Challenges COVID-19 brought for Homebuyers | Drew Mortgage

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• Introduction
• The impact of the Covid-19 pandemic is enormous
  worldwide.
• As peoples 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.
• Lets check out the challenges that homebuyers
  and mortgage lenders in Massachusetts faced due
  to Covid-19.

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• 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.

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• 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 applicants 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.

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• 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.

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• 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.

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• 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!

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DREW MORTGAGE BRANCH OFFICES Drew Mortgage
Associates 196 Boston Turnpike Road, Shrewsbury,
MA 01545 Phone [phone] Peabody
Mortgage Lenders
Boston Mortgage Lenders 1 Mt
Pleasant Drive Peabody, MA 01960
232 Commercial St.Boston, MA
02109 Phone [phone]
Phone
[phone]
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