There are a few tips I would like to leave current Portland, Oregon residents who are ready to buy or sell their homes, during the times of Covid-19.
Best 7 Questions to ask your Lender :
- Are you a direct lender ?
2. Are you a correspondent lender or broker?
*Please note, in my opinion, direct lender is usually best.
3. Are you a local lender?
4. Is the loan going to be fully underwritten?
5. What are the current interest rates and can I lock in my rate?
6. If my parter is affected by COVID-19, could I still qualify?
7. Be honest, disclose your current working / employment situation with lender. Ask if it is better for you to pre-qualify for the loan individually?
**The lenders are the experts who will give you the most realistic feedback regarding your ability to pre-qualify.
This video is created by Steph Noble, an amazing local lender here in Portland.
There are some mind- shift changes occurring within the current Real Estate Market during the time of Covid-19.
See link below for the full Video from Steph Noble, Local Portland Lender, Guild Mortgage.
Stability of interest rates, April 2020
The Feds interest right now is to solely stabilize the mortgage baked securities for interest rates.
The Feds will increase and decrease their buying based off what is needed to keep the interest rates stable.
Their commitment is to keep rates stable.
The buying of mortgage backed securities is so powerful right now , it is out impacting any other economic factors.
Typically, when we have good or bad economic news, there is an impact to interest rates, the Feds buying mortgage backed securities is out-weighting any of those other economic factories regarding interest rates.
–You may have heard that the Feds are pulling back on what they are buying ?
Even with them pulling back as needed, to keep rates stable, currently, the feds are buying back double what is being produced.
If you have any more questions or comments please reach out to me or Steph Noble directly!
https://www.livingroomre.com/agents/meline-khachatourian/
