Becoming a First Time Home Buyer During the Pandemic
Since the outset of the COVID-19 pandemic, we’ve all drastically adjusted our everyday activities and virtually every aspect of life has been altered. From remote working environments to social distancing norms, we’ve all felt the impact. There has been dramatic effect on many economies and industries, and the housing industry is no exception.
Whether or not the COVID-19 pandemic put a wrench in your plans or pushed you to finally make the leap into homeownership, the first-time home buyer experience has changed. We know these are uncertain times, but we’re sharing some insight into what to expect as a first-time home buyer right now.
Consider Your Options
Are you in an apartment without a balcony, but wishing for an outdoor area? Are you doubling up in the at-home office and find yourself constantly planning meeting’s around each other’s schedules? No matter the situation, you’re not alone – the current stay-at-home mandates have many reevaluating the space they call home. We know your home needs are very different than they were before the pandemic, and the need for space has many pivoting into homeownership. As a first-time home buyer there are some great options for home loans, check out our list of Best Loans for a First-Time Home Buyer.
Better Rates
Despite the enormous turmoil most industries are facing, the mortgage industry has found itself doing remarkably well. Like many hopeful buyers, you’re probably acutely aware that these unprecedented times have spurred historically low interest rates. These falling rates have made the affordability of homeownership soar and could be just the final necessary push into purchasing. Lower rates potentially mean big savings for you.
Potential Roadblocks
Obviously, the pandemic has major downfalls for any buyer, especially a first-time buyer. For example, many current homeowners are choosing to sit tight and not move meaning there are fewer homes on the market and less inventory to select from. If you’ve narrowed down your online search and are hopeful to visit a home in person, you will probably need to schedule a walk-through as opposed to swinging by the next open house.
Digital Processes
Thankfully, even before the beginning of the pandemic, so much of our everyday lives were taking place online. With social distancing orders in effect, we know that digital capabilities, like applying for a mortgage or closing on a home, are paramount. Our approach to applying for a mortgage is powered by our pioneering platforms Loanplicity® and eClose and now, borrowers can quickly apply online, prequalify, track progress, review all documents and sign most.
For more expert guidance on becoming a homeowner during the COVID-19 pandemic, connect with a PrimeLending home loan expert today.
