Take Advantage Of All-Time Low Mortgage Rates During This Time
COVID has brought us a challenging year full of unpleasant news, uncertainty, stress, and troubles. However, on the positive side, financially, it creates some opportunities. The most outstanding one is the “All-time Low Mortgage Rates”!
With access to several lenders and programs, we have noticed that almost all lenders within the whole spectrum, from “A” side banks to sub-prime lenders (B) to private lenders have lowered their rate. To give you an idea, we can offer the rate on the “A” side as low as 1.59%, on the ‘B’ side as low as 2.74%, and on the private as low as 5.99%. Now it is up to the home-owners to take advantage of these opportunities. Here are some ideas on how you can take advantage of these historically low rates:
1. Switch your existing mortgage to another lender with a new rate and term; choose either fixed or variable rates
2. Refinance for a higher amount of mortgage to come up with extra cash to consolidate other high rate debts
3. Equity take out by obtaining a second mortgage
4. Purchase an investment property
5. Move up to your next home; chances are you can qualify for a higher mortgage amount due to the lower rate situation
Please note that you need to consult a mortgage expert to ensure that any of these strategies are workable for you and financially justifiable (due to penalties or costs, it might involve breaking your existing mortgage). Our team at MASSMortgageGroup.com is ready to conduct a mortgage clinic for you and find the best available opportunities for you to improve your situation. Since the vaccine is rolled out earlier than expected, the economy will be back to normal sooner than we thought. So these opportunities might not last too long. Contact us today to book your appointment at your earliest convenience.