How easy is it to secure property in the US in 2021?
The coronavirus pandemic has caused the US housing market to shift considerably.
The spending habits of many have changed significantly in recent times too, with shops being routinely closed and stay at home orders coming into effect across the country. Unfortunately, the bad luck has increased with people losing their jobs also.
Still, the housing market is barrelling ahead to some degree. How? Why? Time is of the essence here, so here are a few pointers on how to more easily secure property in the US in 2021.
Recognize how fast paced things have become
Buyers like to take their time when buying a property.
However, according to the National Association of Realtors, 71% homes sold last January were only on the market for less than a month. While the pandemic has undoubtedly made the public become more frugal with their spending, the rare exception seems to be in the housing market.
This means you need to leap into action sooner than you might expect. If you have been homeworking over lockdown for a full year, then your savings and emergency funds should have grown substantially, so use them. Securing a property is now more a sprint than a marathon, so go into things expecting a fight.
Make good use of effective mortgage calculators
Using the right tools will greatly increase your chances of securing property this year.
If you are a veteran, make good use of the VA calculator from The Hero Loan. It will help you secure a new home or refinance an old one. Through their website, you can determine loan amounts, interest rates, and the term period too. You can also get pre-approved here, speeding up the process and enabling The Hero Loan to close for the prepared buyer in only two weeks.
If you require unique or specialized support given your circumstances, remember that help is out there that has they can tailor to you. You may be apprehensive, but effective mortgage calculators can quickly provide you with the reality of your situation. Don’t waste any more time and use these resources today.
Pre-prepare extensively
Unfortunately, lending standards are tightening, making it difficult for many first-time buyers to get on the property ladder due to record high loan sizes. To counter this in your situation, try to square away any outstanding debts you have, and provide suitable income verification, even if it is modest in nature. The more encouraging financial facts you can produce about yourself, the better.
Preparing in advance of any loan applications should help significantly too. If lenders are left waiting for important paperwork and data, it will stall the process and formulate a poor impression. The same article above features a quote from a lender, who stated outright that “we’ll be more responsive to people who are responsive to us.” Do your research and gather all you need ahead of time, and you will help the process along comfortably.
