Why You Should Consider Buying A Home Now!
Buying a home is most people’s largest investment that requires a thorough assessment and a trusted realtor. During this time when the world is struggling with a pandemic, is it really a good idea to buy a home now? Shouldn’t you postpone your plans of getting a new home? While the situation might not be an ideal one, it should not interrupt your plan at all.
Why Making That Move Is Right For You
Buying a home during this time of crisis might be a challenge but it can also have its benefits. For example, there might be less competition for the homes where you want to move and home sellers are more inclined to sell and become more flexible with the price. Once the crisis passes, homebuyers may be back on the market and the prices for homes will escalate again.
Lower Mortgage Rate
When you eventually find the house, make sure that you show the seller that you are a serious buyer. In order to do that, you need to get an approved mortgage loan even before you start house hunting. Always check your credit report and credit score. A good credit score will make you a qualifier for a mortgage without worrying about a higher interest rate. Here’s the best part about buying a home during a pandemic – mortgage rates are unbelievably low!
To help ease the financial strain on people, the government decided to help the people by reducing interest rates – including mortgage rates.
Refinance Your Mortgage
The government offered reduced interest rates to zero percent during late March as a way to help people deal with the financial restrain caused by coronavirus. This resulted in mortgage rates hitting the lowest rate during the start of May. Do you want to continue lowering your monthly mortgage payment? Consider refinancing your mortgage. If you have an adjustable-rate mortgage, this can pose several benefits for you. However, before you do the refinance, make sure you check everything first to make sure if the refinancing cost can offset any savings or not.
Mortgage rates can fluctuate any time due to market conditions and an individual’s specific situation. With coronavirus posing a threat to the world, it has resulted in lower mortgage rates. Take advantage of the situation and finance your dream house today. When the threat of the unknown is gone, you now have a house you can call your own. For more questions about current options in the market contact us at Michael Gailliot.