Mortgages will be tougher to get during the virus

[WhatInThe]

Applying for a mortgage during a virus will get tougher including higher credit scores, higher down payments, tougher standards for investors among other things.

https://www.sfgate.com/realestate/article/Applying-for-a-Mortgage-Good-Luck-Coronavirus-15244407.php

This will eventually affect home sales which will eventually affect local economies, financial markets among other things. It won't be the 08 crash but sales will stall and prices drop in many markets. Those that counted on buying low and selling high might not make out so well.

 

[terry123]

Glad my condo and car are paid off.

 

[mathjak107]

wells fargo announced they are taking no more heloc applications

 

[mike4lorie]

Glad my condo and car are paid off.

..me too...

 

[mathjak107]

for some they may regret sinking to much in to paying off a mortgage ... many times having that money liquid and availble is a far better feeling ...those in 2008 who lost jobs had no way to get that money back out ...helocs were closed , or cancelled as well as now you need expensive loans to get to your own money .

you can't spend the closet at the super market so there is something to be said for having a decent size horde of liquid assets instead of a money trapped in a house at times. it can work both ways when it comes to " comfort and sleep factor "