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Amid global concern about COVID-19, we will continue to be here for our customers.

As people and companies all across the country take additional preparations to protect against the Coronavirus (COVID-19), we acknowledge that your mortgage concerns will likely not be taking a break. At this time, we will remain open full-time and will continue to service our customers with the same fast response times you’ve come to expect from us.

Due to the increasing number of reported cases in the U.S., we are continuously monitoring the situation. We will also continue to actively assess the necessary actions we need to take in order to ensure the health and safety of our customers, employees, and their families.

We hope that you will join us in taking some basic and important measures, such as frequent hand washing, to keep communal risk low.

Visit this link for some helpful resources: https://www.bluesquaremortgage.com/supporting-seattle/

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You are here: Home / Buy A Home / Tips for Buying a Home During COVID-19

Tips for Buying a Home During COVID-19

May 20, 2020 by Blue Square Mortgage

Buy a Home in Seattle

Shopping for a home and choosing a mortgage in Seattle or elsewhere in Washington state during the coronavirus outbreak is a bit different than the usual process you may be familiar with.

Nevertheless, with record low mortgage rates, this is a great time to consider investing in a home. If you do decide to purchase a home right now, what should you be aware of, and what should you expect from the process? Are there any recommendations which can help you successfully purchase your dream home during this complicated time?

Home Buying in Today’s World

Following are some tips to help you avoid pitfalls and buy a home successfully with a competitive mortgage during the COVID-19 outbreak.

  1. Rates are volatile, so work with a mortgage company that can close fast. Even though rates have dropped to record lows over recent months, there have been some whipsaws along the way. Those ups and downs are hard to predict. Since that is the case, it is imperative to work with a mortgage company that can proceed smoothly and quickly with the loan process, allowing you to close fast on your dream property. That way, you can grab low rates while they are available.
  2. Be prepared if home prices have not dropped. The next thing to know about shopping for a home during the coronavirus outbreak is that demand is still high in comparison to supply, which has dropped. As a result, housing market is still pretty strong. Make sure you are prepared for this financially and are ready to swing the closing costs and the down payment. Consider applying for a mortgage through a government-insured program like FHA which can help keep these to a minimum.
  3. Plan for delays, especially with the appraisal. There are probably going to be delays during the home buying process. Even at the best of times, it can be difficult to avoid a few snags. During these times, there are so many more factors which can potentially slow down the process. Be aware that it may take longer than usual to schedule an appraisal. The reason is that this involves a person physically leaving their home and inspecting another, which means stepping outside of quarantine. Not only that, but the average age of appraisers is over 50, causing many appraisers to feel trepidations about doing their jobs.
  4. Make sure your mortgage company and real estate agent lay out a clear timetable. When you choose a mortgage company and a real estate agent to help you buy a home in Washington state, you should ask questions about the expected timeline. That is always important, but at no time has it ever been more so. Two things are important. The first is to choose professionals who can work with you on your needed timeline. But the second is simply to pick companies to deal with that are as transparent as possible about any potential hiccups which could arise during the process. That way, you can plan as best you can, and you will not have to worry about too many unexpected surprises. You can also rest assured that the professionals who are working with also have thought ahead and will do everything they can to prevent delays.
  5. Do everything digitally that you can. The next recommendation is to try to avoid breaking quarantine yourself if you can during the process of buying a home. While that might sound like a challenge, it may be easier than you think. Mortgage companies and real estate agents have already developed processes for meeting with homebuyers virtually and even conducting home tours virtually. So, you may be able to get a lot done without leaving the safety of your home. And if you do want to tour a house in person, you may be able to do so by yourself.
  6. Plan for an unpredictable future. A last recommendation for buying a home during the coronavirus outbreak is to reassess your finances and your future situation. Prior to this year, your income may have been stable, and your career track may have been laid out for you. But you will need to decide whether that is likely to be the case now. Even if you feel that your financial future is probably stable, it is a good idea to think about keeping your finances a little more liquid than you might have otherwise just to be prepared for the unexpected. That could mean, for example, making a smaller down payment then you would have otherwise. That way, you can keep a larger emergency fund.

Blue Square Mortgage Can Help You Buy a Home in Washington State During COVID-19

If you want to take advantage of today’s low rates and purchase a home in Seattle or elsewhere in Washington state, Blue Square Mortgage can connect you with a competitive loan. We also can walk you through what to expect from the mortgage process in a COVID-19 world. To get started, please give us a call today at (206) 352-6453 to schedule your consultation.

Filed Under: Buy A Home Tagged With: Home Buying Tips, Seattle, Washington

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Dylan Mehrer
Dylan Mehrer
16:10 16 Mar 23
Mike guided me through the process of buying my first home, and made it easy. He was able to share his knowledge in a way that was easily understandable for someone like me who didn't know where to start.
Bill T
Bill T
03:59 23 Feb 23
Stellar customer service..!! Mike is professional, very responsive and thorough. Thank you for a job well done!
Megan Maner
Megan Maner
14:14 01 Feb 23
Mike was very knowledgeable and kind about the homebuying process. He slows down and communicates such a complex process in a way that the average person can understand. Home Buying can be very stressful, but with Mike helping you a lot of that stress is taken away! Highly Recommend his services :)
MA Hubbard
MA Hubbard
19:41 30 Aug 22
Mike with Blue Square, a really great communicator, ushered us through a long process to qualify for a mortgage loan and we couldn’t be happier with the outcome and his responsiveness and patience. Thank you Mike!
Jason McGriff
Jason McGriff
21:59 26 Aug 22
Mike is 100% the person you want to go too for your mortgage needs. I had a tough lending situation and he did not stop working on my case until he was able to resolve my lending requirements. He will dig in and research for the best mortgage options for your specific situation and needs. I love to work with someone like Mike. He really put forth time and effort as if he was getting himself a mortgage. 5 stars for Mike all day.
Kevin Thruelsen
Kevin Thruelsen
21:50 18 Aug 22
I've worked extensively with Mike for years now, first as an aspiring loan officer, now as a new homeowner. In no uncertain terms, the experience and savings Mike passes on to borrowers is unparalleled. He's a one stop shop w/decades of experience which allow him to craft not only the right product for your situation, but package it such that it gets through underwriting quickly and smoothly. This is the guy you want on your team, believe me.
Emily Wing
Emily Wing
23:00 05 Aug 22
We refinanced our mortgage with Mike and recommend him highly! He found us by far the best rate around, and walked us through every step of the process in a friendly and accessible manner. He explained things to us when needed, and was always thinking a step ahead to make sure the process went smoothly and there were no surprises. We feel lucky to have worked with him. Thank you, Mike!
Edrienne Chan
Edrienne Chan
03:49 08 Jun 22
Mike was super helpful in my quest for more understanding of real estate investment. Extremely informing and really wanted to educate. He listened well, and although my needs cannot be met at this lender, he was still happy to help. Very grateful to have given him a call
Kim Meyer
Kim Meyer
19:17 19 May 22
I have worked with Mike as a lender for several years. Our partnership with buyers, Mike as the lender and myself as the REALTOR are 100% successful and the buyers are consistently thrilled with results. Mike works hard to get the best rate possible for the buyers, helps educate everyone on market knowledge and helps make the process go smoothly from start to closing. The buyers that I work with appreciate having as much market information as possible - I find this is a great approach to helping buyers feel confident to find the best home for their housing needs/wants. I look forward to many more successful transactions with Mike!
Anton Cauthorn
Anton Cauthorn
01:41 14 May 22
Mike did an amazing job helping me set up a loan to purchase my home. Mike had a personal touch and it felt like I had someone on my team helping me the entire time. He got me a lower rate than the other lenders I was looking at going through and he made the whole process simple and easy. The best part was that we ran into a number of complications along the way and Mike worked hared to find solutions every time to make things work out smoothly. I highly recommend Mike and feel lucky to have found him to work with on my loan.
Danny Yang
Danny Yang
17:51 11 May 22
I had a smooth experience with Mike as a first time homebuyer. He walked me through the process and explained everything and made sure I understood it all. Made the entire process a lot easier and less intimidating than I thought it was going to be.
Dan Hoffman
Dan Hoffman
00:51 11 May 22
Mike helped me close on a very complicated loan and I would gladly use him again. He went above and beyond to guide us through the process and made sure I was informed every step of the way. If you work with Blue Square Mortgage you will receive as much assistance and guidance as you like up to and through closing. Thanks for your help Mike!
Martin Monteblanco
Martin Monteblanco
02:56 11 Apr 22
Mike was super helpful with the process of buying our first home .Definitely recommend for any first time home buyers .
Lucio Maldonado
Lucio Maldonado
23:05 21 Mar 22
Mike was excellent and extremely professional. I did not end up going with him, as he told me candidly when he could not beat a competitor's rate, and therefore told me to go with the competitor. Very refreshing. Thanks a lot, Mike.
Kathy Hattori
Kathy Hattori
22:14 03 Dec 21
This is our second time working with Mike and we could not be happier. Mike is personable, ethical, professional and absolutely knows his stuff. We had a wish list for our refinance (lower payments and interest rate plus funds to renovate) and he accomplished everything we wanted so we're thrilled. Mike's a treasure. Work with him.
Kristin Gardner
Kristin Gardner
17:35 03 Dec 21
Mike is an extremely professional and knowledgeable person to work with. He has assisted me in several different scenarios and because of his help I have been able to make an informed and beneficial decision. I cannot recommend working with him enough! He is thorough and quick with his work and utilized excellent resources to get the best results and answers for his customers. We will definitely be return and repeat customers.
Megan King
Megan King
19:20 22 Nov 21
We are looking into refinancing our home due to rising interest rates and reached out to Mike. We initially reached out based on the great Google reviews and Blue Square Mortgage's proximity to our home. I submitted an online inquiry and Mike got back to me quickly with an email. His honestly and transparency and wealth of knowledge were an invaluable resource and I truly appreciate the time that he took to talk to me about my refinancing options. If you are looking for a mortgage professional who will make you feel secure and help you understand the process with most likely your biggest investment call Blue Square Mortgage.
Kristen Weber
Kristen Weber
19:35 17 Nov 21
I could not be happier with the rate and service that we got from Mike Peacore. He is super straight forward and gave us the best rates. He is very responsive and personable. I would highly recommend him.
Rosemary Le
Rosemary Le
06:51 23 Oct 21
As a first time home buyer, I really appreciate how transparent and patient Mike was. Even before he knew that I would choose him as my mortgage broker, he was willing to walk me through every single aspect of the home buying process and let me know what to expect from other brokers/lenders. I specifically told him to give me all the details, keep track of all of the milestones/deadlines, and provide frequent reminders. At first the information he provided was a little overwhelming, but he understood that I would ask a lot of the same questions down the road. The process went very smooth and even on signing day he offered to be there in person with me since my realtor was on vacation. In summary, I really appreciated the transparency, how he was never pushy for my service or if he needed anything from me, the clear and detailed information he provided, and the friendly and patient service that I received.
Emelie Montgomery-Jones
Emelie Montgomery-Jones
17:11 29 Sep 21
Mike, thank you so much for guiding me through the process of refinancing my investment property. I certainly would have been lost without you. If the situation arises, I will highly recommend you to others. Your expertise, advice and timely communication kept my anxiety levels low. I am extremely happy with the outcome.Sincerely,Emelie MJ
Stefan Muehleis
Stefan Muehleis
18:26 17 Sep 21
I refinanced with Mike and everything went very fast, smooth and flawless.Not to mention that I got the best rate out there. Excellent job!!!
Leon Liu
Leon Liu
22:40 03 Jun 21
Mike helped us to close a refinance process effectively:- Mike identified a good program for our rental property. We managed the entire process remotely.- Refinance closing was fast. Faster than our new purchase loan earlier this year.- Great communication, very responsive and accurate.- Would recommend to friends and work with Mike again.
Mark Kilcup
Mark Kilcup
23:43 26 Jan 21
Duncan Wray was an absolute professional to work with during this process. They had a super competitive rate and were able to work with the VA on my refi. I recommend Duncan and his team!
Scott Matlock
Scott Matlock
23:01 23 Dec 20
Max at Team Blue Square was extremely helpful and positive during my entire refinance process. We had a few hurdles along the way, but he was always positive and super responsive to all of my questions. Not only did he lock me in at a great rate, but I was continually impressed by his knowledge and accommodating attitude. He was a true professional, and you can tell he truly cares about customer service. Couldn't be happier with how everything turned out. 5-stars!!!!
Tamara Atkins
Tamara Atkins
17:03 01 Sep 20
This was our 3rd time financing/refinancing with Mike Peacore. As always, he was so professional, expedient, and helpful. Everything went smoothly with Mike guiding the process the whole way to closing. Have referred him to many friends!
Justin Lonergan
Justin Lonergan
04:42 20 Aug 20
Sean was fantastic through our VA refi. Blue Square's rates were the most competitive of the companies I screened, and the application could not have been easier. I probably spent less than 5 total hours on the refinance, saved my family hundreds per month, and I very much attribute that smooth process to Blue Square's and Sean's attentiveness. I have already recommended them to peers and would wholeheartedly recommend giving them a call to see what they can do for you.
RD Kent
RD Kent
03:44 20 Aug 20
Very responsive, friendly, and helpful. Excellent experience!
Jeremy Kirsch
Jeremy Kirsch
01:54 20 Aug 20
I just closed and recorded and I wanted to thank Kathy S. for her excellent service and support and for giving me the best deal ever. I am getting looks of disbelief when I tell people, especially those with conventional loans who can’t even come close!With Kathy, every question was answered and there were no surprises, except the good kind. No weirdness, everything disclosed.I've purchased and sold and refinanced a number of times, it's usually a stressful experience even without having to move. Not this time.Prior to dealing with Kathy and Blue Square, I had previously used a broker a couple of times before, whom I considered excellent and I was very happy with. With that said, if I ever need another loan, I will come to Kathy and Blue Square first. Without a doubt.And I will be recommending Kathy to anyone who needs a loan, especially those in the VA IRRL category.Again, thank you Kathy for all you did!
manjusha n
manjusha n
00:58 11 Jul 20
Spoke to Mike Peacore about Home purchase mortgage. He was very responsive and helpful. I was shopping around for rates and he gave a quote and gave me tips on getting better rates. He really cares about his clients and great to talk to. I highly recommend Blue Square Mortgage for good interest rates and Mike for his outstanding service. Thank you!
Kevin Hoy
Kevin Hoy
17:18 05 Jun 20
I contacted Blue Square based on a Google search for VA IRRRL. Mike was very helpful in explaining the parts of the refinance process to me and helping me understand not only what everything means but also how and why he is able to offer lower rates than most of the big name lenders. I look forward to doing business with Mike again.
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