Mortgage rates have hit an unprecedented low during this pandemic. And while we all must do our part to help mitigate this crisis, it doesn’t mean that you need to put your dreams of buying a home on hold. In fact, now might actually be the best time to contact a real estate attorney and purchase a home or refinance your current mortgage.
Those who are considering refinancing shouldn’t wait — the market is very volatile and rates are changing quickly. No one knows how long these lower rates will last, and if you’re in the position to take advantage of them, you should do so now! Our real estate attorneys here at McCue Law Firm and Hampden Title can help you through the title process and will provide you with the quick, accurate, and high-quality work you need. Continue reading to learn more and if you’re ready to schedule a consultation with a real estate lawyer, contact us today.
What Are Rates Dropping?
Rates on fixed-rate mortgages and home equity lines of credit have fallen because the Federal Reserve Board (The Fed) cut interest rates to help protect the failing market. These rate reductions are designed to help stimulate the economy while we wait for the worst of the COVID-19 pandemic to pass, and people are able to go back to work safely.
The Fed has also announced that it would buy mortgage-backed securities to help support the market and keep money flowing through the financial system. These big-picture economic decisions have a real impact on home sellers and buyers, and our real estate attorneys can help you understand how they affect you.
Buying a Home?
If you’re looking to buy a home right now, you may find that there are fewer homes to choose from. You can get a mortgage pre-approval letter to help give sellers confidence and, if possible, you can be flexible on a closing date. Here at Hampden Title, our real estate lawyers work with lenders, brokers, and individuals, so we can help you navigate the system, every step of the way so that you can buy with confidence.
Many homeowners are taking this opportunity to refinance their home loans. Many mortgage companies and lenders are overwhelmed with the applications they are receiving, and if you’re thinking of refinancing, you should be sure to gather all of the necessary documentation and apply as soon as possible. The demand for cash-out refinances is also likely to rise, as people look to use their home’s equity to weather the economic storm of lost wages or other financial challenges.
Know that while rates are low, it’s important not to act too quickly and end up in a loan agreement that isn’t the best for you. Figure out why you’re refinancing and what you want to achieve through the process — whether it’s lowering your monthly payment, shortening your loan term, or getting cash to pay off another debt. Shop more than one lender and listen to the advice of professionals. If you’re looking for help with your title or other documentation, our real estate lawyers can help.
Hampden Title Real Estate Lawyers
Hampden Title is a subsidiary of McCue Law Office that specializes in real estate law. We work with lenders, brokers, and individuals to provide you with the very best in title services. During the COVID-19 crisis, we are working remotely and are able to meet with you over the phone or online. We go above and beyond for our clients, including working nights and weekends to make sure that you get the legal services you need. We also provide commercial services as well as residential. If you’re ready to get started, contact our Bangor-based real estate lawyers today.