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Mortgage News: COVID-19 Effect on Mortgages

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New alerts are popping up daily, but we want you to know that we'll be here with you each step of the way to help make sure you understand how these changes will affect borrower's current mortgage opportunities and future home dreams.

We asked a few of our senior leaders at Wyndham Capital Mortgage to help make sense of President Donald Trump's announcement that the effects of the virus could last well into the summer and how that would affect a borrower's intention to buy.

"We need to balance the gravity of this situation and the reality of the market," Donny Kirby, Vice President of Sales at Wyndham Capital shares. "We are incredibly sympathetic to those affected directly and indirectly by COVID-19. Regardless of what anyone says, no one can predict with certainty how this will impact the future. So how do we make sense of the facts in front of us? We know that at the moment, rates remain at historic lows. This environment offers buyers more 'buying-power.'" Kirby continued, "We know that this virus will end. However, ahead of borrowers lay an unprecedented opportunity to position their financial future positively. Current Rates will likely lead to a lower payment and may allow them to increase their purchase price and still stay within their budget."

Wyndham Capital is an online lender and provides borrowers with unparalleled tools. Specifically, borrowers in specific states have the opportunity to truly experience a complete digital mortgage from application start to eClose all from the comfort of their home. As we find ourselves needing to complete most functions from home during this quarantined environment, Wyndham Capital's value is unmatched for borrowers.

Kirby continued, "The United States housing market is still extremely tight on inventory. This limited inventory makes it much harder for buyers to find their ideal home. I spoke to a prominent realtor today who said he is starting to hear many buyers communicating they are going to wait out the unknown and not make a move until things settle down."

For the buyer looking to find the perfect home at the best price, now could be a perfect time to purchase or refinance their home. Wyndham Capital provides borrowers with access to a national home search database via HomeCapitan. Borrowers who are interested in finding their dream home can gain access by reaching out to a Wyndham Capital Mortgage loan officer.