Coronavirus Mortgaging; What’s Happening Now?
COVID-19 has impacted just about everything that makes our world go round. From how we shop for groceries to how we mortgage a home, an intense amount of hand sanitizer and a fashionable mask has become the norm for many. As many things have adapted to the existence of the Coronavirus and its many variants, mortgaging a home has been impacted as well.
Whether you’re mortgaging a newly purchased home or refinancing an existing mortgage, understanding the impact of COVID-19 is essential in today’s market. Quarantine in a home with a healthy mortgage in 2022!
An Economic Impact
Many individuals today are qualifying for a new mortgage with a lower monthly payment. This is because interest rates of pre-pandemic times have shown to be significantly lower than those of today. An increase in interest rates also means that when buying a home today, a lower monthly rate and closing cost could be offered, compared to the typical rates pre-pandemic.
It can then be assumed that these all-time low rates are creating a very busy buying market. There is no better time than now to mortgage a new or existing home with rates at an all-time low. Rates will only go up as our economic impact from the global pandemic starts to fade with the virus in the upcoming years.
Mortgaging in Person or Online?
Everyone wants to be as safe as possible during our global pandemic. The biggest question on everyone's mind during COVID-19 is, “In person or online?” Reach out to your lender and ask them about their current coronavirus operations for closings, general communications, etc. At Equity Mortgage, we aim to provide you with the best services and the safest protocols. Keeping our faculty and clients healthy and safe is a top priority. We encourage you to contact us with any questions regarding our COVID-19 protocols.
Post Pandemic Demand
We all are wanting a post-pandemic world with less sickness and more social gatherings. What does a world after COVID-19 look like for homeowners? New construction is anticipated to increase with housing demand in 2023, as the pandemic hopefully begins to fade, gradually increasing home value by about 5% per month.
Millennials will also be moving into the market, increasing demand, as they are anticipated to be renting or buying their first independent homes in the upcoming years. It is also anticipated that some current home owners will be selling their property to take advantage of the increase in home prices post-pandemic. Those who decide not to sell, will notice how expensive the homes on the market are and hold off on selling due to the inability to buy at such high value.
We’re Here for You!
At Equity Mortgage, we work with a variety of clients with varying degrees of mortgage needs. During our current pandemic, feeling at home is more important than ever. We offer our clients alternative options to their current loan programs with our wide range of mortgage products and flexible lending practices.
Experience fast, professional service for coronavirus mortgaging today and beyond the pandemic. Contact us for more info or give us a call at 1-800-332-9221.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.