During this turbulent time, it’s important to stay informed. Maybe you were considering purchasing a home this year, but are now hesitant due to what’s going on, or maybe you’re already in the process of getting a home loan. We’re here to give you some guidance if you’re deciding whether or not to purchase a home in the near future, and what to expect if you’re already in the loan process.

For Those Already in the Loan Process

Slowdowns

There are many essential roles in the mortgage process that need to be performed in-person, such as appraisals, inspections, and document recording. The government is allowing lenience for certain steps, like appraisals and employment verification. Because of necessary changes in the way we normally do things, we ask anyone in the loan or refinance process to please be patient while new policies and procedures are being put into place.

How Closings Work Going Forward

Due to the virus, it’s possible that the only people at your closing will be those necessary to sign closing documents, including your mortgage banker. Additionally, there are options to arrange a mobile notary, especially for those who shouldn’t be out and about.

Employment

If there’s any change in your employment status, such as a change in your hours, it’s important to let your mortgage banker know as it can impact your loan.

For Those Considering Buying a Home

Rates

Due to recent market movement over the past few months, mortgage rates have reached historic lows. The Federal Reserve recently cut rates due to market volatility, which you can read here on how it affects mortgage rates.

We wouldn’t recommend buying a house just because rates are low, but if you were already considering it at the beginning of the year, it’s certainly a perk. Keep in mind, though, that the loan process has slowed due to changing procedures over the virus and the high volume of refinances and home loans coming in because of the low rates.

Though things can seem uncertain right now, know that you can rely on us. Flat Branch has been around since 2005, and you can trust our experts to help you navigate our unique circumstances. Ultimately, the communities we serve are our priority, so please stay safe, stay inside and stay healthy!

What to Know as a Homebuyer During COVID-19