Throughout the pandemic, millions of homeowners utilized the mortgage forbearance options provided by the CARES Act and other pandemic relief legislation. However, forbearance is not forgiveness, and many of those 6, 12, and 18-month forbearances are coming due this fall. This leads to the question:
It's so important that you know your options. For details of repayment options, talk with your mortgage provider/servicer.
If balloon payments, higher payments, and extending your current mortgage don't sound like appealing options, remember: You have the freedom of another option. An option that frees you of the fees, interest, and extending your current mortgage.
During the pandemic, the value of your home likely skyrocketed. This is true even if you only bought your home a year ago!
Sell your home and cash out the equity
As part of the closing process, your entire mortgage is paid in full. This includes all fees and interest accumulated during forbearance. Take your net proceeds from the sale of your home and use it as a down payment on your new home. This will result in a normal mortgage payment that you can count on. No unnecessary fees, balloon payments, or mortgage extensions.
"But where will I go?"
Right now is actually a GREAT time to buy! Bidding wars have slowed down tremendously and I have been able to help my clients successfully buy new homes for prices at (or very close to) the asking price. Click HERE to read more about this Sweet Spot for Buyers.
Have you looked at the current housing inventory?
Your new home is closer than you think!
Before You Choose a Broker
Are you working with the right agent? Is your real estate broker 100% focused on you?
Are you getting the BEST value, service, and results?
Ask THESE QUESTIONS before you choose your real estate broker.
The difference could cost you thousands!
Thinking of Selling?
Curious How Much Your Home is Worth?