As if 2020 could not get weirder, the United States is still suffering from the second wave of coronavirus. In these unpredictable times, one of the most important things we can do is band together and do our part to help end the spread of coronavirus. If you were planning on purchasing a home or taking out a mortgage right before the first wave of coronavirus hit, you might be sitting here wondering how the second wave will affect your mortgage for the rest of this year and the following year. The second wave has only made interest rates more unpredictable and forced hundreds of thousands of homebuyers to remain in their homes. As Florida’s government looks to see what actions must be taken to flatten the curve of the second wave, Ace Mortgage Loan Corp. wants to help you continue the home buying process. Here are four recommendations to help prospective homebuyers purchase a home and secure a mortgage in 2020.
- Keep an Ear to the Ground About Mortgage Rates
Mortgage interest rates have been changing sporadically as a response to coronavirus. This year, the Federal Reserve has lowered its rate twice, but mortgage rates have not. The reason for this is that mortgage rates do not share the same correlation as interest rates. The Federal Funds rate affects mainly short-term loan rate. Mortgage and other long-term rates may be modified as a response to coronavirus, but we won’t be able to see the change until the second wave settles. Currently, the mortgage rate is based upon the housing market demand. Since the coronavirus pandemic started, the housing market demand has shifted a different direction each day and has not stopped since the rise in cases here in Coral Springs. As our government attempts to revive our economy, mortgages are in a bind for whether they will be raised or decreased. In a typical recession, mortgages rates fall, and it may be expected to occur at the end of the second wave. At Ace Mortgage Loan Corp., we recommend current buyers to keep an ear to the ground about mortgage rates and consider when is the best time to get a loan.
- Early Bird Gets the Worm
With increased wait times occurring as a result of the second wave of coronavirus, it will be in your best interest to begin all the paperwork as early as you can. If you don’t start now, you could end up waiting for a very long time. Because of the increase in refinancing applications, the mortgage lending process is slowing down. Not only is the coronavirus slowing down loan companies, but they also are slowing down appraisals, a major step in buying a home. Fewer appraisals are occurring since many places are under quarantine; therefore, fewer offers can be made. You’ll need to start your process now to be in the front of the line for when the quarantine ends.
- Speak to Representatives Remotely
Since the beginning of the coronavirus pandemic, Ace Mortgage Loan Corp. has remained opened and has followed all CDC recommendations. We welcome all customers and try to maintain that social distancing is established amongst parties. However, Ace Mortgage Loan Corp. recommends that if you can speak to a representative via a phone call or FaceTime, please do this to keep from potentially spreading COVID-19. Our team is happy to answer any and all questions 24 hours a day, seven days a week.
- Choose A Company Who Takes the Coronavirus Seriously
Although hard to come by in Florida at this present time, you deserve a company that is willing to go above and beyond to help you secure a loan. At Ace Mortgage Loan Corp., we want to help all clients have the ability to get a home mortgage, even during this pandemic. You deserve a company that acknowledges the severity of the coronavirus and will still work with you with the best service possible. We hope you give Ace Mortgage Loan Corp. to be that company for you! If you’re ready to get started, please call us today at (954) 777-4774 or visit our “Contact Us” page on our website.