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Money Talks: Mortgages 2022

Our guest for the show today is Adam Black, Senior Mortgage Loan Specialist with First Commercial Bank. We’ll talk about getting a home loan in today’s climate. Are you considering buying a home or refinancing?

https://www.firstcommercialbk.com/


  • S&P Case-Shiller home price index
  • recent history of mortgages
  • length of time
  • types
  • credit score
  • down payment
  • shopping for a mortgage


7/14/2020 Money Talks: First Mortgage http://moneytalks.mpbonline.org/episodes/money-talks-first-mortgage

6/11/2019 Money Talks: Refinancing Mortgages http://moneytalks.mpbonline.org/episodes/money-talks-refinancing-mortgages

6/19/2018 Money Talks: Mortgage Loans

http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d7e

3/15/2022 Money Talks: Increase Your Credit Score http://moneytalks.mpbonline.org/episodes/money-talks-increase-your-credit-score

10/2/2018 Money Talks: Credit Score http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d6f


Questions:

  • HELOC
  • HUD home: FHA $100 down program, 203K renovation loan
  • Title insurance
  • Homeowner's insurance
  • School debt / equity loan





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9/13/2022

Money Talks: Student Loan Forgiveness

We’ve got a new angle on Student Loans to discuss today – the canceling of student debt. What’s the difference between canceling and forgiveness? Who is eligible and when? What happens after your debt is wiped away? We’ll discuss the new student debt elimination programs between your other personal finance questions.President Biden's plan to forgive federal student loan debt – up to $20,000 for Pell Grant recipients and up to $10,000 for others who qualify was announce last month.Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action. https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/What can borrows do now?Make sure your information is up to date with your loan servicer. To see who your servicer is: studentaid.gov/dashboard or call Federal Student Aid Information Center 1-800-433-3243Be ready to submit the online application with the Dept of Education: ed.gov/subscriptions Email alerts begin in October. After application is submitted, debt should be forgiven in 4 – 6 weeks. You should apply for forgiveness before Nov. 15th . The payment pause ends Deb. 31st, 2022To ensure a smooth transition to repayment and prevent unnecessary defaults, the pause on federal student loan repayment will be extended one final time through December 31, 2022. Borrowers should expect to resume payment in January 2023.The ability for public service workers to have debt forgiven has changed. Fixing the broken Public Service Loan Forgiveness (PSLF) program by proposing a rule that borrowers who have worked at a nonprofit, in the military, or in federal, state, tribal, or local government, receive appropriate credit toward loan forgiveness.To ensure borrowers are aware of the temporary changes, the White House has launched four PSLF Days of Action dedicated to borrowers in specific sectors: government employees, educators, healthcare workers and first responders, and non-profit employees. You can find out other information about the temporary changes on PSLF.gov.You must apply to PSLF for the waver before the temporary changes end on October 31, 2022. Check to see if you qualify for public service loan forgiveness (PSLF). Go to Studentaid.gov/pslf  to check to see if your employer qualifies: studentaid.gov/pslf/employer-searchIf you paid off your loans in full during the federal payment freeze, you are likely still eligible for both a refund and student loan forgiveness. You can request a refund of the payments you made during the pandemic and your balance will return to the pre-pandemic amount. https://www.forbes.com/advisor/student-loans/student-loan-payment-refunds/#:~:text=If%20you%20paid%20off%20your,to%20the%20pre%2Dpandemic%20amount.