I’ve noticed lots of social media posts lately about big changes to the mortgage rates and approval process. I would say the best way to look at this as a “state of flux”. With the pandemic still ongoing, vaccines being administered as quick as possible, and the economy working to make a recovery, it’s our world that is in a state of flux – which includes mortgages.
There will be tightening qualification rules for uninsured mortgages and other changes that come along. My best advice is to:
- Get accurate facts from the professionals (mortgage lenders or brokers).
- Keep your financial status in good standing and be financially stable.
- Live (and purchase a home) within your means.
- Plan ahead.
I wish I had a crystal ball where I could foresee what will happen with our crazy house prices and our incredibly low interest rates. This would certainly make my clients happy. However, we don’t know what will come and how the economic recovery will impact the market. So let’s play it safe, be cautious, and make the best decisions for the time.
Want to discuss what is happening in the mortgage world and how it affects your personal situation? Schedule a call with me.