Low-interest rates taking a long time to close on your house? Here’s why.

Local News

If you’re buying a house during the pandemic, you’ve probably noticed interest rates are very low.
You may have also noticed it’s taking a little longer for deals to go through.

We spoke to a mortgage loan officer who says people are taking advantage of the interest rates.

Sarah Burckhard says they’re normally between 4 and 6 percent, but lately, they’ve been around 2.75 percent which can save you between $200 and $500 on your mortgage payment each month.

“Getting pre-approved, knowing what you can purchase, but also knowing what you can not only purchase, but also being in a comfortable place with your mortgage because you never want to only have your house. You want to have the ability to do other things as well,” said Burckhard.

We also spoke to a home inspector who says he’s having to turn down doing inspections.

Mark Weber says inspections slowed down for two weeks when the pandemic first hit, but then picked up. He says there are 30 inspections on schedule waiting to be done, and this is the busiest he’s ever been.

“It was busy during the flood, but it wasn’t this busy. This is the busiest we’ve ever been. We’re setting monthly records for how many inspections we’re doing,” said Weber, home inspector at Elite Home Inspection.

On average, closing usually takes about 30 days. Now, it’s taking about 45 because everything is so backed up, and appraisals are also struggling to keep up.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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