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Real Estate and COVID-19

Posted by Nathan Torgerson on Thursday, March 26th, 2020 at 3:17pm.

COVID-19

Everyone is being impacted by the COVID-19 outbreak differently. Learn what's happening in the Chattanooga area real estate market since we've impacted and how we are helping our locals!

Real Estate and COVID-19 Effects in Chattanooga

First of all, we hope you and your families are doing wellsafe, and healthy!

During this strange and difficult time, we wanted to reach out and let you know that The Torgerson Team is here to help however we can! Below are a few ways that can help you, your families, and your friends during this unknown time.


 

#1 REFINANCING— You may want to look into refinancing your home! The federal government cut their rates to 0%. This doesn't mean interest rates for mortgages are at 0%, but what it does mean is that banks can now offer lower interest rates when buying or refinancing a home. 

Refinancing your home could save you $100+ per month. If you need helping looking into refinancing, please us know and we'll help you get connected with a local lender.


#2 HARDSHIP ASSISTANCE— You may want to look into hardship assistance for your mortgage payment with your current lender. Many lending companies are offering a variety of options to forego your mortgage payment for a certain period of time. 

Make sure you know all the details about your mortgage's hardship assistance. For instance, if they offer you forbearance that could mean your payment is delayed for 60-90 days, but once that time period is up you could owe your lender a lump sum at the end of the term. Meanwhile, a loan modification may allow a change in monthly payments or a delay in payments that would be tagged on as extra months at the end of your term.


 

Don't fret— the real estate market is still strong and buyers, sellers, and investors are still actively pursuing finding or selling a home. The main change we've seen is how homes are shown.

For the majority of our business, we have gone virtual! Our team is now doing video or FaceTime walkthroughs, online esigning for offers and contracts, and remote closings.

If you, your friends, or your family have any questions or if we can be of any assistance, please do not hesitate to reach out and connect with us!


Be safe and we are here if you need us!

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