Buying a home can be an exciting time for most first-time homebuyers, but many find it to be an overwhelming process, as well. To help smooth the homebuying process, we recommend getting a mortgage pre-approval as the first step to take.
Summer is in full swing, and it seems nothing can stop serious homebuyers from fulfilling their homeownership dreams even during a pandemic. If you’re planning to put your home on the market, it’s important that you practice safety measures to ensure that your family and potential homebuyers are protected from the coronavirus disease of 2019 (COVID-19).
Mortgage interest rates are at tempting levels that could make you wonder if it’s the right time to reap the rewards of your investment as a homeowner. Cash-out refinancing could be an option if you want to take advantage of the historically low interest rates and augment your finances especially during this difficult time as the nation deals with a health crisis.
More homebuyers are now ready to attend open houses compared with those who rely on virtual home tours. Although virtual tours are convenient and safe in this time of the coronavirus disease of 2019 (COVID-19) pandemic, attending an open house in-person lets homebuyers get to experience what it feels like while inside the home that they want to buy.
“One call could save you $1,500” – Freddie Mac research
Refinancing is a hot topic right now as it offers a lot of different financial options for you as a homeowner. Before you begin, here are four things you should consider to get the best rate possible.
When house-hunting, it is highly recommended that you seek pre-approval for the loan. The process of getting a mortgage pre-approval a thorough check and verification by a lender to assess your credit standing and evaluate that you can pay off the amount you’re seeking to buy the home. Lenders, however, have recently become stricter with lending requirements due to the uncertainty and volatility that the pandemic has brought to the market and economy.
It’s important that you check your monthly mortgage statement for any changes to avoid unwanted surprises.
Loan forbearance is a viable option you may consider if you experience financial hardship and start missing your monthly mortgage payments. It allows you to reduce or suspend your payments for a period of time and determine a plan on how to repay them after.
Homeowners must notify their mortgage servicer or lender immediately if they experience financial hardship and find it difficult to repay their monthly mortgage. Working out with your servicer is important if you want to protect your home from foreclosure especially during this time that the federal government has declared a national emergency against the COVID-19 pandemic. Applying for any loss mitigation like a loan forbearance could be an option to keep your family safe.