People all over the world are dealing with the pandemic in one way or another. For us, the focus must be on protecting the health and safety of everyone around us, especially our clients. This means working remotely since we can provide great service without the health risks.

 

Here are some things you need to be aware of when it comes to how mortgage lenders are adjusting to these uncertain times:

 

Higher Credit Score Requirements

Many lenders are requiring higher minimum credit scores on a variety of loan products. Homebuyers with a good credit history still have many financing options. If you have a lower credit score that doesn’t meet the usual minimum, make sure you know what the qualification requirements are right now.

 

Limited Availability of Loan Products

COVID-19 has limited the availability of certain niche loan products, however there are still many different loan products to choose from to help you purchase a home. Before starting to look for a home it would be wise to evaluate the financing options available to you. Speak with a licensed loan officer at your bank or another financial institution that you trust.

 

 

Low Interest Rates

Interest rates are currently very low for qualified buyers. We always keep a close eye on mortgage rates and can advise you as to when would be the best time to lock in the lowest available rate while purchasing a home.

Help with Closing Costs

We are currently in a seller’s market. So, it’s important that you work with your Realtor to negotiate for the maximum amount of help when it comes to closing costs on your loan. This may even mean including them in the home’s purchase price.

Home Showings

As long as buyers, sellers and Realtors take health and safety precautions, in-person showings are still possible. Most Realtors are offering clients video and virtual tours of homes that meet their criteria before scheduling an in-person showing. And meetings are usually being held virtually rather than in-person. 

Closing Day

You can relax when closing day approaches because steps will be taken to protect your health. Many title companies are now providing clients with e-signing, a mobile notary, and e-closing services to avoid the risks of having to be there in person to sign papers on closing day. Your Realtor can choose a title company that offers these services.

 

 

Despite the circumstances we’ve found ourselves in due to the pandemic, we’re still moving forward. As long as we take steps to ensure the health and safety of our clients, we feel confident about getting everyone through the home buying process unscathed. If you are thinking about buying a home at this time, there is no need to hold off just because of COVID-19.