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Challenges COVID-19 brought for Homebuyers - Drew Mortgage

Covid-19 brought many challenges for the world. Countrywide layoffs resulted in massive mortgage payment drop-off during the covid-19 pandemic. The fight with the virus is still on. Check this PPT by Drew Mortgage, one of the leading Massachusetts mortgage.

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Challenges COVID-19 brought for Homebuyers - Drew Mortgage

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Presentation Transcript

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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!

  7. 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

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