The world has been an ambiguous place for everyone over the past few months, with health, family and jobs being a serious concern around the globe. Those who were planning to buy property may have been holding off due to changes in income, or even loss of jobs, and an uncertain future.
On the other side of the table, mortgage loan officers have faced new challenges in many parts of their usual process, with property valuations and underwriting all taking place at a safe, virtual distance. While services have been moving online, many resources have been unavailable during the pandemic, classed as non-key workers. These resources being mortgage partners and lender, real estate agents, appraisers and the like. Pulse Mortgage CRM is our software for mortgage professionals looking to grow their businesses and can help manage online services during these virtual business times.
While interest rates are at an all-time low, mortgage lenders are having to enforce stricter standards and therefore, approval rates are also much lower. With the market in a shroud of economic uncertainty, the virus has resulted in substantial unemployment rates and lenders are trying to mitigate their risk of loan defaults and repossessions. Due to this, income and employment verification methods are tighter, and a buyer may be asked to prove their salary and status multiple times throughout the application process to ensure there have been no changes during this time.
What can property buyers do to support the mortgage process?
Speaking to a mortgage lender as soon as possible in the process and being completely transparent are two key things that an applicant can do to help the process go smoothly. Providing all required information and documentation in a timely manner will help both lenders and buyers complete the process quickly and efficiently.
Keeping debts under control, maintaining a solid credit score and providing a solid deposit will help new home purchasers secure the best rates possible.
Can you save money by refinancing your property?
Many existing property owners have been lucky and managed to take advantage of the slashed rates across the United States over the past few months. Those fortunate enough to have retained a job during the crisis and preserve a steady income and polished credit file have saved tens of thousands by shopping around and refinancing their home.
Are you a property owner? How has COVID-19 affected you and your property? Tell us about it in the comments. Alternatively, if you run a mortgage business, we would love to talk to you about how the pandemic has affected your processes and if we can provide any solutions to support your online evolution.
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