The Coronavirus has certainly changed the way we go about everything in life, there is no question about that. Believe it or not, though, people are still buying homes. In fact, with policies changing and new assistance being implemented in light of the pandemic, buying/financing a home might actually be easier now than ever before!
Over the past few months, I have been receiving a lot of questions regarding the home buying process during COVID-19, so I wanted to take some time to walk you through a little bit of what has changed to make it more clear. The question I am being asked most frequently is, do we still have to meet in person? The simple answer is NO! Every single thing can be done online and electronically. The only downside is that there are no in-person handshakes. There is nothing about online meetings that are different than in-person except for the fact that we can get down to business in the comfort of our own homes and in the warmth of our PJs! We can screen share, jot down all the information and layout the numbers, and answer any questions you may have. You can go through the entire process of financing and never have to meet the lender in person!
Another positive change due to the pandemic is the appraisal process. Typically, in order for an appraiser to do his appraising, they must enter the home to view and assess it. Now, they can do all of that by doing a drive-by and utilizing the databases and online photos to keep buyers and sellers safe. This also includes most refinancing situations. On most refinance transactions appraisers don’t need to go in the home unless you are taking out money to pay bills etc..
Unfortunately, with the Coronavirus causing a huge spike in unemployment and changing practically everyone’s work situation in some way, financing has become a bit difficult for some. In order to go through with the financing we still need to verify your employment, but there have been modifications made to assist and make the process of proving employment easier. Instead of going through a third party to verify, now all that needs to be done is the number of your manager given to us. We call them, verify your employment and bam! All done! We can use that as a viable source to close on your loan.
In today’s market, so many things have changed and the real estate and mortgage industry are still hanging in there. Thanks to the safety precautions and changes we’ve made, it is still easy to buy a home and might actually even be easier! If you have any more questions please reach out to me or my team!