Archive for May 2020

Is the COVID-19 Pandemic Right Time to Buy a House?

The impact of COVID-19 is severe in many countries affecting all types of business and leading the downfall of the economy, as stated by most of the people and news channels. It was not enough that the announcement of lockdown adversely affected the capital market, leading to some severe changes in the stock market and falling of the property prices.

It could be good news for many homebuyers who are looking for a property for self-use since the reasonable prices could become even better in the coming months. Although many buyers and sellers are in a dilemma whether the real estate prices will sway for good or not.

The simplest thing that could be concluded during this pandemic is if you have searched for the home that seems right for you and are financially sound with a stable job, you can get financing at historically low rates. Having a mortgage broker to buy you a house in the time of a pandemic will turn out to be even more beneficial since he can negotiate the price for you. Therefore, buying a home with the help of a mortgage broker would be the wise thing to do- even now!

 Do you want to buy an investment property? The story is same for the investment properties too. A few years back, a housing crisis allowed investors to take up properties at extremely low prices and to finance them at low-interest rates. Hence, nobody can make out whether the property prices will fall back again.

Remortgaging during the COVID-19 pandemic-

Coronavirus has most of us in the lockdown, but you can still have the opportunity to remortgage and save a considerable amount of money. The average time people could look out for remortgaging is 4-months prior to existing fixed rates. However, since most of the people are falling sick during the pandemic, I would advise you to start remortgaging six months prior to your existing rate ends.

How to find a mortgage broker near you and what will they charge?

Since you cannot physically contact people by going out, so the best way to find the mortgage broker is by doing online searches and critically analysing the websites of the one you find suitable. Contact a mortgage broker who is local and has displayed his email and contact number on his website for an easy approach. Mostly, a mortgage broker gets their commission from the mortgage lenders and you do not have to pay them, while some of them may charge you reasonable fee.

How can a mortgage broker help you?

Due to COVID-19, some bankers or lenders may have problem processing mortgage applications at that time, but the mortgage brokers will be available at your service to find which lender is suitable during this time and is ready to offer low-interest rates. There is no need for you to risk your life; the mortgage application work will be completed on your behalf by your broker.