Finance Talk - 2020 in the Rear View with a look ahead to 2021

Jason Bonarrigo of RMS Mortgage and Jeffrey Chubb of the Chubb Realty Group which is brokered by eXp Realty sit down on the Real Estate News Network to discuss what happened in the real estate and finance markets in 2020. They also talk about 2021 and what may lay ahead.

Discussions include:

- What happened in the Real Estate market in 2020

- World epidemic makes our Real Estate Market Take off?

- The Suburb Market has over taken the Boston Market?

- Boston will come back a lot stronger then other cities throughout the United States

- Refinance boom

- Real Estate (and Refinances) has helped stimulate the economy

- Our homes and the equity in the home's were a saving grace for a lot of people throughout the Covid crisis

- The power of buying real estate when you are looking at it from a long term perspective

- Interest rates are some of the best we have ever seen in history

- Interest today is really "free" money when you factor in inflation

- Interest rates went down about 1% in a year, freeing up 10% more buying power for home buyers

- Buying a home responsibly and not over extending yourself

- Where are interest rates going? They look to be ticking up.

- Housing prices (as a whole) are not going down anytime soon

- Boston Real Estate Market is seeing downward pressure on prices

- The city isn't going anywhere. It will find its new identity

- Mortgage standards have stayed consistent. Some markets have seen adjustments

- Self Employed Borrowers have been effected most throughout Covid

- The big 3 - You need a Job, Down payment and Good Credit are needed to buy a house

- Have credit scores standards changed any?

- Private Mortgage Insurance - Have the rates seen any adjustment?

- The Jumbo Loan market has been hit the hardest with Covid

- Homeowners in forbearance and Tenants not paying rent... Will we start seeing the effect of this in 2021?

- You can refinance your home if you are in forbearance

- If you miss a mortgage payment after forbearance, it will be a lot harder to be able to refinance. Be proactive

- Don't do a reverse mortgage (for most people)

Jeffrey Chubb - eXp Realty - Jeff@Boston2.com - 617-480-2600 - https://www.boston2.com/

Jason Bonarrigo - RMS Mortgage - Jason.Bonarrigo@RMSMortgage.com - 617-413-5038