Eric Mitchell Real Estate

How the Coronavirus is Affecting Mortgage Lenders' Requirements The COVID-19 pandemic has led to business shutdowns, furloughs and layoffs across the United States. Many homeowners are unable to afford their mortgages and have requested forbearance to reduce or delay their payments. The new reality has made lenders cautious when deciding whether to grant new mortgages to homebuyers. Lenders are also being careful when it comes to applications from homeowners who want to refinance their existing loans. More Stringent Requirements for Homebuyers Due to COVID-19 The economic uncertainty has mortgage lenders worried that if they grant new home loans, borrowers who are struggling financially due to the coronavirus might make payments late or miss them altogether. Lenders are therefore taking steps to reduce their risk. Many have raised their minimum credit score requirements, some dramatically, to make sure they give loans to people who will be likely to repay them. Lenders ...

Hanging on to Your Sanity While Working From Home At first, it may have seemed like a dream come true; sleep a little later…skip the commute…work in your pajamas if you feel like it.  But working from home can quickly outstay it’s welcome. You miss the routine – the coffee breaks and kibitzing, the face-to-face meetings, all those busy, ringing phones – and given the uncertainties of the COVID-19 crisis, there’s no way to know how long your work-at-home status will continue.  Psychologists and productivity experts provide these tips for making the most of the time you are working remotely: Choose a permanent workspace –  It may be tempting to work on the living room sofa. Don’t do it. Create a workspace at a desk or at the dining room table and make that your dedicated workspace. It will help keep you on track and may even help remind family members to avoid unnecessary disturbances.  Get dressed for work –  Whether it’s office casual or shorts an...

How the Coronavirus Is Impacting Luxury Real Estate While the health of our family and friends is the top priority right now, there are many who are justifiably concerned with how the global pandemic is, and will continue to, impact the luxury real estate market. As one of the largest and most important assets in an individual’s portfolio, it’s necessary to understand how this crisis will affect the value of your home. While the situation is rapidly evolving, here are a few key takeaways to help keep you informed at this point in time.  Uncertainty Looms Large As is currently the case with the financial markets, and the economy as a whole, uncertainty is the key word right now. There are those who forecast a quick economic bounce back and those who see a drawn out recovery, but the reality is that no one can say for sure because this crisis is unprecedented. For the time being, a wait-and-see approach is the safest way to go. Short Term Implications In the short term, i...