Randy Peralta - Realtor

Imagine if you could get 1% or 2% less on your mortgage rate?

Imagine how much you could save a month...

Now imagine what you could afford with that extra money. Maybe a bigger house, an extra bedroom, a pool, or just peace of mind.

When rates are at historic lows like right now, it's in your benefit to lock them in. But there's a couple of questions you should ask before you lock them in.

Here's what you should know before you lock in a rate with any lender.
⸻⸻—-
Want to learn more about the home-buying process? DM me now

Some last-minute errands before the day ends.
Stay safe out there damn I really miss my barber.

Let’s do some
“Mortgage Forbearance Math”
——————————————
Mom and Dad have a mortgage.
It's currently $1,500 per month.

Dad gets laid off, calls the servicer, and asks for forbearance.

In one phone call, he gets 6 months "off" from paying.

Seven months later, Dad is finally back to work, and hasn't been able to save any money during the forbearance.

Forbearance is lifted and servicer says,
"That will be $9,000 + $1,500, which is now due". ($10,500)

Dad almost passes out and says, “WHY??"

Servicer: "That's the 6 months of forbearance plus the current month.”

Dad: "I can’t do that, can we work something out?"

Servicer: "Sure, we will spread out the $9,000 over 12 months."

Dad: "Phew....ok, good. What will that look like?"

Servicer: That will be $2250 a month for the next 12 months."

Dad: " OMG!!! I can't afford that."

Servicer: "Sorry....."

Dad: "Can I refinance?"

Servicer: "No because the loan went into forebearance."

Dad: "What can I do?"

Servicer: “ Pay or accept foreclosure proceeding “
——————————————

In a nutshell, this is forbearance, folks. Forbearance is not forgiveness. I need to keep putting this message out there, because I am still getting a lot of questions.

Please understand the seriousness of this, and if you still have questions, you know I am always here for you. Even if you just want to pick up the phone and talk. I will help guide you in the proper direction.
I know these are very hard times, and I understand there is panic in uncertainty.

Please just hang in there.

This too, shall pass.

Thank you & Feel free to pass it on!

New York Suspends Mortgage Payments First, collection of student loan debt. Now, mortgage payments.

Fannie Mae, Freddie Mac, HUD suspending all foreclosures and evictions, for the next 60 days.

We are going through unprecedented times living with the threat of the coronavirus. Every household is facing a disruption of some sort. We are learning together. 💪🏼💪🏼💪🏼

If you or anyone you know has any questions, please message me directly 646-660-5337 or Email me @ [email protected]

If I don’t know the answer, we will find it together! 💙 It’s not just about finding the best interest rate or the best loans.

Fannie Mae, Freddie Mac, HUD suspending all foreclosures and evictions The federal government is taking action to keep people in their homes by suspending evictions and foreclosures due to the spread of the coronavirus.

Great article regarding the Federal Reserve Rate Cut 🪓

Call me if you have any questions
646-660-5337

What The Fed's Emergency Rate Cut Means For Mortgage Rates There are a lot of words here. If you have a mortgage you might ever refinance (and especially if you think Sunday's emergency Fed news means you can now get a lower rate), read every last one of them. Background: Fed's Emergency Rate Cut and QE It's extremely...

The #1 Reason to List Your House Right Now - Let’s get connected and let me show you how I can get you the most for your home.

The #1 Reason to List Your House Right Now The success of the U.S. residential real estate market, like any other market, is determined by supply and demand.