Malta’s Pandemic and effects on selling your home

Original Post: https://www.cadogu.com/how-to-sell-or-buy-a-property-at-the-best-price-during-the-pandemic

some home loan markets are now not operating at full capacity. Due to this loans are taking a bit longer than usual. The pandemic impact has not skipped them. This causes a backlog in their ability to process home loans. In addition, traditional lenders such as banks and credit unions, are busy trying to process SBA loans under the Payroll Protection Program (PPP), placing loans lower on the priority list now.

Patience is the key to success now. Luckily, interest rates and historically low. It is perfect for those planning to buy a home to live in for the next decades. They could save hundreds for dollars over the life of the loan. When new home loans are competing against those looking to refinance, it is easy to see how this can place a drain on the bandwidth and resources of loan advisors.

Employment questions

If you are a buyer be ready for a number of questions about your employment. Lenders are now more careful than ever when it comes to making sure their borrowers have the capacity to pay back their loans. This is all caused by the tens of millions people filed for unemployment.

Expect the loan officers to as whether the applicant’s employment is stable or even be asked to submit pay stubs every two weeks instead of the traditional six weeks.
The COVID-19 pandemic has changed the market forever. People are looking different at the process of selling and buying homes. However, if your dream place is a lovely house in Malta with a beautiful garden and a stunning country views, keep your eyes open many significant opportunities are out there right now.