For some people, now is a great time to buy a home. The home buying market right now is not normal – it is a great time to buy! Mortgage rates are consistently at a record low. Due to the pandemic, many people are still working from home. This means that people can live where they want to with remote work. The downside is the obvious – it is difficult to purchase a home if you are unemployed.
Most people think that mortgage interest rates will continue being low for the next couple of years. Of course, anything can change in a moments notice, but all things point to low interest rates. The market is very competitive right now as low interest rates help people purchase more expensive homes. Getting prequalified for a loan may help you stay above the competition.
Having stable employment and stable income are two of the main checks to check off of your checklist if you are contemplating making the leap. If your employment was affected due to the pandemic, it may be more difficult for you to get a mortgage. Although, having an above average credit score can help.
Do not forget that you also need to be sure you have enough funds to afford not only a downpayment, but closing costs as well. These types of costs are often forgotten about. But they are important to remember and keep in mind as they often add up.
As mentioned before, many people are purchasing homes without seeing them in person. This has always been done but due to the affairs of the world, it is occurring even more often lately. This can be a huge benefit to those who may want to relocate somewhere on a whim due to transitioning to a remote job.
No matter the reason fo wanting to purchase a home in 2021, it is a great time to make the leap!