We’ve heard a few interesting things about the COVID-19 in regards to mortgages and real estate.
Here is the little insight we do have based on what other professionals have been communicating about and seeing.
#1) KEEP PAYING YOUR MORTGAGE.
We’ve heard rumors and seen articles that do not give factual information if there is mortgage relief during this time. What we do know is if you signed a mortgage, you signed a contract to repay debt. So please continue on with your payments, We would hate for a false rumor to force a hardship on you later, forcing pay-up of back payments, or pre- foreclosure notices.
#2) HOMES ARE STILL SELLING.
The real estate industry is still considered essential. There is still a majority of people who need to move out of necessity and not out of luxury. All situations are different and speaking on behalf of all real estate-related professionals, we are here to still serve those in need of making a move/refinancing/negotiating etc, while taking reasonable consideration and extra precaution to be safe.
#3) THIS WILL PASS.
There have been recessions, depressions, wars, plagues, government shutdowns, etc. The more we can be there for eachother, the more we can create normality in our day, the more we can conduct business reasonably, the faster things will rebound.
#4) THE REAL ESTATE MARKET IS NOT CRASHING.
Again, people still have a need to move and refinance and loan applications are at an all time in some areas.
Interest rates are bouncing, but overall they are very attractive and healthy. There’s a lot of debate and skepticism about what the future holds, but we can guarantee you if the market adjusts 5-10 downward, which it hasn’t, we will feel it and it will be known.
#5) BE NICE.
Because we are all human and in some weird way, we are all in this together and need each-other 😄