Kevin is here with our preferred lender, Joe Massey, to discuss how COVID-19 is affecting home values and the tightening of credit. Many of us have been keeping up with the economic news and there has been some speculation that home values will crash. While Kevin and Joe do not think that is the case, they both have seen national lenders making significant changes. A change that Joe has seen is the tightening of credit. If your credit score is on the lower side, you may not qualify for a long term loan anymore. As well as the credit requirements changing, we may also see lenders ask for a higher down payments, more money in savings, and even a higher income. Now that fewer people are getting approved, there are fewer people in the market, which leads to less of a demand and that could impact prices.
If you are looking at getting long term financing you can reach Joe at Castle and Cooke Mortgage through phone (303-809-7769) or email (jmassey@castlecooke.com) and of course reach out to any of us here at Pine for your real estate investing needs at www.pinefinancialgroup.com.