121: Should I Refinance Or Wait For Better Rates? How Coronavirus Is Impacting The Mortgage Market with Seth Jones

In this episode, Mortgage Broker Seth Jones talks about the current mortgage market. We discuss mortgage forbearance - how it affects your credit and why it's NOT a good idea to go into forbearance if you can still make your mortgage payments. 

We also talk about mortgages - how to apply for a new loan or refinance, what lenders are looking for and how to get the best rate on your new loan. We'll also dive into comparison shopping and how to choose the right lender.

Lending is tightening up, while rates are dropping. We chat with Seth about what that looks like for a qualified borrower - and how to decide if now is the right time to get a new loan.

We also discuss different types of funding, primary loans, second home loans and investment properties. We also clarify what mortgage fraud is - and how that can affect you. While it may seem like no big deal, it's actually a very big deal.

Seth even shares a mortgage checklist below.

If you need more information about the mortgage process, this episode is a must listen!

In This Episode We Cover:

• The right time to take mortgage forbearance
• His thoughts on refinancing
• How a first time home buyer should approach their first mortgage
• Cash outlay
• Barriers to closing besides income disruptions
• Five categories of fees
• The difference between financing a primary home, secondary home, and an investment
• What mortgage fraud is
• And SO much more!

Links from the Show

• Consumer Finance Protection Board
• Credit Karma
• Mortgage News Daily
• BiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL Collins
• BiggerPockets Money Podcast 116: Long-Term Investing: Coronavirus Changes Nothing with JL Collins
• BiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki Robin
• BiggerPockets Money Facebook Page

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