Coronavirus And Today’s Mortgages


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CHARLOTTE – While we have a been adapting to new ways to do business, the mortgage industry has also been adjusting lending requirements.

What are some of the updates/changes?



For conventional loans, some of the changes from Fannie Mae and Freddie Mac involve:

  • Self-employment documentation requirements
  • Verification of mortgage payment history
  • Age of documentation (income and assets)
  • Requirements for stocks, stock options, bonds, and mutual funds as assets

A mortgage officer can provide you with more specifics and information on these and other changes.

The impact on mortgage rates

The Federal Reserve has taken several steps to protect the economy from damage from the COVID-19 pandemic. The result has been lower interest rates on mortgages and home equity lines of credit. Particularly for first-time buyers, this can be a very good time to buy.

Buying a home can be confusing under the best of circumstances. Now that the process is changing every day, you may be looking for help. This is where a mortgage planner can guide you through the process while serving as your advocate.

So what am I as a mortgage officer, for example, doing as a result of the changes and new lending environment to support my clients?

  • Ensuring my clients have the most up-to-date information
  • Continuing to maintain 48-72 hour turn times on purchase business
  • Maintaining quick, on-time closings as a number one priority

Call me at 704-778-6205 if you would like more information or visitteamtonyg@atlanticbay.com.

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Tony Garshnick
Tony Garshnick believes in faith, family and a rock-solid financial foundation. He helps individuals and families across the Carolinas realize the American dream of home ownership in a thoughtful and responsible way. Tony is a mortgage planner with his eye on clients' overall financial picture as much as their home loan. He is also passionate about helping those who make their communities and their country better. In his free time, Tony volunteers at his church and enjoys being with his wife and two daughters.