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Can you get a mortgage during COVID-19?

Bianca Foti - May 15, 2020, 4:08 pm

As we continue to practice social distancing, simple things like meeting with a mortgage advisor or physically visiting an open house aren’t exactly possible. While this may seem like a roadblock to your dreams of purchasing a home, the good news is that you CAN still get a mortgage during COVID-19. At Homewise, we’ve brought this entire process online, making it possible to apply for a mortgage, all from the comfort and safety of your own home.

If you are planning to purchase a home during the pandemic, here are some things to consider: 

If you can’t househunt, get pre-approved. 

If social distancing measures are delaying your ability to go visit properties in person, a great first step is getting pre-approved for a mortgage before you even begin shopping. Pre-approval offers the benefit of understanding what you can afford from the get-go for a productive home search within your means. 

Get all of your documents in order. 

Speed up the application process by preparing all of your documents in advance. Given the recent high volumes of mortgage refinancing and deferral applications, having all of your documents ready – especially income verification forms – is one more step you can take to prevent any further delays.

Shop around for your mortgage. 

As mortgage rates and products continue to fluctuate in the face of COVID-19, it’s never been more important to shop different lenders. By shopping around, you’re more likely to find a lender and a better mortgage that best suits your current situation.

Expect lenders to be more stringent. 

During any financial downturn, lenders are always going to be more stringent with borrowers, even those with strong credit scores and steady income. With the outlook of the marketplace and job security so uncertain due to COVID-19, we can expect lenders to be less flexible during this time. To that end, be sure to cover all of your bases when it comes to your application and be as financially prepared as possible.

Find a realtor who can navigate the current climate.

Having a realtor who understands technology and is adapting to COVID-19 is essential. You want to find someone who is equipped to help you find a home using alternative solutions like online showings and virtual appraisals.

How Homewise can help

If you’re looking to get a mortgage right now, apply online with Homewise today. Working with over 30 banks and lenders, we provide a simple, easy and safe experience to find you the best mortgage. After you apply, a Homewise Mortgage Advisor will get in touch with you and personally assist you every step of the way.

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#mortgage, #mortgageapproval, #covid19

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