Applying for a Mortgage in COVID-19

Are you looking to take advantage of some newly falling home prices in COVID-19? Are you wondering whether the process and chances of approving a mortgage have changed? Things certainly have changed, but you can still get some great mortgage rates during COVID-19. Professional Mortgage Solutions in Rego Park, NY is here to help you make the right move and secure a mortgage during COVID-19, read on below for more information.

Working with a Good Lender During COVID-19

It is important to not only find a good home when shopping around, you also want to find a good lender. Find one that will work with you if the world takes another unexpected turn and the market changes. Research who is making the right adaptations to respond to the needs of buyers in COVID-19. A lot of money can be saved on a home simply by negotiating and comparing lender rates. Be sure to remain diligent, policies due to COVID-19 are changing frequently as new government legislation passes.

You will want to ensure everyone you work with is correctly implementing new policies in ways that will benefit you. Lenders are also taking their own precautions. Some will no longer accept zero or low down payments. This may be useful, since having a lower down payment will typically increase your mortgage rate and cause you to pay higher interest. Other lenders are adding more scrutiny to the FICO scores for approvals and want to see higher than normal numbers.

Changes in Mortgages Due to COVID-19

Many lenders will refuse to do greater than 80% loan-to-value. However, there are still lenders with programs for a low to moderate income home buyers that can do this. Even if you get pre-qualified, you need to stay up to date on the lender policies as things may change week to week. Such changes can make or break a good home mortgage. The team at Professional Mortgage Solutions can help you compare.

Questions to Ask Your Lender During COVID-19

We thought it would be helpful to leave you with a list of good questions to check during COVID-19 as you shop around for a good mortgage:

  • What is your down payment minimum and what are your Private Mortgage Insurance (PMI) requirements?
  • What is your process for closing and what are the fees? Do you do it in house? Can I do it online or in person?
  • What are some of your most recently approved rates and terms for borrowers like me?
  • How do you communicate with home buyers and can I work with the same person throughout the process?

Finding the Right Team to Buy a Home in COVID-19

Professional Mortgage Solutions has talented staff that are here to support you can keep you up to date on all the recent real estate policy. Contact our team in Rego Park, NY today to get assistance.