How the Mortgage Industry is Adapting to New Ways of Home Appraisals and Closings
People, businesses, and industries across the globe have adapted and adjusted with the current economic and health environment. If you’re considering or in the process of buying a home, you may be wondering how to stay safe throughout the mortgage process. Many homebuyers may wonder, “How will COVID-19 affect my home appraisal or mortgage closing?” as those are two significant steps in the mortgage process that may require in-person contact.
GuardHill is doing everything we can to ensure our clients and partners remain safe and feel comfortable throughout the entire mortgage process. From application through closing, GuardHill is following all guidelines set forth by the CDC to ensure complete safety.
How Home Appraisals have Changed
A home appraisal is required on a purchase or refinance transaction. For borrowers who feel comfortable, appraisers are now wearing full protective gear while in the home. The appraiser always remains at least six feet apart from the members of the household. In some situations, the lender may allow a virtual appraisal, external-only appraisal, or waive the appraisal requirement entirely. As always, we recommend discussing these options with your mortgage company to see how the different appraisal processes may affect your loan.
How Mortgage Closings have Changed
GuardHill has adapted to performing virtual and mobile closings for our borrowers.
For purchase or refinance transactions on New York properties, the borrower can sign closing documents while on a video conference with a notary.
This is the most common way of closing right now. A mobile closing is when the notary travels to the borrower’s home in protective gear (gloves and masks) and will leave the closing documents wherever the borrower feels most comfortable. Often, the closing documents will be left on the driveway, so no one enters the home. The notary always remains at least six feet apart from the borrower(s). We recommend that the borrower(s) also wears gloves and a mask to ensure complete safety. Of course, we are always willing to accommodate our clients’ preferences to make sure they still feel comfortable and safe. As the current climate is continuously evolving, we will do our best to communicate with all parties involved in the mortgage process efficiently and effectively.
Have more questions regarding your mortgage financing needs? Get in touch!