3 Reasons Why Now is the Time to Buy a Home
The COVID-19 pandemic has caused major changes in our country, economy, and especially the real estate market. Many people are on the fence about whether now is or is not a good time to buy a home. However, there are multiple factors that make it a good market for homebuyers.
Why Now May Be the Time for You to Buy A Home
1. Historically Low Rates
Given the current economic environment, mortgage rates are the lowest in decades. Currently, the rate for a 30-year mortgage is near historic lows. If you buy a home in the near future, your monthly payments may be lower, helping you to better afford the home you have always wanted.
2. Opportunity for First-Time Homebuyers
Now could be a good opportunity for first-time homebuyers. With low rates and more reasonable housing prices, first-time homebuyers may be able to more comfortably afford a home — and in some cases possibly paying less than you do renting — giving first-time homebuyers the opportunity to build equity over time.
3. COVID-19 Safety Precautions
Real estate companies have responded to COVID-19 by implementing methods to keep the home buying process as safe as possible. Many companies offer virtual and 3D home tours, so you don’t even need to step foot in a house to see if you’re interested. If you do want to tour a home in person, companies have taken precautions so you can safely tour a potential new home.
How to Find a Bank to Get a Mortgage
Going through the homebuying process can be stressful — especially if you haven’t done it before. By finding the right partner to help you through the process you can focus more on the excitement of buying a home. Look for a lender with these capabilities in order to have the best experience when purchasing a home.
Homebuying Programs
Not all lenders have solutions for everyone looking to buy a home. Find a partner that offers programs based on your needs — such as first-time homebuyer programs and incentives. Work with a lender that can offer you a solution that meets your specific needs. Local community banks are a good resource to explore.
Responsive and Flexible Banking Team
Buying a home and securing a mortgage requires a lot of paperwork and back and forth communication between multiple parties. You need a lender that will be responsive, so you don’t miss out on the home of your dreams. It’s also important to find a lender that will serve as your financial advocate and has flexibility with their mortgages. Local community banks usually have the ability to be flexible in their underwriting in order to find a solution.
In-House Mortgage Department at a Bank
Choosing a bank that has a full, in-house mortgage department can help your home-buying process run smoother. This will give you a direct contact who will be there through every step of the home-buying process.
Although COVID-19 has changed the real estate market, purchasing a home is still very much possible. With historically low rates and a strong banking team, your dream of owning a home could become a reality sooner than you think.
For more information on Sandy Spring Bank’s award-winning mortgage team and banking products and services, contact Malcolm Hollensteiner at MHollensteiner@SandySpringBank.com or visit our site here.
This material is provided solely for educational purposes and is not intended to constitute tax, legal or accounting advice, or a recommendation for any particular transaction.