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 forbearanceHis thoughts on refinancingHow a first time home buyer should approach their first mortgageCash outlayBarriers to closing besides income disruptionsFive categories of feesThe difference between financing a primary home, secondary home, and an investmentWhat mortgage fraud isAnd SO much more! Links from the ShowConsumer Finance Protection BoardCredit KarmaMortgage News DailyBiggerPockets Money Podcast 20: The Simple Path to Wealth—Index Funds Explained with JL CollinsBiggerPockets Money Podcast 116: Long-Term Investing: Coronavirus Changes Nothing with JL CollinsBiggerPockets Money Podcast 98: Change Your Money Mindset, Change Your Life with Vicki RobinBiggerPockets Money Facebook Page