MOREL REAL ESTATE TEAM NEWSLETTER | APRIL 2020
Sea to Sky Real Estate Update
NOTE: We will have regular weekly stats updates at https://morelrealestateteam.com/category/covid-19-resources/ as the COVID 19 situation continues.
There are refinances, switches and purchases still happening. Lenders are still underwriting deals but that for the most part it is slower, with more documents required, so quick turnarounds are harder to come by.
Rates are up, even though they should be down, with some already adjusting downward, but not quickly.. Whereas they went up and up very quickly in March.. some lenders increasing their fixed rates 4 or 5 times in 2 weeks! Crazy! Currently we love the variable product and will try to steer more clients into that for the time being.
Borrowers who are currently laid off will be challenged to get any approvals right now because more and more lenders are saying that won’t do anything until the applicant returns to work. But some have gotten through for sure, so always, case by case on the strength of the overall deal and the job they have been temporarily laid off from.