As the coronavirus affects the US economy and Americans’ health, the home buying process is rapidly changing.
You can expect mortgage rates to be volatile and the buying process to take longer than usual.
To make the process as smooth as possible, search for providers that will allow you to do everything digitally, from touring a place to closing on your new home.
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The coronavirus is affecting nearly every aspect of American life. If you used to work in an office, you probably work from home now. If you had been planning a trip, you might find ways to grow your vacation fund until you can travel again.
If you had been looking for a house to buy — well, what are you supposed to do in response to coronavirus? There haven’t been many clear answers.
The process of buying a house changed drastically over just a few days. Volatile interest rates, canceled open houses, and longer wait times have left people scratching their heads. Whether it’s your first time buying a home or your fifth time, you probably haven’t faced this type of situation before.
You may decide to put off buying a home until the pandemic settles down. But if you want to continue with the process, professionals recommend you do four things to adjust to changes caused by the coronavirus.
1. Remember that mortgage rates are volatile right now
You might be surprised that mortgage interest rates are changing so frequently in response to the coronavirus. The Federal Reserve has lowered its rate twice in 2020, which has caused interest rates to decrease on everything from credit cards to savings accounts. Shouldn’t mortgage rates be lower, too?
The federal funds rate affects short-term loan rates more than anything else. Mortgages are long-term loans, usually ranging from …read more
Source:: Business Insider