How to make smart financial decisions about your home during the pandemic

Mat Ishbia, CEO of United Wholesale Mortgage, answers some of the essential questions involving mortgages, rent and the housing market right now.
3:27 | 05/28/20

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for How to make smart financial decisions about your home during the pandemic
The pandemic has brought a wave of uncertainty into all of our lives but that is especially true for anyone in the process of moving or refinancing their homes. Fortunately here to answer some of the essential questions involving mortgages, rent and the housing market right now is CEO of united wholesale mortgage, Matt ishiba. Thank you so much for being with us. Matt, I know so many people and you know this too are seeking that temporary relief from their home mortgages. What advice can you give them? Yeah, you know, obviously the pandemic is out there. People have had job losses and a lot of situations have happened to people. Forbearance is an option out there and people are talking to their mortgage service about this. We're all in this together so services like ourselves or other lenders out there are there to help. Call your service or talk to them about it. Maybe it's the right option, maybe it's not. Maybe there are other options to help you out but we're here for everybody. Everyone is trying to solve this together as we're all going through this together as Americans. A lot of people weighing their options so help us determine if it makes more sense for someone to rent or to purchase a home right now. Is there a general answer? It's a difficult one that a lot of people are trying to figure out. Yeah, right now obviously with job cross across the country, if you have a stable job, you feel good about where you're at, right now is a great time to buy. Mortgage interest rates have never been lower, 30-year fixed rates in the twos. It's never been seen before. It's a great opportunity. Affordability is a good position too. Housing prices are good and rates are low. You could maybe buy a little more house for the same price or buy that dream house for a little less payment. So it's a really great time if you can and you feel good about your financial situation and what's going on in the economy in your area. Yeah, that makes sense. I know a lot of people are now considering refinancing their home mortgages right now because of those interest rates. What advice would you give them? Right now with rates sitting so low, it's so important to shop. Findamortgagebroker.com, you can find a local mortgage broker that can shop between lenders like myself and other great lenders because rates are so different at every lender. If you're not getting a 30-year fixed rate in the twos, there's so much right there right now because of what the fed did and tied to the pandemic. You can save money on a refinance or, like I said, buy a house a little cheaper than you would have bought maybe four or five months ago. That's definitely a silver lining in all of this economic news that we've been getting and I know a lot of people are confined to their homes, whether they're of a certain age or have a compromised immune system and they really don't want to physically leave their home so are there steps being taken so homeowners can close title or refinance without having to physically leave their homes? Absolutely. Literally you can do it all digitally working with a mortgage broker basically figuring out how to E sign. You can electronically sign everything. You can send your doc securely via portals. So really you don't have to leave your home to do a refinance or buy a home. Obviously to buy a home you probably want to walk through it or look through it but people are doing that virtually right now. It's available. Even the closing process can be done virtually. It can be done right now. It's being done every single day. Even appraisers don't have to go through a house with some of the great rules that Freddie Mac and Fannie Mae came out with. Trying to make this easier during these times in America. Everyone in the mortgage industry is helping people take advantage of these low rates and this opportunity out there for everyone while this pandemic is still going on out there and while rates are low. Such good information for everyone out there. Thank you so much, Matt ishiba. We certainly appreciate your time today. Thanks for having me.

This transcript has been automatically generated and may not be 100% accurate.

{"duration":"3:27","description":"Mat Ishbia, CEO of United Wholesale Mortgage, answers some of the essential questions involving mortgages, rent and the housing market right now.","mediaType":"default","section":"ABCNews/Business","id":"70929175","title":"How to make smart financial decisions about your home during the pandemic","url":"/Business/video/make-smart-financial-decisions-home-pandemic-70929175"}