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3 BIG Things You Need to Know This Week- February 5th, 2021

Hey there, Bruce Woodburn, CrossCountry Mortgage, WDBO Radio and WFLA Radio with the Three Big Things you need to know. So today is a February the fourth. And as usual, I always like to pass on information for all of you that may be looking or seeking to get a mortgage for purchasing or refinancing. Or, if you’re a real estate agent or builder professional, just so that you could become better informed as to what’s going on in the financial industry in terms of financing for mortgages or things that may affect you, as a real estate professional or builder professional. So here’s the Three Big Things you need to know.

  1. First thing is student loan forbearance. So the Biden administration came out and announced that they were going to forbear the student loans for an additional extended period of time through the end of September or the first of October of 2021. Now, congratulations for all of you that want to defer or forbear your student loans for a longer period of time. But let’s talk about the consequences that happen from that. First things first. If you lost your job and you can’t make your student loan payments. Take advantage of it. If you didn’t lose your job and you think that this is just a gift that was given to you and you will desire to purchase a home or refinance a home, it’s a deal killer for you. You heard me. It’s a deal killer for you. Lenders have to use a payment associate ID with the student loan. If you’re not making your student loan payments, they have to use 1% of whatever you have is a balance on your student loans. That’s a pretty substantial amount. So if you owe, I don’t know, $10,000. You’ve got a pretty high payment on that. If you owe $100,000 that’s a really serious payment on your student loans and could prevent you, and is preventing a lot of folks, from refinancing to today’s lower rate or purchasing a home because they’re overwhelmed with these student loans Now on a conventional loan. If you’re making payments on it and there’s a payment associated with it, we can use that payment. If there is no payment, it’s again 1%. There’s different situations for different type of loans. VA has their own guidelines. Freddie Mac is a little different than Fannie Mae, and FHA is always the 1% rule. So that’s the first thing you need to know when it comes to student loans and the forbearance of it.
  2. Second thing is, there’s such a shortage of inventory out there. All you realtors or all you people that are looking to buy a home right now are experiencing the pain of not having enough inventory. I get it. So here’s the thing. The future is going to be new construction, small builders. The production builders, they’re doing great, but they cannot keep up with the demand. They can’t keep up with the demand, and there’s not enough resale to go along. And the thing is, more of us want to buy homes? Then there are homes that are available. So if that is the case, we have to find other means of establishing residency. If we seek to own because not all of us want to rent, I mean, come on. Quite frankly, there’s no benefit to anybody renting unless you just plan on living in that area for one year and then you’re gonna move on. Otherwise, there’s no such thing as a rich renter. I hate to tell you that, become a homeowner and become a homeowner now while interest rates are low. So my goal is to help seek out people that want to build on a lot. Find a lot somewhere, maybe out in the country, you don’t need to live in the city anymore. Shoot. Your job is on the on your computer so we can work remotely so we could buy more property than we would normally afford in some type of a metropolitan environment. So if if that’s what you seek, then we’re seeking land, and I will help connect you with a small builder that will build that perfect home for you on your own lot. I mean, it’s a perfect world. If you’re a real estate agent, listen to me. This is important. If you’re a real estate agent and you have land sales opportunities, I want you to call me. I want you to call me because I’ve got builders that are seeking land so they can develop small land property like land acres like 10 to 50 acres, perfect for your smaller builder. Call me numbers attached this video email. That’s the second big thing you need to know.
  3. And then the third big thing you know has to do with me and how I’m broadcasting information and how it can help you is a real estate agent or a builder. So as you can imagine, I have a pretty extensive viewing audience out there. I’ve been very lucky to be able to have this opportunity and convey my message on the radio on not one but two radio stations, to be able to help clients understand more about what’s going on in the real estate mortgage industry. So on my show on AM 540 WFLA “Loan Arranger Radio” I preview builders. I preview real estate experts, home stagers builders, production builders, track builders, anybody that contributes to this environment in real estate. I am now going to be, simultaneously broadcasting my show as a podcast on iHeart Radio. And that will happen probably the first of March. But I’m also transcribing and posting my radio show via video, much like you’re seeing right now, and that will be playing on my YouTube channel. So if you just check out The Loan Arranger Radio or Bruce Woodburn YouTube channel, you’ll be able to see all my radio shows, recorded so you can see exactly what was happening on the radio show. Well, this is a huge opportunity for you Real estate agents, that
    really want to get some information out to be able to help help other folks that may need your services. So if that’s something that interests you, then I would expect a phone call from you, and I look forward to interviewing you on what you would talk about on my radio show. Keep it in mind. It’s not about your listings. It’s about value that you could give to clients, other real estate agents and builder partners. Those are the Three Big Things you need to know. I hope you have a great weekend, and always at your service, you can call me if you have any needs for a mortgage, purchase or refinance. And thank you for all your loyalty that you’ve given me in the past. Bruce Woodburn, The Loan Arranger signing out. Have a great day!

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