agent-Ignite

Do you actually read faster than Nicole can speak? Even after three cups of coffee? Then read the transcript below:

Cara: We definitely have a few questions, so the first one that came through was, Are there any negative ramifications to forbearance on credit scores and different things like that?"

Nicole Rueth: Fantastic question. Okay, so Fannie Mae and Freddie Mac said "no" right out of the gate. The government didn't, so it was actually up to the servicer. It was strongly recommended, but not required, and that's changing. With this stimulus bill, one of the things that they're saying in there is that that has to be honored and the credit won't get destroyed or there won't be any negative lates.

Remember, they're going to have to catch up and there will probably be some foreclosures because of this, but whatever mortgage payments were missed are just going to be tacked onto the end. Most people don't make a full 30 years of payments, so that balance due will be paid when a refinance happens or a sale, but that's just going to be tacked onto the end and have to be made up. If you think of, especially those who are the majority of our FHA borrowers, they are entry-level homes.

We have this increasing population that's coming in that wants those entry-level homes. I'm not worried about that supply coming into the market and even it really depressing our appreciating values at all.

Cara: Then, do you think investors that are not receiving rental income will need to sell those properties?

Nicole Rueth:  I love that question because I think, as an investor, I'm looking for two opportunities right now. Because, remember, as mortgage holders, so as a homeowner, I can go through forbearance and I can stop making my mortgage payment. The same applies to that, it was stated, you cannot evict during this time. Landlords have to be ... I don't want to say kind to their tenants. I'm always kind to my tenants, but we have to be understanding; you're not going to evict somebody in what's going on right now.

Some people, I guess, would, and so they're mandating that you can't evict them. The same thing's going to happen. You're either going to have to have that tenant catch up or, once this is over, you're going to be able to evict them. There are investors who have done well over the last eight years. It's my expectation, and there are no numbers that qualify what I'm saying, it's simply my being in the market and what I think is going to happen.

If I was an investor, and say I was 65 or 70 years old and I had all these investments, I might just take my chips off the table now. I might just say, "I had a great eight years, I've got a tenant who's not paying or maybe we just came out of this." There are hungry investors who will buy that investment, who have a little bit of money reserved and they know, if they can just hold on for the next two to four months, maybe six, then they're going to have an appreciating asset and inventory that they didn't have before, so the buyers will come in.

I don't think it's going to be a fire sale. I think you're going to pay fair market value, but I think that there's going to be investors. There were at least some of their inventory during this time. The other opportunity I see is in commercial space. I think that there's going to be some commercial buildings, regretfully, because of businesses in the next six months.

Cara: Yep, definitely. Then this next question was in reference to when we are looking at the different unemployment claims. It says, do you know what the percentages in claims were when you look at the population in 1982, and then you look at the current population and the percentages?

Nicole Rueth: I don't have the percentages yet right now because unemployment always lags, so that unemployment number is still sitting at lows, but it won't as soon as that comes out again. That's an excellent question and I can do some research and see if I can find the answer and even post it up in the Agent Ignite group.

Cara:  Then the next one is somebody was wondering what was happening with HELOC rates.

Nicole Rueth:  Well, there are HELOC banks that are stopping. I know Bellco stopped taking any new originations, I know KeyBank stopped taking any new originations, and they're not closing their doors, they're just not taking any new originations. I'm hearing a few others that are about to do that as well. I've taken a poll of all of my folks, so if you want any names of people that are still doing the HELOCs, there are still some, I can give you the contacts that I reach out to all the time.

I'm happy to do that, but as far as rates going up right now, the HELOC rates are going to be tied to prime. Prime's not going up. Prime is not necessarily tied to the mortgage-backed securities, it's tied to short-term rates, so I expect those to probably be good for another couple of years. At some point, they will go up and there's risk associated with that, but I'm not worried about it quite yet.

Cara:  Awesome. Somebody, in the same general scope, was wondering if anything, in particular, is happening to VA loans.

Nicole Rueth:  The same as gov. The FHA and the VA are the same, so we're still doing them and we will continue to do them. I don't foresee us stopping FHA or VA. In fact, I just took a number of FHA loans from another lender who's choosing not to do them, and I understand. Some lenders, let's just put this on the table. Fairway Mortgage, we're an employee-owned company. We are extremely liquid and we're well-founded financially, and we have a phenomenal leadership. That's a little plug for Fairway.

The way we're going about this situation is we're taking every lesson that we learned in 2008 and we're making sure that we react quickly and then we save the ship. We're making sure that everything we do allows us to continue to do business. Our decision earlier this week to stop originating jumbos and then mid of this week stop originating CHFA was a pause. Neither one of those has stopped entirely.

It was a "Let's see if we continue to have investors to buy this paper," because you have other lenders that are continuing to churn out those originations, and they might close in March, but if they don't have anybody to buy that paper in April, they might not have any warehouse line left to originate any more loans. Then we had to see what was going to happen with servicing, so there's a lot of unknowns the way this particular crisis is unfolding.

I personally would be much more comfortable knowing that my company is making a few decisions, maybe even ahead of the curve, but decisions to protect the 85% of the business, which the 85% of the business is vanilla. It's your Fannie Mae, Freddie Mac, VA, FHA, and there we are extremely secure and we will continue and we'll pick back up on the jumbos and the downpayment assistance maybe in a couple of weeks or a month.

As soon as we see servicing picking back up again and being well-funded and investors buying the paper.

Cara: Then we had a question on when the dust settles, how much will buyer demand to be affected by the buyers that were good to go, having to then re-qualify, and will that cause any lag, and if so, how much?

Nicole Rueth:  I don't think it's going to cause any lag. Many banks can, we can get a qualification out in a couple of hours. Other than if you have a temp employee or an hourly and you need verifications of employment, that kind of stuff is a little bit slower. Right now we're dealing with third-party services, so the IRS is having a huge delay and even a gap, in some cases, on the 4506-T, so that's the verification of your tax returns.

Every time we're getting something, and then, of course, the home inspections of the appraisers. We're finding solutions when we're coming up against a problem and the whole industry, I'm pretty impressed, is moving pretty quickly to say, "Okay, so an appraiser can't go into a home. Here comes Fannie Mae, Freddie Mac, and the government, and FHA will follow suit saying a desktop appraisal is okay, or a drive-by is okay given the circumstances," so we're getting solutions very quickly, especially in this ...Everything's happening in a condensed ... If you go back to '08, it took six months for this stuff to unpack and dissipate, and this is just happening. It's like a year in a day. It's amazing to me.

Cara:  Got you. Then somebody was asking what the investor rates were right now. They had a couple of clients wondering what that was like.

Nicole Rueth: I'm not even going to quote a rate on something like this right now. Investor interest rates are higher, obviously than primary homes. Primary homes and second homes are the same interest rate. Investment rates might be a point higher. I would be shooting myself in the foot if I actually ... Because, like I said, if we're quoting anywhere from 3.25 to 4.25 on a primary home, depending on the day, and depending on the scenario, maybe we're quoting 3.875 to 4.99, in that range. It so varies.

Cara:  Alex asked with it being harder for people to get government-funded loans, what do you think a safe credit score and DTI limit would be for first-time homebuyers looking to get into a home now that there's limited downpayment assistance?

Nicole Rueth:  That credit box will tighten and it will tighten until we get through this. We're already seeing some announcements coming out. Fairway's announcement will come out. All of us are saying because we used to be 580 for VAs and 600 for FHAs, it's all going to start to look more like a conventional box because we're going to have to make sure that we have sellable paper. We have to have a loan that we can then sell on the secondary market.

Cara:  Kelly asked can people still qualify for loans if they'd been furloughed?

Nicole Rueth:  Had been in the past or currently ... Been furloughed. I was thinking forbearance, my apologies. If they have been furloughed, it is going to depend. If they don't have a paycheck coming in, sometimes when people are furloughed, they still get a base pay, but if they're not getting any pay at all, they're going to have to wait until they get some sort of payback. We're going to have to qualify them on something, whether that's a cosigner.

I just did another couple, one spouse was furloughed but the other one had enough employment that we could qualify them to still buy, so it's taking a look at each individual case and finding the solution. There's always a solution in there somewhere. You just have to work hard enough to find it.

Cara: Then, someone asked, on the brokerage side, we have a COVID-19 addendum to put the RE contracts on pause. Are rate locks being paused or extended on the lending side?

Nicole Rueth:  We have not had a pause yet, so the rate lock is a very real cost and it all goes back to the insurance that we have to place and then finding that and the margin calls, there is a very real cost to locking in an interest rate. At this point, I have not heard, honestly, and I will ask that question. I have not heard of any non-cost-related pause; I've only heard of having to pay to extend the rate.

Cara: Got it. Then, we have somebody who's wondering how you can help buyers who would need a jumbo loan, how can they best help them now that those are limited or nonexistent?

Nicole Rueth: Yeah, and they're definitely limited. There are some banks that I know for a fact are still doing them. The interesting thing about that is when the other lenders are taking a position of lowering their risk by not doing them, and all of them start to go towards the few banks that are still doing them, those banks won't do them very long because, obviously, their percentage of risk is going to go much higher.

Then the question is just because you lock it doesn't mean it's going to close. We're going to find that, after all these loans that close in March, there are going to be some lenders that might have liquidity issues, that are having problems locking, and we just saw Zillow canceled all their contracts literally days or a day before closing. I don't know that that'll be the last time. I'm not worried about that at all with Fairway Mortgage, not even a little, actually.

The solution on those is I still have second lenders, so I would do a first and second loan. I'm still doing a number of those and then we would just refinance them in six months into a jumbo loan because the jumbo loans will come back. It's just a pause.

 

Cara: Are conventional loans going to be required to get forbearance under current legislation?

Nicole Rueth:  Freddie Mac and Fannie Mae came out saying that they were allowing a 60-day forbearance. FHA, gov, came out saying that they were highly suggesting it. That will change with this stimulus package that is getting approved today, so all of them will have access to the forbearance.

We're going to do this again next week because it's happening. Every day something's happening and I'm getting out on videos as much as I can. Guys, keep watching the social media, I'm just sharing everything I find, so if you have questions, even e-mail me and I can post about it if it's a big thing or I'll just stop and answer that, but definitely stay tuned.

Every week we're going to do some version of this, making sure that I'm available, answering questions, sharing what I have learned that week because I'm learning a lot every single day. All right, well, thank you guys so much for joining us. I'm looking forward to chatting with you soon. Bye-bye.

 

Pausing - State Trumps County and the Damien Cox Letter

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Did you get the LOUD mobile alert this morning reminding you the state is on lockdown? Sorry, what I meant was Stay at Home. On Monday Denver Mayor announced the City and County of Denver was on Stay at Home status. Essential workforce added Realtors, Marijuana and Alcohol within hours.. Colorado's shortest prohibition... and somewhat of a interesting pairing??? Additional counties followed suit the next day. Then on Wednesday, Governor Polis changed directions and put the whole state in a Stay at Home position. Is he wrong? I don't think so. But State trumps County.. there's no play on words there... seriously. Right now, financial services are essential.. notaries, banks, lenders. But not Realtors... at least not yet.

Damien Cox wrote an eloquent letter posted on the CAR website and linked here stating the case for honoring the stay at home for new business; but taking care of existing business. He also quoted three stories of pushing safety to complete transactions. His words hit home. So team, we pause. You are being called to pause and so am I. Of course you know me, I'm a "Keep Business as Usual" kind of girl. But,. there is a lot going on right now on a daily basis.

Just this week, Jumbo was put on hold on Monday, Non-QM on Tuesday and just yesterday, Down Payment Assistance.

There are messages coming out of the medical industry that this could soon be over? Soon? Over? There is talk right now that they're might be a treatment plan by April. Now that is not a full solution or even the absolution of COVID-19, but a plan, nonetheless. And a plan is HOPE.

So guys this is not a forever thing,it's a temporary pause. So use this time by not only spending quality time with the family you are locked up with, but also in educating yourself and staying on top of the market trends. Reach out to all of your clients, staying top of mind with them as well and educating them.

In that vein, we are kicking off Agent Ignite Coffee Talk tomorrow morning, as my gift to you at 10:30 every Friday until we are all released. Tomorrow we will talk about the jump in jobless claims and pressure on mortgage servicers and their impact on you.

RSVP: 

Coffee Talk:   https://fairwaymc.zoom.us/webinar/register/WN_5xzg3jN3SDiM8mHV4FNQ0w

Agent Ignite:  https://theruethteam.com/Agent-Ignite

Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500
Englewood, CO 80110
303-214-6393
www.TheRuethTeam.com

Connect on social media:
Follow me on FB: https://www.facebook.com/theruethteam/
Twitter: https://twitter.com/nicolerueth
Linkedin: https://www.linkedin.com/company/the-rueth-team-fairway-independent-mortgage/
YouTube Channel: https://www.youtube.com/channel/UCPMdb94tUNMMsUTgdWRMDKw

3 Options to Increase Liquidity NOW

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Here are three options you can choose from RIGHT NOW to increase your liquidity, and your cash on hand using your home.

  1. Do a cash-out refinance. Yes, a cash-out refinance might have a higher interest rate; but when used as a financial strategy, that does not matter. What if you could pay off all other debts and/or add cash to your savings account right now. Equity in your home is illiquid, locked up and not serving you. If we could instead convert equity to cash to pay off debts, we could save hundreds, if not thousands, of dollars a month. If rates continue to be low, and I feel strongly they will, we can then do a refinance in six months to lower your payment and secure your financial future.
  2. Get a HELOC. A HELOC is a Home Equity Line Of Credit. This is a second loan that sits on top of your current first mortgage. It is typically a variable interest rate and acts like a line of credit you can draw from. You can get a HELOC on a primary home, second home or investment. There are several second lenders who are no longer originating. Don't worry! There are others who are, and I have the list. Feel free to reach out, I can provide the best referral options.
  3. Request a Mortgage Forbearance. This needs to be requested through your Servicer.. the company you write your checks to each month. Forbearance allows you, the borrower, to apply for a pause in mortgage payments without the risk of negative credit reporting and foreclosure proceedings. The length of time available will be determined by the duration of this crisis.

Please know we are here to serve you in any way we can, including pointing you to the appropriate resources. Wishing you and your family good health and stability.

Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500
Englewood, CO 80110
303-214-6393
www.TheRuethTeam.com

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