Despite social distancing restrictions across the country, the real estate market and mortgage process are as busy as ever – with a shift to online! Many homebuyers have have turned to virtual tools to help them keep the purchase of their new home on track. If you’re in the market for a new house, here are some of the ways technology can help you keep moving forward while adhering to social distancing guidelines.
Finding Your Dream Home:
- Our digital mortgage application makes it easy and convenient to get pre-qualified online before you start looking at homes online, so you know what price range to consider.
- You may already be using the web to search for homes that are sale in your area, but ask your HFG Licensed Mortgage Professional about our home search app where you can set up alerts for new listings that meet your criteria.
- Even though open houses across the country have been cancelled, that doesn’t mean you can’t tour a home you’re interested in buying. Virtual 3D tours make it possible for you to get a closer look at the houses you’re interested in even during the pandemic.
- Some owners and property managers have digital lockboxes in place at their vacant homes, allowing you to take a tour without anyone else present.
During the Loan Process:
- You can scan and upload required documents via your mobile device as they are requested throughout your journey to homeownership.
- You will receive your loan estimate (LE), initial disclosures, and closing disclosure (CD) electronically, and you can eSign securely from any device with embedded DocuSign technology.
- Appraisals, questionnaires or other items that may be needed to close a sale are often ordered online.
- You’ll receive a loan milestone updates via email to keep you informed each step of the way and ensure you stay on track for closing.
At Closing:
- There are ways to close on the sale of your new home while maintaining social distancing. To help you stay safe, consider meeting outside rather than inside to sign documents, while remaining at least six feet apart. It’s also a good idea to use separate pens to sign documents instead of sharing. Ask the title company if they require a certain ink color!
- National Notary Association has published important minimum health and safety guidelines for performing loan signings through a window or doorway at a safe physical distance. For example, there must be a direct line of sight and electronic communication tools must not be used. A notary must follow all federal, state and local guidelines for social distancing, health protection and sanitization when meeting with signers and handling documents, IDs or other materials.
- Some states may allow tele-notarization of closing and loan documents over video call. Check with your HFG Licensed Mortgage Professional if this may be an option for you based on your loan type, location, and title company.
Connect with a Licensed Mortgage Professional near you over the phone or through a video call to get answers to all your questions!
