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Just Approved: Adapting the mortgage approval process during a pandemic

mortgage approval process during a pandemic

Loan officer: Scott Baer, California Mortgage Advisors.

Property type: Single-family home.

Appraisal price: 980,000.

Loan amount: 475,000.

Loan type: 30-year fixed.

Rate: 2.576%.

APR: 2.709%.

Backstory: The year 2020 has been a challenging year for so many people. One of the few silver linings to come out of our current pandemic is historically low interest rates. This is an opportunity for homeowners to save money on their mortgages.

In a recent example, a client contacted me about refinancing. This client was at-risk and being very vigilant to shelter-in-place. The client was very worried about the risk of having people in his home and was unable to get an appraisal inspection. However, I was able to work with the lender to provide an automated underwriting that waived the appraisal requirement.

Ultimately the client was able to secure a 2.576% 29-year loan with 30-year loan payments (saving one year of payments) and $450 per month.

I was also able to arrange a virtual signing with the client, notary and closing agent to ensure the client was able to remain safe and healthy.

Scott Baer, California Mortgage Advisors, 415-451-4888, ext. 210, sbaer@calmtg.com.