How Corona Pandemic Affects Your Financing

March 30, 2020

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Information and tips on financing your home during this challenging time…
Hello!  Do you remember how your agent advised you that time if of essence when purchasing a home?  We always anticipate the unexpected.   Anything can come up between you and closing that delays or prevents it.  Who could ever have anticipated this worldwide pandemic?  Hopefully you did not delay getting your financing in place, repairs done if required, or simply want to wait until your lease was finished to close on your home.
Today’s financial market has changed, just like your ability to dine out.  While lenders relaxed on credit scores for a while, this is no longer the case.  If you have a credit score under 620, contact your lender and make sure you are still pre- approved. If not maybe your lender can work with you to get your score up.  It appears that all lenders are tightening up right now.
With most of the world working remotely, make sure buyers that you have a contact at the HR department. All lenders verify that borrowers are still employed before closing. Make sure they can get someone on the phone/email or have a most recent pay stub. Be prepared.  Anticipate what could go wrong (if you know the process).  Don’t wait til the last minute to have every backup in place.
To become more familiar with the process, check out my book, The First Time Homebuyer’s Guide, available on Amazon and Kindle.