Mortgage Advice

Ross Mortgage COVID-19 F.A.Q.

April 17, 2020

At Ross Mortgage, we pride ourselves on being your partner every step of the way during your home buying journey, even when the journey takes us into unprecedented territory like that caused by COVID-19. To help answer some questions you might have (everyone, has a few), we’ve put together this list.

Is Ross Mortgage open for business?

Yes, as a member of the financial services industry we are considered an essential business. Even though most of the Ross team is working remotely, we are available to take applications and are closing loans daily.

I have a mortgage application in process. Will that be delayed?

The short answer is “no,” however, there are many parties involved in the mortgage application process including credit bureaus, appraisers and title companies.  Depending on their ability to conduct business, it may affect  the speed of the process.

What digital or virtual options are available for those looking to maintain social distancing guidelines?

We use a secure, online application process that allows you to upload all necessary documents digitally. While all aspects of the mortgage application process can be handled online and through virtual contact, mortgage closings still require a “wet signature,” meaning you’ll need to physically sign some documents. The good news is that closing agents are making a number of accommodations to limit or completely avoid person-to-person contact.

My employment status recently changed as a result of the pandemic. How will that impact my mortgage or refinance application?

For most, now is an excellent time to take advantage of some incredibly low mortgage rates.  However, every situation is unique and that’s why it’s important to discuss your options with a Ross Mortgage loan officer. You can locate your loan officer’s contact information at or send us a message on Facebook.  You can also leave your question as a comment below!

Two things to keep in mind:

  • You MUST be employed to close on a new mortgage.
  • Even if you’ve been laid off as a result of the COVID-19 pandemic, you’ll need to wait until you return to work to close.
I’m worried I may not be able to make my mortgage payment(s) because I’ve been affected by the coronavirus.  What can I do?

If you have been impacted by COVID-19 we encourage you to contact your current mortgage servicer to discuss the terms of a forbearance agreement.  A forbearance (the option to stop making mortgage payments for a period of time) can be requested from your mortgage servicer if you are experiencing financial hardship due to illness or loss of income and are unable to make your monthly mortgage payment. Your servicer’s contact information is located on your mortgage statement. The YouTube Video, CARES Act Mortgage Forbearance: What You Need to Know produced by the Consumer Finance Protection Bureau (CFBP) more clearly describes the terms and gives some guidance.

If I have requested forbearance on my current mortgage does it affect my ability to refinance?

It’s important to note that if you are on forbearance on your current mortgage, you are unable to get a new mortgage at this time.

The COVID-19 pandemic has made me nervous about the real estate, should I buy now or wait?

These are difficult times for many of us, but the future remains bright, and the American Dream of home ownership is alive and well.  If you find a home that seems right for you, you have job stability and you can get financing at historically low rates, buying a home might be a wise choice and the right thing to do—even now.

If you’ve still got unanswered questions or want to take advantage of these low mortgage rates, we encourage you to contact us today