As a Critical Financial Services Firm, America’s Mortgage Resource remains open to serve our clients & referral partners.
Continual changes to interest rates & guidelines make it vitally important to stay in touch with clients and referral partners right now.
Fortunately, our technology allows us to do a great deal of mortgage work electronically, so we are taking extra precautions to work safely.
This week brings news from Fannie Mae about reduced appraisal requirements including:
- No appraisal required in many cases
- Exterior inspections only in other cases (no need to come inside)
- Cash out loans still require an appraisal
Mortgage Payment Deferrals
We also expect the major servicing lenders to offer deferral on mortgage payments and commercial loans.
However, keep in mind that a deferral is not forgiveness. The balance will be tacked at the end of your loan terms.
We recommend avoiding this if possible as this may impact your ability to capitalize on refinances at lower rates when the stock market inevitably stabilizes, and rates drop again.
If you are incapable of making mortgage payments, call the servicing lender before missing payments and request the deferments.
Stay In Touch
We will keep you abreast of rate changes (they’re currently back up as of this writing) as we expect them to fall again once we get to a plateau with Covid0-19 and see some stabilization of the stock market.