Tips for First Time Home Buyers During A Pandemic
Buying your first home is one of the most exciting and rewarding journeys in life, but can also be a little scary and overwhelming, especially during a pandemic. Because the housing market has seen enormous growth due to historically low-interest rates, many individuals are looking to buy, sell, or refinance their homes this year during COVID-19.
However, much of the typical home buying process has changed to better accommodate our current times and keep our communities healthy. To ease the stress, here at RMN we have put together some tips on how to navigate buying your first home during a pandemic.
You might hear your realtor mention the importance of getting preapproved, but wondering why it is essential and what it means? The preapproval is a letter that details the home loan type and terms. This is given to your Realtor so that they know you are in a position to make a genuine offer on the property.
Getting preapproved is important because generally, no agent wants to take an unqualified buyer out and not know if they are serious about purchasing a home or not. In addition, during times of COVID, a seller might not want to let an individual who isn’t committed to the process in their home because of social distancing guidelines. This has always been an important step in the beginning stages of the home buying process, you can learn more about getting started here!
Mortgage rates are one of the most important components of looking for a home loan. Although complex and sometimes stressful to choose the right one, rates are currently at a historical low and have stayed low through COVID, so although in uncertain times, getting a home loan now while rates are low might be a perfect time! To contact a loan officer directly for a free rate quote, you can fill out our form or give us a call!
If You Are A Veteran, Look Into VA Grants and Loans
Are you a veteran or active duty? You may be able to get even lower interest rates and zero monthly mortgage insurance! Here at RMN, we offer a VA Grant of $5,000 of free money to service members and veterans for down payments and closing costs on qualifying homes through the Military Homeownership Assistance (MHOA) Program. Learn more about our VA Loans and Grant or if you are not a veteran, learn about our other loan options.
Try a Virtual Home Tour, Or If You Are Touring In-Person, Bring Protective Gear
With social distancing guidelines in place, technology has been a key component of home touring during COVID-19. Virtual tours are becoming more popular with their ability to give you the help you visualize yourself in your dream home while still keeping you, sellers, and realtors healthy!
However, if you are committed to or more serious about a specific home, you may be given the option to have an in-person tour. In this case, bring protective gear to keep you and your peers healthy! Make sure to bring face coverings, gloves, and hand sanitizer. In addition, some sellers may ask you to wear shoe covers, so be prepared!
Last But Not Least, Be Patient.
Buying your first home can be exciting yet frustrating, but just remember to be patient! Don’t be surprised by a competitive market because of low-interest rates, and more individuals looking to buy and maybe not as many sellers. In addition, especially during these times, lenders, agents, and sellers may not be operating at full capacity which may make your home buying process a little slower. Just remember to take a deep breath, go with the flow, and make sure everything on your end is taken care of, and you’ll be in your dream home before you know it!