It’s no surprise – COVID has changed virtually everything about our lives this past year. If you have been thinking about buying, upgrading or refinancing your home, our quick tips can help you stay in the know.
Short on time? Watch the 90-second video here.
Start the process early.
Now, more than ever, experts suggest getting a head start on your home purchase or refinance. Why? There are several reasons. Social distancing and unexpected quarantines can cause delays in the home closing process that could potentially extend your home loan and change your plans.
And with home loan rates expected to increase this year (see more below), it's a good idea to have your financing in order for the best chance of snagging the lowest available rate.
Home loan rates are expected to rise.
Yes, home loan rates are still historically low now – but are predicted to rise as the year goes on, according to many experts. In fact, rates have already begun to rise in many parts of the country. The best time for snagging a lower rate on your home purchase or refinance may well be sooner rather than later. (Want to get started? Find a loan officer near you or start an application online.)
Embrace technology.
For buyers who have not received their COVID vaccines or are at a greater risk, in-person home shopping may feel uncomfortable.
If this describes you, consider a video or virtual tour. Many real estate agents are happy to host a live Zoom session and walk you through the house.
Most importantly, find a lender you trust.
With COVID, ever-changing mortgage regulations, and an unpredictable rate environment, it is more important than ever to choose a knowledgeable lender.
How do you know a lender is legitimate and up to speed on the latest regulations?
Any lender you work with should be registered through the NMLS, a national certification database for mortgage lenders, and should clearly display an NMLS number to prove it.
You should also choose a lender who offers you the type of communication style you prefer – email, phone, in-person, or a combination.
Above all, find a lender you just feel comfortable with.
Hawthorn Bank is an Equal Housing Lender and provides home loans throughout the Midwest.
Find a friendly, knowledgeable lender near you today.