One of the biggest questions for homeowners right now is whether to try to pause their mortgage payments. Quicken Loans CEO Jay Farner says the company wants to educate people that if they “skip the payment,” they’ll still have to pay it eventually.
One of the biggest questions for homeowners facing a coronavirus-related financial hardship is whether to try to pause their mortgage payments.
Many of the nation's top mortgage issuers, of which Quicken Loans is the largest, are working with clients to help them get through the coronavirus-driven economic halt.grew by 1,270% between the week of March 2 and the week of March 16, and another 1,896% between the week of March 16 and the week of March 30, according to numbers released Tuesday by the Mortgage Bankers Association.
Farner advises homeowners to "take a deep breath and do the research." He added, "If forbearance is the right thing, and taking a pause in the mortgage payments without affecting your credit makes sense, then that's what we'll do." The Mortgage Bankers Association said Wednesday, "The 30-year fixed mortgage rate decreased last week to the lowest level in MBA's survey at 3.45%." The group has been tracking weekly mortgage applications since 1990.a home loan. Refi volume was 192% higher than a year ago.
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