Home Buying in a Covid-19 World
Purchasing a home is the largest and most exciting investment that many people make in their lifetime. The thought of purchasing a home can feel a bit overwhelming, especially as we navigate our way through the effects of the coronavirus (COVID-19) pandemic. A silver lining to these times is we have been given the gift of slowing down and reflecting on what matters the most. We were so used to the hustle and bustle of our daily routines, now we have some extra time to use to our advantage.
These factors could be great benefits as you consider turning the dream of homeownership into reality. Here is more information about home buying in a COVID-19 world.
Budget & Affordability
Review your finances and create a savings plan. Determine what your budget will be for your mortgage payment and how much of a down payment you can afford. You may find it to be easier to save due to not having daily expenses such as gas, shopping and salons. It is never too soon to speak with a mortgage lender to help you find your sweet spot of affordability.
With the extra time you may have, this is a great time to educate yourself on the home buying process. There are many resources available at your fingertips such as online classes. There are first-time homebuyer programs with low or no down payment options available as well as grants for down payments and closing cost assistance. Your mortgage lender can help you find the right fit for your unique financial story.
Your home buying dream team
Having the right team of experience in your real estate agent and mortgage lender will give you the confidence and knowledge to guide you through the journey of buying your home. Listen to your team and your heart, mind and soul when choosing the home that’s right for you and your family.
Searching for homes online is a convenient (and safe!) method to find the home of your dreams. This option enables a no-contact way for you to research neighborhoods, homes, schools and other amenities that are important to you. Once you have found a home, your real estate agent can provide additional information as well as making an appointment to view the home when the time is right. Make sure the home meets all the “must-haves” on your list.
Things have changed
After being pre-qualified by your mortgage lender and you have found the home of your dreams with your real estate agent, you will submit an offer on your new dream home – this hasn’t changed. What has changed is the technology available, home buying requirements and new security systems in place. Your real estate agent, mortgage lender, appraiser, home inspector and Title Company have all the resources to get you to the virtual closing table safely, and more importantly into your new home!
Now is a good time
Rates continue to remain low and right now is still a great time to purchase a home. Remember, we are stronger together!
About George Mason Mortgage
At George Mason Mortgage, we are here working for you. As a digital mortgage leader, we have the technology and security resources to make your home buying experience as smooth and safe as possible. Staying connected is more important now than ever before and we are dedicated to being your go-to resource, right at your fingertips.
Contact me with any questions you may have or to get started on your journey home –
Senior Loan Officer
Phone: (443) 798-6112 Email: MFields-Hall@gmmllc.com