For those who are refinancing their home, getting a mortgage loan is the way to go to realize that goal. However, with the onslaught of the COVID-19 pandemic, which is taking a toll on the economy and creating job uncertainties, mortgage refi’s DFW might not be a sound idea. Well, you might want to take another look.
While it is true that this pandemic has resulted in a substantial setback to the economy across different industries, experts still see opportunities for great mortgage deals. In other words, you could still find better deals on mortgage refi’s DFW during these times. Here are some compelling reasons why:
The consistent decline in mortgage-back securities prices
There is a continued downward trend in mortgage-back securities prices. If you are planning to refinance your home, it means that you could find a great deal in the mortgage market. Although mortgage rates might have gone a little bit higher, they are still near their record lows, historically.
Automation in the application process
Mortgage lenders are now providing easy-to-use platforms for a home refinance online application. Borrowers can scan and email pertinent documents needed for a mortgage refinance approval, eliminating the need for a face to face transaction.
Big mortgage companies Freddie Mac and Fannie Mae have property inspection waivers, which they offer on a substantial percentage of refinance loans. They are committed to expanding the use of alternatives to physical on-site appraisal requirements. The use of e-signatures and other remote signatures may allow you to forego the closing altogether – the process is all online.
How unemployed can take advantage of the COVID-19 pandemic
If you lost your job because of the pandemic, you might think that getting approved for refinancing is a far-fetched dream. But here’s some good news for you – the CARES Act offers mortgage forbearance for eligible homeowners who have been laid off but are planning to refinance their homes. While interest rates are low, this is an opportunity to reduce the cost of a mortgage and monthly payments.
Online looking for a reputable company that offers mortgage refi’s DFW? Contact HomePlus today at (512) 949-3385.