Eric Mitchell Real Estate

How the Coronavirus is Affecting Mortgage Lenders' Requirements The COVID-19 pandemic has led to business shutdowns, furloughs and layoffs across the United States. Many homeowners are unable to afford their mortgages and have requested forbearance to reduce or delay their payments. The new reality has made lenders cautious when deciding whether to grant new mortgages to homebuyers. Lenders are also being careful when it comes to applications from homeowners who want to refinance their existing loans. More Stringent Requirements for Homebuyers Due to COVID-19 The economic uncertainty has mortgage lenders worried that if they grant new home loans, borrowers who are struggling financially due to the coronavirus might make payments late or miss them altogether. Lenders are therefore taking steps to reduce their risk. Many have raised their minimum credit score requirements, some dramatically, to make sure they give loans to people who will be likely to repay them. Lenders ...

Money Matters for Millennial Parents As a young parent, you may just be learning about all the responsibilities parenthood requires. When it comes to financial planning, setting your sight on the future can help immensely. Demolish debt.  Slaying your own debt will positively impact your family’s financial future. While it may take years to pay off those student loans or credit card debt, creating a plan can help. Tackle your lowest balance first to gain momentum then take on the next smallest. Additionally, pay attention to higher interest rates that are costing you a lot of money. Build a budget.  Creating a budget doesn’t have to be hard. There are many budgeting apps available on the market to help you track your expenses, or you can try the trusty envelope system with monthly allowances for groceries, entertainment, utilities, etc. Build an emergency fund.  Setting a fund for potential emergencies will never backfire. Aim for a small, achievable goal a...