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What COVID-19 Means for Your Mortgage

Ken Venick • Jul 06, 2020

We’ve received a ton of questions regarding COVID-19 and how it can affect your mortgage. Things have been changing rapidly, and we know how troubling and confusing these times can be. We’re providing a breakdown below that will highlight what COVID-19 means for home buyers, homeowners that are considering refinancing, people with adjustable-rate mortgages, and anyone who wants to know whether they should lock a rate.

What does COVID-19 mean for home buyers?  

While COVID-19 has presented it’s challenges, you don’t have to let go of your dream to buy a home just yet! This is a good time to take advantage of online resources, get prepared for the home buying process, and connect with the right experts.

mortgageThe federal government cut interest rates to 0%, however that doesn’t mean mortgage rates are sitting at zero. While mortgage rates are still low, lenders have also been able to manage the refinancing demand, so rates have been fluctuating. In fact according to economists, mortgage rates might hit a record low and remain that way until the crisis is over. We recommend shopping and comparing mortgage offers, as mortgage rates can have a big impact over the life of your loan.

What does COVID-19 mean for homeowners that are considering refinancing?  

If you’re thinking of refinancing, there are several steps to consider. First, ask yourself how long you plan on being in your home. Knowing this will help you figure out the term length you need on any refinanced mortgage, which you can leverage as another aspect in determining the right mortgage for you (in addition to affordability). You’ll also want to consider the age of your current loan, and what your plans are for monthly savings. Remember, know one knows how long this is going to last. This is a good time to set up an emergency fund, or allow yourself to save money in the future by paying off high-interest debt now.

What does COVID-19 mean for adjustable-rate mortgages (ARM)?

If you’re planning to move within the next 5 – 10 years, an adjustable rate mortgage (ARM) might be a good option. You’ll get a lower rate to start, because the rate can adjust after the teaser period. However if you move before the end of the fixed-rate time frame, you won’t have to worry about the rate fluctuating at the end. In addition, the payment tends to be on the lower end since most adjustable rate mortgages are based on 30-year terms.

Whether you are a first time home buyer or this isn’t your first rodeo, you’ve come to the right place with your mortgage concerns! Ken Venick and the team have over 30 years of experience in the mortgage loan business and can put you or your client in the right mortgage loan product for their unique needs. Give us a call today at (443) 471-4310 or contact us online.  

The Benefits of Buying A Home Over Renting

By Ken Venick • 27 Sep, 2021
Buying a home can be very intimidating and the no strings attached feeling renting can give someone sometimes seems like the easier option. But that isn’t always the case. There are many situations where it makes more sense to purchase your home instead of continuing to rent it year after year. There are alot of […] The post The Benefits of Buying A Home Over Renting appeared first on Owings Mills & Lutherville Mortgage.

Learning and Understanding The Different Types of Loans

By Ken Venick • 15 Sep, 2021
Due to the pandemic, there have been a lot of people purchasing homes or even refinancing. It is important to understand the different types of loans that are offered to make sure the buyer knows their options.      Ken Venick has been in the mortgage loan business for over 30 years and is your […] The post Learning and Understanding The Different Types of Loans appeared first on Owings Mills & Lutherville Mortgage.

Understanding What A Mortgage Broker Does

By Ken Venick • 03 Sep, 2021
Find yourself wondering what a mortgage broker is? A mortgage broker acts as an intermediary between the borrower and the lender and controls transactions between the two. They take care of finding the best mortgages and interest rates by using their personal network of financial institutions and lenders.    Working with a mortgage broker is […] The post Understanding What A Mortgage Broker Does appeared first on Owings Mills & Lutherville Mortgage.

What is a Renovation Loan?

By Ken Venick • 27 Aug, 2021
Just bought a fixer upper that needs a lot of work? A home renovation loan gives the homeowner the funds needed to not only purchase the home, but fix it up as well. A home renovation loan should only be considered if the renovation of the home will increase the property value or reduce long-term […] The post What is a Renovation Loan? appeared first on Owings Mills & Lutherville Mortgage.

Hidden Expenses When Buying A Home

By Ken Venick • 20 Aug, 2021
Congratulations, you are looking to buy a new home! This is such an exciting time in your life, but it can also be an expensive one. When it comes to buying a home there will be plenty of hidden expenses you may not have taken into account when you decided to become a homeowner. It […] The post Hidden Expenses When Buying A Home appeared first on Owings Mills & Lutherville Mortgage.

5 Important Tips A Homeowner Should Know When Narrowing Down An Area To Live In

By Ken Venick • 13 Aug, 2021
The home buying process starts with figuring out the location of where you want to live. This can be extremely overwhelming with a lot of different scenarios to think about and a lot of decisions to make. Here at Ken Venick, we want to make the home buying process as easy as possible and that […] The post 5 Important Tips A Homeowner Should Know When Narrowing Down An Area To Live In appeared first on Owings Mills & Lutherville Mortgage.

Why Is Your Lender Requiring You To Have A Co-Signer?

By Ken Venick • 06 Aug, 2021
On the road to buying a new home? Is your lender requiring you to have a co-signer in order to get your loan? We break down the requirements of a co-signer to give you a better understanding as to why you may need one in the first place.     A co-signer is someone (like […] The post Why Is Your Lender Requiring You To Have A Co-Signer? appeared first on Owings Mills & Lutherville Mortgage.

Money Moves To Make When Your Interest Rates Are Low

By Ken Venick • 26 Jul, 2021
The Federal Reserve has said it will keep it’s interest rates close to zero, but it wont stay this way for long. Homeowners have been quick to put their houses on the market since more and more buyers are on the prowl are on the hunt for a new place to call home.      […] The post Money Moves To Make When Your Interest Rates Are Low appeared first on Owings Mills & Lutherville Mortgage.

5 Home Renovations With The Highest and Lowest Returns

By Ken Venick • 19 Jul, 2021
Home renovations are one of the hottest topics in 2021. It gives an owner the chance to turn their space into exactly what they need it to be, whether they have just moved in, making more room, or getting ready to put it on the market. Home renovations can increase the value of a home […] The post 5 Home Renovations With The Highest and Lowest Returns appeared first on Owings Mills & Lutherville Mortgage.

Top Ways To Show A Seller Your Offer Is Legit

By Ken Venick • 29 Jun, 2021
It may take weeks, months, or even years to find your dream home. And one you find it, you want to do everything you can to secure it. There’s always the fear that someone else can snatch it up — which means you need to seal the deal with a competitive offer!    In this […] The post Top Ways To Show A Seller Your Offer Is Legit appeared first on Owings Mills & Lutherville Mortgage.
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