05
Aug
By First Rate Financial Group
Mortgage

Comparing An Online And Offline Home Loan Application

Comparing An Online And Offline Home Loan ApplicationThe internet has changed how many people shop for a home and one of the most important issues that people will face is whether to fill out a home loan application online or offline.

While there is something to be said for going to the loan officer in person and filling out the application with the help of a professional, some people might find the online option to be more convenient. With this in mind, it is important to compare some of the ways in which an online versus an offline home application might be different.

The Eligibility Process

While the most exciting part of shopping for a home is traveling around and looking at the different options, people need to know how expensive of a home they can afford. With the online process, people can fill out the application process online and immediately see how big of a loan they can afford with the help of the home loan provider.

There are simple tools online, such as a loan eligibility calculator. In contrast, going to the office of the loan provider might require detailed discussions that could lead to a denial. This would end up being a waste of time. In this manner, the online process is faster.

The Documentation Required

The documentation process is also much easier online. When someone applies for a home loan online, it is easy to upload the required documents for review later. This might include the application form, proof of identity, proof of address, and more. Home loan providers will list all of the required documents on the site with ease. When it comes to applying in the offline world, this requires people to physically carry all of this information to the office. People run the risk of losing important documents in transit along the way.

The Application Process

Finally, even the process of applying for a loan itself is much easier when people can do this online. It is easy to register on the website, fill out the application, and submit the documents. Often, the turnaround time is much shorter as well. These are a few of the biggest reasons why the online application process is growing in popularity.

04
Aug
By First Rate Financial Group
Mortgage

What Is The Impact Of COVID-19 On Home Value?

What Is The Impact Of COVID-19 On Home Value?It is no secret that the COVID-19 pandemic has had an impact on everyone; however, there are a few impacts that are being overlooked. In addition to the public health crisis and the tanking of the stock market, there are also impacts of the virus on people’s home values.

Some of these impacts have been positive while others have been negative.

Regardless, it is important for everyone to understand how these impacts might impact someone’s home value, particularly for those who are looking to buy or sell a home in the future.

The Dropping Rates Of Mortgages

Because of the shelter in place laws surrounding the COVID-19 pandemic, not many people are looking to move right now. As a result, banks have had a hard time getting people to come in and sign up for loans. 

This means that many people who are looking to buy a home might be able to sign up for a loan at a very low cost. This might open the door for someone to buy a bigger home than they might have been able to during less turbulent times.

The Impact On Sellers

As a result of the low-interest rates from the COVID-19 pandemic, this also means that sellers should anticipate getting a large number of offers for their homes. There are still many people who are hesitant to sell a home in this environment. This means that there might not be many options on the market. For those who decide to take the plunge, they might be rewarded with more offers than usual. This is going to drive up the value of their home, which is good for their next purchase.

The Future Of The Market During The Pandemic

These are just two of the many ways that the COVID-19 pandemic has impacted the value of homes. While it is unclear when this pandemic is going to be behind us, it is important for everyone to understand how the pandemic is going to impact them if they are looking to buy or sell a home. This will help everyone make the right decision during a turbulent time.

30
Jul
By First Rate Financial Group
Mortgage

Why Now Is A Great Time To Apply For A Home Loan

Why Now Is A Great Time To Apply For A Home LoanThe idea of owning a home is enough to bring joy to nearly anyone’s eyes. The reality is that many people are a bit skeptical about looking for a home in the present climate. While the pandemic can make it hard for people to go outside and explore, now is still a great time to apply for a home loan.

This is a great opportunity for people to fulfill their homeownership dreams. There are a few reasons why now is a great time to look for a home.

The Property Prices Are Low

First, property prices are low right now. There are a lot of people who are looking to move and not many people are looking to buy a home. This means that property prices are lower now than they have been in the recent past.

There are a few reasons why this matters. First, those who had a home in mind might be able to buy one for a lower price. Second, with a cheaper purchase price, the taxes on the home are going to be lower. This could also mean that a potential homebuyer might be able to put down a lower down payment.

Interest Rate Are Low

In addition to property prices being low, interest rates are low as well. Some people might only focus on the sticker price of a home; however, the interest rate on a potential home loan is even more important. Even a few points of interest could end up making a difference of hundreds of thousands of dollars over the life of a loan.

Lenders are looking for people to take out home loans right now. This means that they might be willing to give someone a break on their interest rate, particularly if they have money to put down.

Now Is A Time To Buy

There aren’t a lot of times like the present when it comes to buying a house. There are many people who have been looking to buy a home but might not have been able to afford one. The current climate makes it a great time to apply for a home loan.

Why not get pre-approved and become a more competitive applicant for a current house on the market?