By Steven Schertzer, Supervisor & Loan Executive at GTE Financial
After three months of closings, the U.S. economy is beginning to reopen as we enter a new phase with the coronavirus pandemic.
One area of the economy that has remained strong is home buying. Although many believed that the housing market would slow down during the pandemic, we’ve not seen this happen. The industry changed rapidly and adapted to a new virtual reality.
Credit unions and banks adjusted their processes to work from home, and online banking became essential. In our case, at GTE Financial, we never lost our personal touch. We can deliver an exceptional experience online, with our lending executives and in our centers.
Driven by low rates, we’re seeing an increase in refinancing. Many people are looking to gain monthly savings or pay off debt, and refinancing their homes is an excellent option for this.
Virtual Tours in Tampa Bay
Open houses were strongly discouraged during the first two months of the pandemic. Realtors had to heavily rely on virtual tours and a strong social media presence to attract buyers to their showings.
Realtors also turned to FaceTime as another option for real-time showings. As the U.S. and Florida start to open for business, open houses have returned, but in a safe way.
Thinking about buying a home? Here are some tips for a seamless experience.
• Get pre-approved. It’s important to get pre-approved before you start looking for a home. Shop at least three lenders to find the best rates. You can now take advantage of historically low mortgage rates.
• Stay informed. Get updated on state and local regulations, and be prepared for a process that looks different from business-as-usual. Technology is everyone’s new best friend.
• Be ready. If you’re unsure or worried about your job, it might be better to postpone. You need to be financially and emotionally ready to buy a home.
At GTE Financial, our team is working together to help you through your home buying journey. We have bilingual loan executives, as well. For more information about home buying, visit www.gtefinancial.org.