If you have paid attention to the news recently, you have probably heard about the coronavirus pandemic which also goes by the name COVID-19. Those who are exposed to the virus might be asked to place themselves in quarantine. Some states have even told their residents to shelter in place. While this infection has forced everyone to change the way they live their lives, there are still some home improvement projects you can tackle during quarantine to put your free time to use.
The idea of owning a home is enough to bring joy to nearly anyone’s eyes. The reality is that many people are a bit skeptical about looking for a home in the present climate. While the pandemic can make it hard for people to go outside and explore, now is still a great time to apply for a home loan.
This is a great opportunity for people to fulfill their homeownership dreams. There are a few reasons why now is a great time to look for a home.
The Property Prices Are Low
First, property prices are low right now. There are a lot of people who are looking to move and not many people are looking to buy a home. This means that property prices are lower now than they have been in the recent past.
There are a few reasons why this matters. First, those who had a home in mind might be able to buy one for a lower price. Second, with a cheaper purchase price, the taxes on the home are going to be lower. This could also mean that a potential homebuyer might be able to put down a lower down payment.
Interest Rate Are Low
In addition to property prices being low, interest rates are low as well. Some people might only focus on the sticker price of a home; however, the interest rate on a potential home loan is even more important. Even a few points of interest could end up making a difference of hundreds of thousands of dollars over the life of a loan.
Lenders are looking for people to take out home loans right now. This means that they might be willing to give someone a break on their interest rate, particularly if they have money to put down.
Now Is A Time To Buy
There aren’t a lot of times like the present when it comes to buying a house. There are many people who have been looking to buy a home but might not have been able to afford one. The current climate makes it a great time to apply for a home loan.
Why not get pre-approved and become a more competitive applicant for a current house on the market?