Jun 09, 2020 06:47 PM EDT
Buying your first home can be a daunting experience for just about anyone during any time, let alone during a pandemic. Many people who were getting ready to purchase homes this year have been met with roadblocks, forcing them to put their plans on hold until everything clears up a little bit. Not only is the United States experiencing an economic downturn because of the many businesses being forced to close their doors temporarily, but we're also experiencing the effects of social distancing.
If you are still planning on buying a home, don't worry too much. If you're healthy and in a good place financially, you can still move forward with your plans safely by considering the following tips:
Save for a Downpayment and Raise Your Credit Score
If you're wondering if you should buy a house during coronavirus, checking your finances is the first place to start. Lenders in the country are moving with caution on who they approve mortgages for. Because a lot of people are losing their jobs or experiencing salary cuts, banks want to make sure that those who they loan money to are able to afford the monthly payments involved. When shopping around for homes, keep in consideration your price range and choose homes that are within what you know you can afford. It's likely that you will be approved for a loan lower than what you originally planned for.
Some ways to increase your chances for approval are having a sizeable down payment available as well as a good credit score. One of the best ways to improve your credit score fast is to pay off credit card debt.
Interview Agents via Video Chat
Many of the processes in a real estate transaction are done in person, and we're suddenly faced with having to do things remotely. Finding a real estate agent who shows that they can confidently help you buy a home during the pandemic is crucial. In order to practice social distancing, interview several real estate agents via video chat to get a sense of their experience and how they can use that to help you find a house within your budget and that fits your requirements.
If in the event you do buy a home, make sure to be cautious while moving. Follow your local area's guidelines on how to stay safe and sanitary. If possible, opt to move without hiring a team of movers by renting a moving truck. If this isn't feasible, don't hesitate to call different moving companies and ask them what they are doing to prevent the spread of illness to their clients. Wear masks, gloves, and sanitize regularly.
Prepare for Delays
The pandemic is something that nobody in our generation has ever experienced, and new processes are being unrolled regularly. In real estate, there are a lot of steps in the process that can be hindered by the stay-at-home orders imposed. Even as these restrictions are lifted, people are hesitant to be in close quarters with other people. Something that Realtors are seeing more and more of are coronavirus clauses, which are included in contracts to account for if anyone were to contract COVID-19 during the process. As a buyer, it's important to understand what these clauses entail and how they can impact you.
Following the pandemic, natural calamities, and major employment shifts, a startling new study on the online news site News Nation shows that 1 in 4 Americans don't have an emergency fund.
Generational wealth is a facet of wealth management that is often misunderstood. Labeled trust fund babies, rich kids, and lucky breaks, those who receive an inheritance from families are rare.
Social media has successfully made it to the mainstream consciousness of over half the global population. DataReportal's latest study shows that over 4.33 billion people worldwide are using some form of social networking site this year. That's why it's no wonder many tech companies are interested in investing or forming the next Facebook, Twitter, or YouTube to capture the hearts and minds of the general population.
Ease of access, freedom to choose in which to invest the money and lines of credit designed according to the needs of consumers, are some of the characteristics that have made consumer credit one of the most important financing products in the world’s market.
While researchers have suggested that individuals who base their self-worth on their financial success often feel lonely in everyday life, a newly published study by the University at Buffalo and Harvard Business School has taken initial steps to better understand why this link exists.
The younger generations are willing to put their money where their mouth is when it comes to sustainable living.
An international research team led by NUST MISIS has developed a new iron-cobalt-nickel nanocomposite with tunable magnetic properties. The nanocomposite could be used to protect money and securities from counterfeiting. The study was published in Nanomaterials.
Bank credit officers are more likely to approve loan applications earlier and later in the day, while 'decision fatigue' around midday is associated with defaulting to the safer option of saying no.
After graduating or leaving college, many students face a difficult choice: Try to pay off their student loans as fast as possible to save on interest, or enroll in an income-based repayment plan, which offers affordable payments based on their income and forgives any balance remaining after 20 or 25 years.