Buying A Home? Mortgage Industry On Central, South Coasts Seeing Coronavirus Impacts
It’s a tough time financially for many people on the Central and South Coasts.
The coronavirus crisis has created economic uncertainty, cost thousands of people in our region their jobs, and created big questions for others.
So, what does this mean to people who’ve been in the process of buying a home?
Robert Bartolomea is a mortgage consultant and broker with Westlake Village based Strategic Home Loans. He says that for people with good credit and a stable job situation, there may be opportunities to get a lower mortgage interest rate, but adds that lenders are getting very cautious about who they will fund.
The mortgage consultant says coronavirus safety concerns have led to some changes in the closing process, but much of it had already moved online before the crisis.
Bartolomea says with lenders being tougher, prospective buyers should make sure to find reliable help so as not to run into problems, either late in the purchase or during the refinance process.
The broker says so far, home prices have remained high and inventory is still low, making it more of a seller’s market. Rents so fars remain high as well.
Bartolomea says for those in a position to buy or refinance, there are opportunities with the dip in interest rates. For those with uncertainty about income or job status, those buyers should consider waiting, as lenders attempt to prevent handing out loans at higher risk of default.