Finance

Historically Low Rates means Record Number of Mortgage Refinances

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There have been many times in history where we’ve had the most profitable times in real-estate. Unfortunately, these times mainly come right after a while of economic downturn or catastrophic loss. There has not been this large of an adjustment to the interest rates since the housing crash of 2008. As a byproduct of that crash, there were opportunities to buy houses at their lowest cost and receive a low rate on the mortgage. They’re people who became very wealthy from that period and continued to grow for the next decade from that one event. A factor that would determine if someone would be able to take advantage of a time like that would be how much money they have to invest in property.

The Covid-19 virus has had a large effect on the economy because of the widespread death and loss of jobs. One of the most challenging processes to an event that causes this much death is how it affects the families of the people who have the responsibility of organizing someone’s final affairs. The handling of arrangements for a funeral and the property can cause many challenges. Some families are not prepared to deal with the financial burden that comes with the loss of a family member. In some cases, it may be necessary to take advantage of temporary opportunities to handle current situations. A person that owns a home but may not have the money to deal with a death in the family will have to consider refinancing their home to take care of the obligations of that loss. Fortunately, this can be beneficial to the person in the long run since the current interest rates are so low and could give them a better deal on their mortgage.

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