News & Tips
5 Tips for Buying a House During the Pandemic
The effects of the pandemic have impacted life as we know it and we are still seeing an increase in the number of cases in the United States. It is important to take all necessary precautions provided by the Centers for Disease Control (CDC) to help slow the spread of COVID-19. Although you should move forward carefully in the homebuying journey, you do not have to put your dream home on hold. Below are five things to know about buying a house during this time.
1. Shop Safely
COVID-19 has changed the way we interact with friends, family, and coworkers. It’s also impacted how we purchase houses. To limit exposure to unfamiliar people and places, consider the following options to stay safe:
- Interview a Realtor online via video chat.
- Look for homes with virtual tours instead of going to an open house.
- If you do take a tour or meet with a Realtor, practice social distancing, wash your hands before and after the visit, and avoid touching surfaces.
- Bring a mask with you, too, as the CDC recommends it and some parts of Florida require one to be worn.
2. Plan for Today’s Seller’s Market
Despite the pandemic, we’re still in the midst of a seller’s market. This market state occurs when demand is higher than the available inventory. To navigate this environment, you’ll want to ensure you don’t procrastinate when submitting an offer because multiple people can bid at once. Also, plan to make an earnest money deposit when you submit an offer. Earnest money serves as a good-faith gesture, assuring the seller that you’re serious about buying the house. An earnest money deposit typically sits in an escrow account until time to close on the house.
3. Prepare with Preapproval
Many Realtors and sellers require buyers to provide proof of preapproval from a lender. Apply early for loan preapproval so you’re prepared when you find the ideal place and decide to make an offer. From the convenience and safety of your own home, take advantage of our fast approval decisions and apply for your preapproval with SCCU today. Being prepared to show proof of funds available for closing gives you an extra competitive edge.
4. Consider Construction
You may be considering building your dream home as an alternative. If you take this route, it’s always best to speak with a Realtor before your first visit and even take your Realtor with you to meet with the builder. When building a home, be aware of the timeframe allowed in the contract and how long the builder will take to finish the construction. With an SCCU Construction loan, you only go through the application and closing process once. Get more information and apply today.
5. Take Advantage of Low Rates
Mortgage rates are historically low, which means your monthly payments could be lower, too. SCCU offers many types of home loans including Conventional, VA, FHA, Condo, and others. It’s important to compare mortgage products to find the right fit, but try to take advantage of the lower rates while you can. SCCU offers a competitive, 90-day rate lock while you shop for your dream home. To view all of SCCU’s mortgage products and rates, including our No Closing Costs option, visit SCCU Home Loans.
Finding an affordable dream home can be challenging, but with research, preapproval and proof of funds, and staying vigilant, you’ll give yourself the best chance to secure that dream home. No matter the stage of your homebuying journey, SCCU is here to help. Visit Home Buying Center to estimate your mortgage payment, view loan rates and options, request a consultation, or apply for preapproval today.
February 12, 2024 By Space Coast Credit Union
Making a down payment is an investment and, as with any investment, it's important to weigh the pros and cons.
October 24, 2023 By Space Coast Credit Union
It's a question we get asked frequently, and there are many factors that go into answering it...
April 24, 2023 By Space Coast Credit Union
Learn the differences between fixed-rate, ARM and other mortgages in our guide to mortgage loans. Find out how to choose the lender that's right for you.
February 17, 2023 By Space Coast Credit Union
Ready to remodel? Here are three important home improvement tips.
January 13, 2023 By Space Coast Credit Union
In this step-by-step guide, we'll take the mystery out of the process of buying a house for the first time in Florida.
August 4, 2022 By Space Coast Credit Union
Whether you’re considering buying your first home or thinking of refinancing your current mortgage, a mortgage loan calculator or refinancing calculator can help.
July 13, 2022 By Space Coast Credit Union
It's always a good idea to prepare for a hurricane before it's even on the radar. Here's a checklist to help you get started.
July 6, 2022 By Space Coast Credit Union
If you’re wondering if you can buy a house with no money down, the good news is that yes, as long as you meet the qualifications, you can! This article covers no- or low-money-down home loan options.
May 20, 2022 By Space Coast Credit Union
Adjustable-rate mortgages (ARMs) typically offer low rates in the beginning of the loan term. Not sure if an ARM is right for you? This article will demystify an adjustable-rate mortgage and cover its pros and cons to help you decide.
April 22, 2022 By Space Coast Credit Union
This construction loan guide is to help you understand everything you need to know about how construction loans in Florida work and how these unique instruments can benefit you during construction.
April 12, 2022 By Space Coast Credit Union
With Americans spending more than 37% on average for housing costs, choosing to rent vs. buying a house can be a difficult decision. Here we look at the pros and cons of each to help you decide which path might work best for you.
March 15, 2022 By Space Coast Credit Union
If you qualify for a U.S. Department of Veterans Affairs (VA) loan, then this option is likely your best choice for financing your home purchase because of the benefits this type of loan provides. The United States government designed this mortgage program to help active service members, military veterans, and certain surviving spouses purchase a home.
March 4, 2022 By Space Coast Credit Union
In this article, we discuss our Hero Home Loan options in depth, such as their features, requirements, eligibility, and examples of each option in action, to help heroes choose the one that best fits their financial needs.
February 7, 2022 By Space Coast Credit Union
This post will guide you through the process of getting a conventional home loan, from its options to its requirements.
January 24, 2022 By Space Coast Credit Union
FHA loans offer a more accessible avenue to homeownership for many people thanks to its low down payment and credit score requirements. Not sure if you meet the qualifications, or if it’s a good fit for you?
December 29, 2021 By Space Coast Credit Union
If you’ve been thinking about applying for a home loan or refinancing, but you’re unsure you can afford closing costs and a down payment, a no closing costs mortgage may be right for you.
December 1, 2021 By Space Coast Credit Union
You may have lots of questions when it comes to getting a construction loan, and we’d like to help lessen your stress. With some knowledge under your belt, you’ll be well on your way to breaking ground.
November 4, 2021 By Space Coast Credit Union
Today in the ring: 30-year fixed-rate mortgage vs. 15-year fixed-rate mortgage. In this article, we’re going to cover the pros and cons of each mortgage term to help you make a more informed decision. And along the way, we’ll provide some helpful tips to keep in mind.
October 12, 2021 By Space Coast Credit Union
Whether you’re looking to transform your home renovation dreams into reality, plant seeds for investments, or cover unforeseen expenses, you have a variety of options when it comes to how you can tap into your wellspring of home equity. But which option is best for you? In this article, we’ll explore the pros and cons of HELOC loans vs cash-out refinancing.
August 27, 2021 By Space Coast Credit Union
Home loans are the key to turning a house you love into a home that belongs to you. As you’re exploring your options, you may stumble across FHA loans and wonder what they entail and if one’s right for you. FHA loans have many different benefits and are targeted at helping both new home buyers achieve the dream of home ownership and those looking to refinance.
August 12, 2021 By Space Coast Credit Union
Refinancing your mortgage can help you save money with a lower interest rate and get you to the home ownership finish line faster than your current one. Or, it could be a good way for you to cash out on some of your home’s equity for other projects. To determine if it’s the right path for your goals, it’s best to understand how mortgage refinancing works more in depth.
July 29, 2021 By Space Coast Credit Union
Whether you’re getting your feet wet or diving in the world of loans, a HELOC is often a prime choice for borrowers. And the crown molding on top? You can often get a lower interest rate with a HELOC than with other types of loans and credit cards! See our 5 top tips to getting the best HELOC rates...
July 9, 2021 By Space Coast Credit Union
Most people have heard of a Home Equity Line of Credit (HELOC), but you may not be as familiar with how they work. In today’s deep dive, we’re going to explore all the ins and outs of this fantastic loan vehicle for homeowners to get the cash they need to do repairs, renovations, and more—all based on the equity they already have in their home.
July 7, 2021 By Space Coast Credit Union
It’s not always easy to save up for the large down payments that some types of mortgages require. The good news? There are other loan options that can help you reach your homeownership goals.
.jpg?width=430&height=257&ext=.jpg)
April 1, 2021 By Space Coast Credit Union
SCCU’s loan payment process is designed to be as quick and convenient as possible, saving you two of the things you care about most – time and money.
April 1, 2021 By Space Coast Credit Union
Here are 5 tips to building your dream home, from creating a prioritized list of wants and needs to choosing the best lender for your home construction loan.
June 30, 2020 By Space Coast Credit Union
Although you should move forward carefully in the homebuying journey, you do not have to put your dream home on hold.
April 5, 2018 By Gary Prager
If you’ve been on the fence, now might be the time to act.
May 13, 2016 By Space Coast Credit Union
The interest rate on your mortgage can affect your monthly payment by thousands of dollars each month.
March 1, 2015 By Gary Prager
Space Coast Credit Union aims to be the one-stop-shop for members purchasing a home.
Was this helpful?
Thank you for your feedback!