Changes in the Mortgage Market Since COVID-19

April 30, 2020

It's been difficult to adjust to a new normal during the past few weeks. With most residents being
asked to stay at home, there are many who have recently lost their jobs or been asked to work
remotely. The mortgage industry has also taken a big hit that has directly affected homeowners,
renters, and investors alike.


There are many who are in the final stages of closing on their homes, and the current pandemic
has made it difficult to efficiently move forward with the process. To help, desktop and exterioronly appraisals are being accepted as long as there is sufficient property information available
online. Potential borrowers can also now submit their verification of employment via email,
paystub, or bank statement to help streamline the process.


Significant changes have been made during the recent outbreak of COVID-19 to help
homeowners get through this trying time. Those who have lost their jobs may be eligible for
reduced or suspended mortgage payments for up to 12 months while they regain their footing
and find new employment. All foreclosure sales and evictions have also been suspended for 60
days to give borrowers a chance to catch up on their payments. Homeowners who are behind
on their mortgage will also receive help to create a plan to maintain or reduce their monthly
payments moving forward.


Renters who are currently unable to make their monthly rent payments are advised to reach out
directly to their landlords. Owners of these properties will be given mortgage forbearance by
Fannie Mae and Freddie Mac if they suspend all evictions for renters that have been directly
affected by COVID-19. This plan is directly designed to prevent tenants from being evicted
because they are unable to pay their rent due to a recent loss of their job.


One benefit of the recent changes in the mortgage market is that interest rates have been near
an all-time low, and it may be an excellent time to buy your first home or refinance your current
mortgage. If you've had your eye on the market for a while now and want to take advantage of
the current interest rates, it's the perfect time to call your loan officer and start the process of
locking in your rate before interest rates start to increase again.


It can be hard to keep track of all the changes. Lenders are working around the clock to answer
all your questions and will support you in any way that they can. Give them a call if you need
help or have any specific questions regarding your loan.

Other blog entries

12th Annual Trail of Payne at Paynes Prairie Preserve State Park (03/21/2024)
Kendall Jenner Continues SEC College Tours by Promoting 818 Tequila in Gainesville Bars (02/08/2024)
Miracle on University: Christmas Pop-Up Bar Spreads Holiday Cheer (12/15/2023)
Feast Without the Fuss: Alachua County Restaurants Open on Thanksgiving (11/21/2023)
UF Concert Choir and Gainesville Master Chorale to Perform at Carnegie Hall (11/14/2023)

» Blog archive

More Savvy content

Real estate investing 101

Click on Map to Start Your Gainesville Home Search