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Virtual Closings Will Be The New Normal in 2022
Since the onset of the Coronavirus in March 2020, virtual interactions have become more prevalent throughout society to keep the distance. This year in 2021, the real estate industry has also adopted this method of communication/commerce and is growing in popularity throughout the mortgage and real estate industry. Thirty-eight states have already made this fully legal. Predictions are being made that by 2022 all fifty states will fully adopt and legalize this method of communication/commerce.
30 Year Fixed Mortgage Rate
|Change From Yesterday||0.020%|
|Change From One Week Ago||0.008%|
|Change From One Year Ago||-0.106%|
15 Year Fixed Mortgage Rate
|Change From Yesterday||0.004%|
|Change From One Week Ago||0.001%|
|Change From One Year Ago||-0.349%|
Today’s Financial Headlines
E-closings have been rapidly accelerating amongst home buyers and mortgage lenders to remain socially distant. Over half of the United States has already been adopting and legalized E-closings. Virtual communication and commerce are growing increasingly more popular across all industries and in different parts of the world. Being able to close on your mortgage without being physically present to sign documents is growing in popularity for this reason alone, where it is legal. By 2022, virtual closing is predicted and expected to become legal throughout the United States Of America.
It is in your best interest to pay off or pay down credit card debt or any debt prior to applying for a mortgage. The higher your debt to income ratio, which is the amount you owe compared to the amount you make reduces the chances of getting approved. Too much credit card debt also negatively impacts your credit score. If you already have a significant amount of pre-existing debt, this will raise your debt to income ratio. Also the more you add to your plate, will make more difficult to juggle and keep all balls in the air. If you are seeking to obtain a mortgage or loan of any kind, remember it is in your best interest to pay up any credit card debt.
Amid the onset of the pandemic shopping malls have closed down and some gone out of business. This is bad, but could easily be turned into a positive. A shopping mall is nothing but an abundance of buildings and stores in the middle of a parking lot. These vacant malls could be turned into housing to alleviate the housing shortage as well as potentially boost the economy. We all win in this situation.