You are trying to find out exactly what COVID-19 looks like down here in Florida. Well, let us talk about it.What is up? This is Andrew with the Emerald Group and today we are going to be talking
What the Fed Rate change and military movement stopping means for us locally
Dated: March 16 2020
So here's the scoop. The Fed just dropped the rate but is this going to effect mortgage rates? Short answer is, most likely not. See when the Fed pumps money into the economy like this in order to adjust rates and keep the economy strong, it will typically effect things such as credit card rates and home equity loans but not typically Mortgage rates.
What will effect mortgage rates most likely, will be how the stock market reacts during the coming days and weeks. Most likely if the stock market rallies and returns, that is a strong indicator that rates will slowly be on the rise. The opposite may also be true, of course.
During this time the best thing to do is wait it out to see what happens to rates as things progress forward.
That wasn't the only news that has come out of this virus spreading, the other big ticket items I discuss in the video is the military's choice to stop movement of personnel until May 11th. This will effect some people here in our area, particularly anyone who are actively home shopping, or currently under contract for a property.
One of the hurdles that we are seeing right now is the military member is unable to physically move into the area at this time but they close on their home. Well that means a mortgage is going to be coming up and if they are stuck in another state or country, they may need their BAH in order to make their mortgage payment. In order to do this, the member will need to address the situation with their command, most likely starting with their direct supervisor or first shirt. From there, they should be able to do an exception to policy in order to get their BAH to make their payments as needed.
Depending on how flexible their command is, this should be a fairly easy process.
These are the two big ticket items that needed to be addressed this week. We will keep a heavy eye out for any other changes and update as needed.
As always, if you have any questions we can help with, feel free to contact the team at 850-543-2260.
Andrew Iremonger started his Real Estate career shortly after leaving the United States Air Force in 2014. The qualities that the military instilled in him carried on in his work ethic. Just a few sho....
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