As virtually every industry and business has been affected in some way or another by COVID-19, so has the mortgage industry. Click through to find out why even in these difficult times, not all the news is bad.
Most lenders immediately tightened qualifying guidelines on many or all loan programs once we all realized the potential economic fallout looming over our heads. Some lenders even suspended popular loan programs like FHA, VA, and USDA. While that did immediately impact some buyers' ability to qualify for home financing, it seems that recently the lending industry is beginning to turn the corner, like many communities across the country, and looking at returning to "normal." We are still in the early stages however.
One positive sign we are seeing is that interest rate volatility has stabilized, which means mortgage interest rates are not fluctuating as widely or as rapidly as they were a few weeks ago. In fact we are seeing a trend downward again, to new record lows in some cases.
So, what does all this mean for you? It means this is an extraordinary time to take advantage of the low interest rate environment we are in. If you are considering purchasing a home, now is the time to get pre-qualified, and see how these low interest translate to increased buying power. Call or email me today to get started!