Know the different mortgage relief options

Know the different mortgage relief options so you can make the best choice.

 

Forbearance

This is the plan everyone is talking about since the passage of the CARES Act. It’s an agreement with your lender to reduce or delay regular payments for a set time. When the forbearance period ends, the postponed payments will be due all at once.

 

Modification

This is a legal process that alters the terms of your loan. For instance, a modification could lower your monthly payments by lengthening your loan term.

 

Deferment

This is a plan that allows you to postpone your payments for a set time then pay them at the end of your regular loan term. “Deferments” and “forbearances” are often used interchangeably, but they are different. A deferment is more beneficial for many because it eliminates the need to make up multiple payments at the end of a short postponement period. Deferments are not available from all servicers.

 

Payment Assistance Program

This is an arrangement that allows you to make up your postponed payments at the end of a forbearance period by spreading the cost over a period of time. Payment Assistance Programs are not available from all servicers.

 

Cash Out Refi or Home Equity Line of Credit (HELOC)

If you still have enough income to qualify, accessing equity in your home by refinancing or obtaining a secured credit line may be a good option for lowering your payments, consolidating other debts, and/or creating a cash cushion. A refi will be especially beneficial if current rates are lower than those on your existing financing.

If you want to discuss your options for a refinance or HELOC, please visit a local branch or contact us directly.

To set up the other options listed here, please reach out using the contact information on your monthly loan statement. Document all calls and agreements, then check your monthly statements and credit reports to assure that changes are reported correctly.

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

Start your journey home today!

Still need help?

We're great with directions!

No really, ask us for directions. Our mortgage professionals are waiting to help answer any questions or concerns you have as you begin your journey home. 

The fed cut interest rates to zero. Here’s what it means for mortgages.

Falling mortgage rates will likely hit a floor, Here’s why.

The Federal Reserve has taken emergency action to cut rates to zero. While 0% interest rates sound great to anyone who owns a home or is planning to buy, it’s important to slow down and talk through a couple of things.

First, the Fed does not control mortgage rates. Their cuts apply to rates for loans between the Fed and banks or from one bank to another.

Second, the Fed’s actions most quickly impact the rates on U.S. Treasury Securities. These markets can influence Mortgage Backed Securities, which will then influence mortgage rates.

However, in times of uncertainty, other factors can overrule the norm. This happened in 2008. Despite aggressive cuts by the Fed, mortgage rates hit a floor and never fell further. The same is happening now.

Why?

The volume of business. Demand for mortgage loans is stretching the industry’s capacity to serve. To slow demand, rates may hover at higher levels.

Reduced investment. When investors know borrowers will refinance early, they expect to lose income. This risk means fewer investors will buy new mortgage backed securities. Less demand equals higher rates.

Extra costs to lenders. When loans are refinanced quickly, lenders often pay back their earnings. Similarly, additional expenses can occur when rates shift too quickly for in-process loans. These costs are reflected in higher rates.

 

The Bottom Line

A 0% Fed funds rate will not lead to a 0% mortgage loan rate. Mortgage bonds will always have a level under which investors simply will not purchase them, and mortgage rates reflect that.

 

The Good News

Mortgage rates are at or near their lowest levels ever. That spells opportunity to save significantly by refinancing or locking in a great rate on a purchase.

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

Start your journey home today!

Who’s who in the mortgage process

Who’s who in the mortgage process

Here is a list of some of the people you will become familiar with throughout the loan process. This should help you better understand what you can expect from each individual along your journey home.

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Appraiser

An individual who is licensed to estimate the worth (fair market value) of the property you are purchasing.

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Closing or Settlement Agent

The party who conducts the closing meeting. This role may be filled by an attorney, title company, or real estate agents depending upon the state where the property is located.

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Loan Officer

A Loan Officer represents one lending institution and their loan programs. They help you choose the best mortgage loan based upon your situation and will help you complete the loan application.

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Loan Servicer

The entity that collects mortgage payments (it may or may not be the lender) and pays taxes and insurance and mortgage insurance, if required, on your behalf.

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Mortgage Insurer

By compensating the lender for losses should a borrower be unable to make payments, Mortgage Insurance is often used to purchase a home without a 20% down payment.

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Mortgage Lender

Financial institution that issues loans. Unlike brokers, lenders control the whole process; from underwriting to funding.

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Property Inspector

An individual certified to conduct a examination of the home. An inspector will look for issues that may affect the value of the property and can assess the condition of a property’s roof, foundation, heating and cooling sys- tems, plumbing, electrical work, water and sewage, and some safety issues.

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Real Estate Agent

A real estate agent is a person who acts as an intermediary between sellers and buyers of real estate/real property and attempts to find sellers who wish to sell and buyers who wish to buy. They can often provide helpful and specific community information such as shop-ping, transportation, and schools.

Looking to buy your first home?

When considering the purchase of a home, you’re bound to have questions. Well, you’ve come to the right place!

Steps to home ownership made easy

Purchasing a home can seem complex. Obtaining a mortgage shouldn’t be. Here is a simple checklist to get you started.

Top 5 reasons to get-prequalified

Getting prequalified is a great first step when beginning to shop for a home.

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

Start your journey home today!

Mortgage do’s and don’ts

Mortgage do’s and don’ts

Do’s

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Do keep paying bills on time

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Do let us know of any significant changes (job, new expenses)

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Do get us all documentation requested on a timely basis

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Do tell us of large new deposits to bank accounts

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Do keep a paper trail of new deposits/transfers into bank accounts that are not payroll related

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Do use funds for closing from only the asset accounts we have verified

Don’ts

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Refrain from changing jobs, becoming self-employed or quitting your job

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Refrain from buying a new vehicle or other large purchases (furniture, appliances) on credit

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Refrain from using credit cards excessively and increasing credit card balances

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Refrain from making large deposits or changing banks without first checking with your loan officer

Looking to buy your first home?

When considering the purchase of a home, you’re bound to have questions. Well, you’ve come to the right place!

Steps to home ownership made easy

Purchasing a home can seem complex. Obtaining a mortgage shouldn’t be. Here is a simple checklist to get you started.

Top 5 reasons to get-prequalified

Getting prequalified is a great first step when beginning to shop for a home.

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

Start your journey home today!

Common loan documents needed prior to closing your loan

Common loan documents needed prior to closing your loan

*SecurityNational Mortgage Company does not require income documentation to complete a loan application or to receive a loan estimate.

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Last 2 years W2's

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Last 2 years tax returns with all schedules (if applicable)

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1099s and copy of business license (if applicable)

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Most recent pay stubs (minumum of 30 days)

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2 months most recent bank statements (all accounts and all pages)

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Explanation of any inquires on credit report (signed and dated)

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Copy of earnest money check and purchase contract (for purchase transactions)

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Mortgage statement (for refinance transactions)

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Most recent homeowners insurance policy and tax statement for all properties owned (if applicable)

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Trust documentation (if applicable)

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Trust documentation (if applicable)

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Divorce decree/separation agreement and child support order (if applicable)

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Identification documentation, such as driver’s license, permanent resident alien card, etc.

Looking to buy your first home?

When considering the purchase of a home, you’re bound to have questions. Well, you’ve come to the right place!

Steps to home ownership made easy

Purchasing a home can seem complex. Obtaining a mortgage shouldn’t be. Here is a simple checklist to get you started.

Top 5 reasons to get-prequalified

Getting prequalified is a great first step when beginning to shop for a home.

Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116

Start your journey home today!