Should I buy a home during Covid-19?
The silver lining in this Covid-19 cloud is lower mortgage rates that can be capitalized on, but there are certainly some unforeseen effects the pandemic has had on the market. Guidelines are a lot more stringent.
Another change is the timeline on loans. Banks are becoming stricter and lenders are not in a hurry to give out loans because they cannot determine if payback is possible due to the wave of unemployment that followed the pandemic.
I have been in this industry since 1999 and I can compare the market this year to the market in 2008. Guidelines changed sometime 5-10 times a day, which was pretty crazy!
Banks are not as flexible as usual. While the pandemic has cropped up some restrictions in the way things are being done, your best bet is to sit down with your loan officer should you decide to take the leap and purchase a home. Buying a home is still a very rewarding experience no matter what market!