Challenges COVID-19 brought for Homebuyers | Drew Mortgage

❏ Introduction ● ● ● ● ●

The impact of the Covid-19 pandemic is enormous worldwide.

As people’s health is challenged, so are their finances.

Months-long lockdown created panic among homebuyers.

People who were planning to invest in a home took a back step.

Let’s check out the challenges that homebuyers and mortgage lenders in Massachusetts faced due to Covid-19.

❏

Disturbed Mortgage Cycle

● People went through drastic layoffs and salary deductions ● This is why monthly mortgage payment had seen a huge drop-off. ● Mortgage Lenders had given forbearance support for up to 6 months. ● In 2021, so many homebuyers are still unable to make timely EMI payments. ● Many new homeowners are unsure of future mortgage payments.

❏ Document Approvals

● Finances being stable for many, people still struggled with the processings. ● Most offices were shut down, resulting in document submission delays, approvals, final verification within a pre-defined time. ● The FHA Loan applicant’s got permission for On-Call verification. ● Other loans allowed email verifications, voice verifications, and more. ● We made special arrangements to keep the mortgage process uninterrupted for our clients.

❏ Reduction In Interest Rates ● Interest rate reduction has further extended refinancing opportunity for borrowers. ● Loads of loan applications and request has increased the processing time. ● The surge in the application is resulting in a delay in approvals. ● The rates are expected to remain stable or reduce more in the coming months.

❏ Future Uncertainty ● The covid-19 pandemic has made the world economy unstable. ● Layoffs, on a huge scale, have made people unsure of what their future holds. ● Although the interest rates are low, people affected by these problems are still not ready to invest in home buying. ● The mortgage companies are providing the best of their services to gain the trust back.

● As things are getting back to normal, we are welcoming mortgage opportunities. ● Drew Mortgage is one of the leading Massachusetts mortgage companies. ● We can assist you with suitable loans & refinancing options based on your financial profile, eligibility, and requirements. ● Take the right decision, come to Drew Mortgage for financial assistance!

DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road, Shrewsbury, MA 01545 Phone: (508) 753-1656

Peabody Mortgage Lenders

Boston Mortgage Lenders

1 Mt Pleasant Drive Peabody, MA 01960

232 Commercial St.Boston, MA 02109

Phone : (978) 750-1080

Phone : (617) 523-3060