Jo Dallas, Peoples Bank

Jo Dallas, Peoples Bank

4 Ways COVID-19 Has Affected Home Lending

Is now the ‘right time’ to buy or refinance a home?

Jo Dallas, Peoples Bank

The coronavirus has impacted nearly every sector of our economy, including the real estate market. If you’re wondering if now is the “right time” to buy or refinance a home, here are some things to consider.

  1. Mortgage rates are at historic lows. I’ve experienced many ups and downs in the housing market over my 30-year career as a lender. We’re now seeing record-low interest rates coupled with record-high demand – and record-low inventories.
  2. Online applications facilitate remote loan approval. You can now complete a loan application online. We’ve implemented a new intuitive and user-friendly online application system at Peoples Bank that provides clear instructions on what needs to be submitted electronically for loan authorization, like pay stubs, tax returns, and other qualifying documentation.
  3. Low rates bring more buying power. Lower rates allow borrowers to buy a more expensive home or pull more cash out of an existing home to do a remodel or other home improvement project. This chart gives you an idea of how interest rates correlate to buying power. While longer-term loans have higher interest rates, they offer lower monthly payments, which provide more flexibility with cash flow. A shorter-term loan offers a lower rate, but a higher monthly payment.

  4. The best time to refinance is unique for each buyer. I often get asked what the “break-even” point is for customers looking to refinance a loan. The truth is the answer is different for everyone. Are you seeking debt consolidation? Do you want to lower your monthly payment? Do you need cash to make improvements to your home? How long do you anticipate owning the home? A lender can help you determine if it’s the right time to refinance your loan.

All signs point toward rates remaining low, potentially through next year. However, the market changes quickly. I recommend meeting with a loan officer to discuss your unique situation and get your questions answered. While COVID-19 has pushed many of our interactions online, our door is always open, just as it was before. Whether you’d like to schedule an in-person meeting, a phone call, or a video call, we’re happy to meet with you in the manner that works best for you.

Jo Dallas is the Residential Production Manager for the Peoples Bank Real Estate Loan Division. Contact Jo at or (360) 650-5369.

Talk to us

More in Marketplace

Fraud in the Coronavirus Era

From bogus unemployment claims to fake COVID-19 supplies, fraud is big business

4 Ways COVID-19 Has Affected Home Lending

Is now the ‘right time’ to buy or refinance a home?

Enrichment comes full circle: healthy soils, healthy businesses, healthy families!

Home delivery service helps restaurants, farmers, and the people of Puget Sound

Gail and Alice chat in the hallway at Windsor Square.
Inspired, independent living in a community you’ll love calling home

‘The safety and happiness of residents are key – the two go hand-in-hand.’

Bringing health care home

Filling the gaps of telemedicine

J. Stephan Banchero, III, president of Sound Bites (left) with John Moscrip, chief operating officer, Duke’s Seafood. Sound Bites delivers fresh organic produce, frozen protein and restaurant meals everywhere in Snohomish, King and Pierce counties.
Your SOUND choice for produce + restaurant favorites + more, delivered right to your door!

Get a head start with a weekly delivery of local organic produce, proteins, coffee and baked goods

Feeling blue? Why not try a seaside staycation!

Nautical, walkable, pet friendly Hotel Indigo offers a break from the ordinary

‘I’m proud of my police, and I’m proud of my community.’

Mayor Kartak explains the city’s response to May 31 protests

Get your wheels roadtrip-ready for your summer staycation

Everett’s Fast Eddies Tire Pros share what you need to know

Let your wedding venue be your ‘something blue’

Big celebration or party-for-two, Hotel Indigo in the Port of Everett will help you tie the knot

Bruce MacCracken, Sno Isle Co-op Board of Trustees President. It’s an exciting time to be involved with the Co-op, both because of the growing interest in healthy, organic foods and because the Co-op is poised for expansion.
Help guide local, sustainable grocery options in your community

Sno Isle Co-op welcomes candidates for Board of Trustees