For those who are buying a new home, obtaining mortgage loans is a big help to finance the purchase. However, with the current waves of the COVID-19 pandemic, which is taking a toll on the economy and creating job uncertainties, applying for home mortgage loans, Riverside, CA, might not be a sound idea. Or is it? Well, you might want to take another look.
While it is true that this pandemic puts a substantial setback to the economy across industries, experts see a silver lining in the mortgage sector. That means this time could provide the best deals on mortgage loans. Here are some compelling reasons why:
The continued decline in mortgage-back securities prices
There is a continued downward trend in mortgage-back securities prices. If you are planning to purchase a new home, this could be an opportunity for you to strike a great deal. 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 platforms for home mortgage loans, Riverside, CA, online application. Borrowers can just scan and email key support documents needed for mortgage 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 and do the process online.
Why the 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 can help you in your application for home mortgage loans, Riverside, CA? Contact HomePlus today at 800-810-PLUS (7587).