COVID-19 MORTGAGE MARKET UPDATE
The coronavirus pandemic has brought widespread changes to our lives, our businesses and our world. It definitely has impacted the real estate and mortgage markets, but it’s far from a doomsday environment for these sectors of the economy. Well priced homes that are prepared for market continue to sell at a steady pace and transactions continue to close as buyers qualify for mortgage loans.
Don’t Put Your Mortgage on Autopilot Right Now
While so many parts of our lives currently feel “on hold,” your mortgage financing shouldn’t be a “wait and see” item on your To Do List. In fact, now is the time to consult with an experienced mortgage loan adviser to ensure that your current mortgage — or a new mortgage for a home purchase — places you in the best financial position moving forward.
Five Reasons to Revisit Your Mortgage with an Expert Today
1. Mortgage rates continue to hover at historic lows. Regardless of when you purchased or last refinanced your home, and no matter how long you plan to live in it, it may make sense to refinance your property to save money in the short- and/or long-term.
2. You can likely still qualify for a new mortgage or refinance in today’s market. It’s a myth that “no one can qualify” for a mortgage or refi right now. With the help of a seasoned loan officer — especially those working directly for banks — mortgages are continuing to be funded for most clients.
3. Take advantage of current mortgage deals that offer lower down payments. Right now, there is a window for clients to qualify for a new mortgage with less money down — but you need to act quickly as these loan programs may change.
4. Build a financial safety cushion. Some of my clients are seeking extra financial stability and security, and now is the time to consider a cash-out refinance of your home before these types of products may become less available.
5. Purchase your dream home at a solid value. Our local market continues to be healthy, albeit at a pace a bit slower than recent months. This real estate climate presents good values for buyers. You may not want to miss the opportunity to buy now.
These are dynamic times for all of us, and that certainly holds true in the mortgage industry. As the majority of direct lenders are no longer in a position to fund loans, many third-party brokers are unable to assist their clients in securing mortgages. In contrast, loan professionals who work directly for banks — as is the case for me and my team — are continuing to get loans funded, even more complex deals, as we have the flexibility, proven track record and clout with our bankers to strongly advocate for our clients.
In addition, we also are here for clients who may be experiencing financial hardship currently due to job loss, furlough or other business impacts. My team can help you navigate the loan forbearance process, as well.
Regardless of your current situation, I hope you will take the time to review your current mortgage to ensure you’re in the best position possible for the future. I am standing by to provide you with complimentary, no-obligation expert consult and would welcome the opportunity to assist you.
Wishes for health, safety and peace during this time,
Justin Purpero | Private Mortgage Banker