Did you know that the average thirty year fixed mortgage rate is at a record low? It is officially under three percent. That is big! There are many people who are taking advantage of this all-time low. For those who have not been affected negatively, they are actually even more wealthy now than they were at the start of the pandemic. Davenport Finance specializes in this kind of help.
It seems as though those people who have not been affected negatively by the pandemic are the ones who are purchasing new homes. With so many people unemployed or not getting enough hours, the wealth gap will likely continue to increase.
If you are one of the lucky ones to have a well paying job during this time, now would be the time to take advantage of the all-time low fixed-rate mortgage. If your cash flow is good, you will actually be able to pay your mortgage off quicker and save more money in the long run. There are a few options available when it comes to interest rates.
For those of you who already have a mortgage and are doing well financially, it might be time to refinance your home. There are quite a few options available where refinancing is at no cost because the fees are built in to the full price of the loan.
With more people continuing to make the transition (in some cases permanently) to working from home, some people may be considering purchasing a bigger house so they can incorporate the need for a home office that they do not currently have. Times are constantly changing so you need to make sure you will be working from home in the foreseeable future and it not being a temporary change.
So whether you are financing a new home or refinancing your current home, be sure to shop around for the lowest mortgage rate and don’t just take the first rate you are offered.